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Merkel urges eurozone budgets court enforced - The Local

German Chancellor Angela Merkel would like to see the European Court of Justice (ECJ) play a role in enforcing the rulebook for the eurozone, particularly on limits for public deficits, deputies say.

Members of her parliamentary group said after a specially called meeting on the eurozone debt crisis with the German leader late Tuesday that the ECJ could help beef up monitoring of fiscally errant member states' budgets.

When violations of the deficit or debt ceilings occur, the court could strike down the budget in question and demand a new calculation.

Volker Kauder, leader of Merkel's conservative Christian Democratic Union (CDU) parliamentary group, said "state bankruptcy proceedings" could start against debt-mired countries from 2013, in a move to tackle national fiscal crises
"with a clear procedure.

"It is now Europe's duty to ensure that competitiveness can be established and that sound, necessary reforms can be undertaken," he said.

"The principle that liability and risk are linked must become the order of the day," he added, calling on financial markets to do their part for stability in the eurozone.

by afew (afew(a in a circle)eurotrib_dot_com) on Wed Aug 24th, 2011 at 09:05:37 AM EST
[ Parent ]
What if the court doesn't like Germany's budget, eh? What then?
by asdf on Wed Aug 24th, 2011 at 04:34:54 PM EST
[ Parent ]
Then Germany has a constitutional crisis.

Which is not a prospect that should improve your sleep.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Aug 24th, 2011 at 05:06:12 PM EST
[ Parent ]
These people are insane and a danger to themselves and others.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Wed Aug 24th, 2011 at 05:08:00 PM EST
[ Parent ]
It's beginning to become an inescapable conclusion isn't it.

Aside from any jurisdiction issues, the ECJ are legal experts, economic "expertise" allegedly resides at the ECB, which makes you wonder why Merkel eliminated them from such a role.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Thu Aug 25th, 2011 at 03:09:33 AM EST
[ Parent ]
economic "expertise" allegedly resides at the ECB

Don't make that mistake.

Merkel is using the ECJ as a diversion from the fact that the ECB is now dictating economic policy and maybe even their constitution to member states.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Thu Aug 25th, 2011 at 03:40:37 AM EST
[ Parent ]
An interesting inference that I'm glad you made clear.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Thu Aug 25th, 2011 at 04:08:07 AM EST
[ Parent ]
I see that Forbes Magazine has just named Angela Merkel the most powerful woman in the world, followed by Hillary Clinton in second place.

'tis strange I should be old and neither wise nor valiant. From "The Maid's Tragedy" by Beaumont & Fletcher
by Wife of Bath (kareninaustin at g mail dot com) on Thu Aug 25th, 2011 at 01:47:14 AM EST
[ Parent ]
here Yanis Varoufakis claims that Merkel doesn't want to solve the Euro crisis because the crisis enhances her power. From 50'45" to 51'50" in the recording.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Aug 25th, 2011 at 02:36:42 AM EST
[ Parent ]
From 50'45" to 51'50" in the recording.

Timing ? For a moment I thought they might represent the geographical co-ordinates of Germany

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Thu Aug 25th, 2011 at 03:11:16 AM EST
[ Parent ]
Yes, the recording is 1h long. 50m45s to 51m50s

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Thu Aug 25th, 2011 at 03:38:29 AM EST
[ Parent ]
Hee, "the crisis enhances her power where the co-ordinattes indicate where the power is enhanced" was my initial reading.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Thu Aug 25th, 2011 at 04:10:16 AM EST
[ Parent ]

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