I smell trouble

«In conclusion, “the moral of this sorry tale can be summarised by three words: solid public finances.” That implies a painful drive for more austerity, as well as the delegation of national sovereignty. “The wellbeing of the West will be determined by the capacity of governments to plan for the long term – well beyond the next round of elections.”»

«In fact, as Labour’s former Europe Minister Denis MacShane pointed out in some despair on these pages three days ago, rudderless is a reasonably accurate description of the current state of affairs in the EU: “No organisation in the world can be run with 27 executive chiefs.” The problem is that in order to salvage the euro, it will be necessary for countries such as Spain, Italy and Greece effectively to hand over their fiscal policy to the only European country with the balance sheet to guarantee their debts – Germany; and even if the voters of those southern European nations are prepared to accept such a drastic loss of democratic control over their own affairs, it seems most unlikely that German voters have any desire to put an estimated 25 per cent of their GDP at the disposal of the delinquent euro members – however much they enjoy holidaying in Italy or Spain.»

“… his resignation and suicide would the obvious choice.”

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