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Saturday, 10 December 2011

EU blueprint can't yet solve Euro crisis

The latest EU crisis summit produced only a blueprint which can't yet guarantee the tighter fiscal union announced. Neither the EU, nor the summit attendees, has authority to "embed" fiscal or deficit controls in "national constitutions", as announced. The intended tighter fiscal union can only be achieved after significant constitutional, legislative, political or cultural changes in each and every Euro-zone nation. And it will take much more than a Greek constitutional amendment to reduce entrenched corruption and inefficiencies, and to guarantee Greek fiscal responsibility.  I acknowledge Deutsche Boerse Group's article.

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