EUOBSERVER / BRUSSELS - A member of a German quintet of professors that is currently challenging the legality of Europe's recently-devised support measures has said they threaten to create enormous tensions between EU citizens if allowed to stand. In a telephone interview with EUobserver on Thursday (22 July), Wilhelm Nolling, professor of economics at the University of Hamburg, said the idea that Greece would be able to pay back its loans to EU states was simply "ridiculous," given the country's level of indebtedness and lack of competitiveness. As a result, EU citizens in lender countries would increasingly begin to question the merits of this implicit system of wealth redistribution, he predicted. "A transfer union will destroy the social peace in Europe," he said. "Do you think the Germans will be able to keep quiet?"
EUOBSERVER / BRUSSELS - A member of a German quintet of professors that is currently challenging the legality of Europe's recently-devised support measures has said they threaten to create enormous tensions between EU citizens if allowed to stand.
In a telephone interview with EUobserver on Thursday (22 July), Wilhelm Nolling, professor of economics at the University of Hamburg, said the idea that Greece would be able to pay back its loans to EU states was simply "ridiculous," given the country's level of indebtedness and lack of competitiveness.
As a result, EU citizens in lender countries would increasingly begin to question the merits of this implicit system of wealth redistribution, he predicted.
"A transfer union will destroy the social peace in Europe," he said. "Do you think the Germans will be able to keep quiet?"
In order to compete efficiently with the Germans?
The Germans will get nasty if ...
Dear Germany: Shut the fuck up! You tried that attitude in the late 1930's/'40s and you got your asses handed to you. Learn to get along. Are you too stupid to learn from history or have you blocked out all that Hitler crap? In the end, might makes right. Nothing has changed since the caveman.
got your asses handed to you
A repeat performance is hardly what we're looking for...
Obviously, within the Euro the mechanism would have to be a bit different, but the principle is very useful - to create an incentive structure for balanced trade within the EU.
This does not solve all problems, but it would be a good start.
Exporters of last resort hold the levers of power in times of monetary crisis and don't feel like they have to change their ways at all. See US at Bretton Woods. By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
Frank Delaney ~ Ireland
A member of a German quintet of professors that is currently challenging the legality of Europe's recently-devised support measures has said they threaten to create enormous tensions between EU citizens if allowed to stand.
Hankel is fighting against a monetary policy that he believes is a burden to the nation, Starbatty is fighting to uphold the rationality of the free market and against incompetence in Brussels, Schachtschneider is fighting for democracy and Nölling for stronger political morals. Both they and their listeners feel motivated, even if they realize that nothing will change in the end. "Do you think they're going to take to the streets now and protest?" Hankel asks, with a hint of self-irony, after giving a lecture in the northern city of Lübeck. Not even he is truly convinced that change will occur. "We Germans are small-minded people, not heroes."
Both they and their listeners feel motivated, even if they realize that nothing will change in the end. "Do you think they're going to take to the streets now and protest?" Hankel asks, with a hint of self-irony, after giving a lecture in the northern city of Lübeck.
Not even he is truly convinced that change will occur. "We Germans are small-minded people, not heroes."
