While having every respect for the competence and dedication of the rapporteurs, I consider the exercise that they undertook to define the parameters of a budgetary capacity for the eurozone as technically interesting but politically premature.
The fundamental problem facing the eurozone is not its design, though this needs to be considered.
It is the lack of a political will to accept that the growing divergences within the eurozone have to be first of all recognised and corrected through a new political agreement.
Divergences have resulted, and are growing, due to a too fast and blinkered development of the eurozone project, on the back of the EU’s soft power and in disregard of the impact of globalisation.
Eurozone rules automatically advantage the stronger members to the detriment of the weaker.
Such a situation can only be corrected though political action not through the addition of new rules to the system.
Though technically insightful, the budgetary capacity additions being proposed will indeed serve to enhance divergences, not reduce them, in the absence of a new political agreement.
Unfortunately the current exercise amounts to one in which the cart is being put before the horse.
I cannot support it.
Post a comment