The European Commission’s bureaucrats are wetting their pants over the renewed talk of a greater fiscal union between EU member states. This is the moment they have dreamed of. Instead of being useless functionaries (as seen by most EU citizens), they could have more importance by having control on a supranational basis over member states.
Sorry but that isn’t going to happen soon and it it did, the member states would be making a colossal error by giving up that much sovereignty. But undaunted, the Commission issued a brief report suggesting how the centralization of power into the hands of Brussel’s bureaucrats would solve the Eurozone’s problems:
The seven-page paper from EU chiefs sets out ideas for bringing the 17 economies of the euro zone closer together, in an effort to prevent a repeat of the twin crises of government finance and banking that have cast doubt over the survival of the common currency.
The paper’s proposals envision joint euro-zone debt issues and effective veto powers on national budgets—two issues that raise red flags for many governments. If all 27 EU leaders—or at least those from the euro zone—accept the report’s basic principles at their summit scheduled for Thursday and Friday, the decision will set the currency union off on what is likely to be a long and turbulent road.
The proposals weren’t depicted as an answer to the bloc’s current crisis; instead, the report said, they would have to be put in place over the next decade. …
The leaders of the member states will ignore them and you should too. This means nothing.
[See J. L. Martin's article on this, below.]