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He seems to be anticipating opposition from the Germans to even this limited proposal and so it is naturally couched in terms that might appeal to them.  However there is no way such a proposal would pass (e.g.) an Irish referendum unless it included a lot in the way of structural, industrial, transport, regional and fiscal transfers, and it at least is a recognition that Euro monetary policies cannot work in the absence of Euro fiscal policies.

We need to reframe this discussion away from Germany versus Greece to rich versus poor and the need for more accountable EU wide structures to address those problems. The ECB appears to be almost totally unaccountable to anyone other than BuBa.  Who would a Euro Finance Minster report to?  President of the European Commission?  Initially the post might be organisational similar to Dame Ashton's foreign affairs gig, although hopefully a lot more effective.

I may be dreaming, but would a Tobin tax on banks - a levy for the costs of providing them with a pan-European playground - not be an ideal way of proving a meaningful federal finance budget?

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu Jun 2nd, 2011 at 11:34:19 AM EST
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