From today’s Open Europe news summary:
Bundesbank and Bank of France Governors call for Eurozone finance ministry
In a joint article for Sueddeutsche Zeitung Bundesbank President Jens Weidmann and Bank of France Governor Francois Villeroy de Galhau argue, “The current asymmetry between national sovereignty and communal solidarity is posing a danger for the stability of our currency union…Stronger integration appears to be the obvious way to restore trust in the euro zone, for this would favour the development of joint strategies for state finances and reforms so as to promote growth.” The pair calls for a creation of a Eurozone finance ministry to achieve this end. The also warn that, while monetary policy has helped the Eurozone, “can’t create sustainable economic growth”.
Well, I used to think that Jens Weidmann and the Bundesbank were the only sane voices in the Euro Zone, but now it looks like Germany has tied its fate irrevocably to the inflationist and irresponsible EU countries. This is exactly what those countries want to hear–that Germany will continue to subsidize their irresponsible, profligate, and unsustainable socialist programs. Germany must know that there is no bottom to this pit. The end game is Germany insolvency along with the rest of Europe. Therefore, Germany is doing its neighbors a disservice by enabling them to continue to destroy their countries. Soon all Europe will look like the Soviet Union in 1989.