Thursday, 11 May 2017

The EU is an out of control heavy goods vehicle

The EU starts to remind me of a driverless lorry, without the brake on, going downhill at increasing speed. 
I quote from an article by Dani Rodrik, Professor of International Political Economy at Harvard and a passionate globalist. 
"Macron’s more ambitious idea is to take a big leap toward a eurozone fiscal union, with a common treasury and a single finance minister. This would enable, in his view, permanent fiscal transfers from the stronger countries to countries that are disadvantaged by the eurozone’s common monetary policy. The eurozone budget would be financed by contributions from member states’ tax receipts. A separate eurozone parliament would provide political oversight and accountability. Such fiscal unification would make it possible for countries like France to increase infrastructure spending and boost job creation without busting fiscal ceilings."

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