Euro Area

[Furunculus]

Meh. I agree with Louis that for the monetary union a much greater political integration is desirable or perhaps even necessary.

fiscal and political union were always an inevitable necessity of a monetary union, there are no two ways about it, which is why we stayed out. who is going to tell the eurozone electorates that their nations are no longer states, and that the policy and spending regime they live under will now be directed towards the 'good' of the whole, and not their family and friends?

if consent is not sought, nor mandate achieved, then the eurozone has just ceased to be a representative democracy, remaining merely a 'democracy'.

remember those europhiles who rubbished the notion that monetary union would lead to political union.
"what fearful and small-minded chaps you are, to take fright at such will-o-wisps!" they scoffed.
who here was one of those?

However, I'd rather have such things decided through EP rather than two discredited/disappointing politico's with little hope of popular or other support.

at least they had some credibility to lose, the EP doesn't even have legitimacy owing to the lack of representation and accountability!