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One of the two links to ET mentions I put in for Harms is to this 2010 diary by Migeru The Eurogreens on Eurozone Economic Governance. It's worth taking another look at.

The other is to a quote from this (2011):

Treaty change: What the Parliament thinks | EurActiv

Green group's co-presidents Rebecca Harms and Dany Cohn-Bendit:

"This week's EU summit must provide durable and democratic answers to the core issues facing the eurozone, both immediate measures to put out the sovereign debt fire, and long term measures to restore confidence in the euro.

"In order to stanch the sovereign debt crisis, until a more durable, treaty-based solution can be implemented, EU leaders need to finally support the only short-term solution at hand: the backstop of the European Central Bank.

"The European Central Bank has been playing the role of lender of last resort to the private sector for a long time. It is also already de facto playing this role for eurozone sovereigns to some extent.

"However, in order to deliver a sufficient deterrent to the circling wolves in the bond markets, and address the current credit crunch, the ECB finally needs political backing.

"With this achieved, EU leaders must outline a roadmap for bedding the euro in a true economic union, based on solidity and solidarity, with democratic checks and balances. Whether this is realised by treaty change or through legislation based on the current treaties, it is crucial that the democratic process is respected.

In practice, this means agreeing tough, binding rules on fiscal discipline, while accompanying this with the creation of eurobonds, in order to underline the permanence of the currency and the common-purpose of its members.

"The failed intergovernmental approach, which so far has only delivered damaging pro-cyclical austerity and brought the euro to the brink, must be jettisoned. This implies tasking the European Commission with the economic governance of the euro, while providing for commensurate democratic oversight by the European Parliament and Council.

"In order to have democratic legitimacy, any such treaty change will have to involve the directly elected European Parliament, and implies following the Convention method. Anything other than this, notably proposals to force new rules through in a protocol, would be an affront to the principles on which the European Union is founded."

by afew (afew(a in a circle)eurotrib_dot_com) on Tue Nov 12th, 2013 at 08:33:39 AM EST
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