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edao
03-05-10, 17:14
Will be financial crisis of southern Europe act as a catalist for "fiscal federalism"?
It seems the Euro can no longer afford to operate under the current model.

"EMU architects were warned in the early 1990s that monetary union would prove unworkable as constructed. They scoffed, sure that any crisis could be exploited to force the pace of economic union. Commission chief Romano Prodi later admitted as much. "The euro will oblige us to introduce a new set of economic policy instruments. It is politically impossible now. But some day there will be a crisis and new instruments will be created." source (http://www.telegraph.co.uk/finance/comment/7119986/Should-Germany-bail-out-Club-Med-or-leave-the-euro-altogether.html)

LeBrok
03-05-10, 17:23
On other hand California is bankrupt in USA, and no one says that US dollar will collapse, or USA as a union.

Cambrius (The Red)
03-05-10, 17:58
Federalization of the EU financial system is clearly needed. Not much to debate about on this.

edao
03-05-10, 20:49
Federalization of the EU financial system is clearly needed. Not much to debate about that.

Would you be happy for Portugal to sign over fiscal responsibility to the EU,
And do you think it would help prevent the economic stagnation that has been seen in Portugal over the last decade?

Maciamo
03-05-10, 22:16
On other hand California is bankrupt in USA, and no one says that US dollar will collapse, or USA as a union.

Exactly. That's one of the advantages of federalism.

Maciamo
03-05-10, 22:21
Would you be happy for Portugal to sign over fiscal responsibility to the EU,


Personally I have no problem with my country transferring fiscal responsibility to the EU. The EU is generally governed by more able people than in (small) member states, and politicians aren't as corrupt or mired in petty local bickering. People who work for the EU are generally more broad-minded, with a better global vision, and caring about what really matters instead of trivial pork-barrel issues to please the lowbrow end of the electorate.

Gwyllgi
04-05-10, 08:29
A United States of Europe is desperately needed. The benefits, including a painful period during the creation, far outweoigh the costs, many of which when it comes down to national identity are in fact an illusion.

edao
05-05-10, 11:11
http://news.bbc.co.uk/1/hi/business/10097107.stm

"Michel Barnier, in charge of revamping financial services, told the European Parliament he had been surprised by the rapid deterioration of Greece's rating. A new regime for agencies, demanding they explain how downgrade decisions are made, will begin in December and Mr Barnier said this may be strengthened."


Not before time.


"Last year the big three of Standard & Poor's, Fitch, and Moody's admitted that their assessment of securities backed by sub-prime mortgages had turned out to be incorrect."

Cambrius (The Red)
05-05-10, 13:44
Personally I have no problem with my country transferring fiscal responsibility to the EU. The EU is generally governed by more able people than in (small) member states, and politicians aren't as corrupt or mired in petty local bickering. People who work for the EU are generally more broad-minded, with a better global vision, and caring about what really matters instead of trivial pork-barrel issues to please the lowbrow end of the electorate.

I'm with you on this. Say what you will about Brussels but I would trust its decision making on economic and financial matters much more than country legislators.

Michael Folkesson
05-05-10, 18:27
I agree that fiscal politics should be on the EU level. I am not sure how feasible it is to make it so though. I have the rising nationalism of European countries in mind. How likely is it that this will happen? In small steps over time or will they have the courage to just do it? How would the peoples of the EMU react to this? Would it be national political suicide? Would the populations accept it or would we se a deteriation of Euro support and riots on the streets?

edao
23-05-10, 15:58
Great little video explaining the European political system.

Watch here! (http://www.youtube.com/watch?v=OCUF5t1kRlI&feature=related)

LeBrok
23-05-10, 17:35
Thanks edao, I've got educated. Nice find.

Nasius
09-03-12, 11:58
Thanks for the video ( :

Riccardo
14-03-12, 17:27
I agree with the idea of a Federal Union. The biggest problem of the European countries is that we are still separate countries in an economic union, and that's just foolish. You may like or you may don't like it as idea, but a true union would be the best for everyone in this continent. Until every country will be able to carry on just their own interests, we will never grow up. No Europe meant wars, intolerance, chauvinism, etc. Economic union meant basically the solution of financial problems (when it was possible). If we want to ameliorate our conditions we should think about a Federal Europe, at the beginning.