Tag Archives: European Commission

The Merkelization of Europe – By Paul Hockenos | Foreign Policy

The Merkelization of Europe – By Paul Hockenos | Foreign Policy.

The Merkelization of Europe

A European Germany has become a German Europe — and it’s all downhill from here.

Not so long ago, France was the political driver and Germany the economic motor of the European Union. “Now,” remarked former European Commission president Romani Prodi in February, it is Merkel “that decides and Sarkozy that holds a press conference to explain her decisions.” This searing image could be embellished with the 24 EU members cowering in the press room — and Britain now watching through the window.

Now that Britain has sidelined itself from the historic “fiscal compact” concluded in Brussels on Dec. 9, which provides the EU with new powers to enforce stricter discipline in national budgets, the community appears even more fiercely segregated within its own ranks. Pathetically, the Brits walked not because of the starkly deficient democratic procedure or the fact these governance changes wouldn’t adequately address the euro quagmire, but rather to protect London’s financial services industry from regulations that were part of the deal.

This isn’t the way European Union was supposed to work, not at all, and Germany’s one-woman show — ostensibly in Europe’s name — could well doom the continent’s beautiful project. Merkel may look like the big winner today, seemingly with Europe at Germany’s feet, but this turn of events could well prove to no country’s detriment more than Germany’s.


Read the full story here: Foreign Policy


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BBC News – Jacques Delors: Euro was flawed from beginning

BBC News – Jacques Delors: Euro was flawed from beginning.

Jacques Delors: Euro was flawed from beginning

One of the main architects of the single European currency, Jacques Delors, has said the eurozone was flawed from the beginning.

He told Britain’s Daily Telegraph that the lack of central powers to co-ordinate economic policies allowed some members to run up unsustainable debt.

As head of the European Commission from 1985 to 1995, he played a key role in the process that launched the euro.

The comments come amid growing doubts over the viability of the eurozone.

In his interview with the Daily Telegraph, Mr Delors says the debt crisis stems not from the idea of a single currency itself, but from “a fault in execution” by political leaders who oversaw its launch


Read the full story here: BBC News

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