From today’s Open Europe news summary:
Commission to examine plans for eurozone fiscal union as part of agreement on new economic governance rules The Council of Ministers and the European Parliament yesterday reached an agreement on the ‘two-pack’ rules for eurozone economic governance, which will see countries having to advise Brussels of their budget plans and give the Commission greater oversight of struggling economies. As part of the agreement the Commission will set up a working group to look into the formation of a debt redemption fund or other forms of debt mutualisation in the eurozone. CityAM WSJ EUobserver European Voice Volkskrant Irish Times
Part of the euro-elite’s march to forming a eurozone fiscal union is to use words whose meaning are not always clear. What exactly is “oversight” of struggling economies? And what is a “debt redemption fund” for the “mutualization” of debt in the eurozone? Notice the use of language to disguise true intentions. The word “oversight” sounds so professional, but what does it mean and can it be effective? What is most important is to hide from the public that fiscal union means that Germany and the few other relatively responsible nations will have to shoulder the debt of the many irresponsible nations…probably forever and in increasing amounts. Think not? What is to prevent it? Nothing. Patrick Barron
