Thursday, November 03, 2011

Joschka Fischer on the euro crisis

Former German Foreign Minister Joschka Fischer, still one of the most respected political figures among the German public, is a committed supporter of the European Union. His recent analysis of the state of affairs there show what a serious hurdle has to be surmounted to save the euro and the EU itself. From Europeanizing Europe Project Syndicate 10/27/2011:

Unless political power in Europe is Europeanized, with the current confederation evolving into a federation, the eurozone – and the EU as a whole – will disintegrate. The political, economic, and financial costs of renationalization would be enormous; an EU collapse is feared around the world for good reason.

By contrast, if the currency union's political deficit is addressed now, first by establishing a fiscal union (a common budget and common liabilities), a real political federation will be possible. And let us be clear: anything less than a United States of Europe will not be powerful enough to prevent the looming disaster.
To say it's difficult to see how that can be achieved in time to save the current euro structure is an understatement. Germany is pushing for Greece's referendum on the austerity plan of the EU that will further impoverish Greece to be held in December. There will not be a United States of Europe created during the coming month. There is a less drastic short-term policy change that could avert an immediate euro collapse: a decision by the European Central Bank (ECB) to become a lender of last resort to eurozone countries.

Fischer's piece gives a good feel for what a crying shame this situation is.

Tags: , , ,

| +Save/Share | |

Links to this post:

Create a Link




FEATURED QUOTE

"It is the logic of our times
No subject for immortal verse
That we who lived by honest dreams
Defend the bad against the worse."


-- Cecil Day-Lewis from Where Are The War Poets?


ABOUT US

  • What is the Blue Voice?
  • Bruce Miller
  • Fdtate
  • Marcia Ellen (on hiatus)
  • Marigolds2
  • Neil
  • Tankwoman
  • Wonky Muse

  • RECENT POSTS

  • End of the euro, Wednesday edition: MF Global and ...
  • Clinton as VP? Biden as Secretary of State?
  • End of the euro, Tuesday edition
  • Herman Cain's troubles and the Republican Party's ...
  • The euro: is the end in sight? And how many more M...
  • Occupy Wall Street and the Money Power
  • Spanish Prime Minister Zapatero on the world econo...
  • Occupy Wall Street and the basics of US income ine...
  • The latest euro rescue plan
  • "Off with their heads!" (New York Times op-ed/Qadd...

  • ARCHIVES




    RECENT COMMENTS

    [Tip: Point cursor to any comment to see title of post being discussed.]
    SEARCH THIS SITE
    Google
    www TBV

    BLUE'S NEWS





    ACT BLUE











    BLUE LINKS

    Environmental Links
    Gay/Lesbian Links
    News & Media Links
    Organization Links
    Political Links
    Religious Links
    Watchdog Links

    BLUE ROLL


    MISCELLANEOUS

    Atom/XML Feed
    Blogarama - Blog Directory
    Blogwise - blog directory

    Blogstreet
    Haloscan


    Blogger

    hits since 06-13-2005

    site design: wonky muse
    image: fpsoftlab.com