Saturday, July 30, 2011

Muddled thinking from Dublin mirrors the EU's Mess!

In the headlines of the Irish Times this morning, the newspaper trumpets the news that Ireland will exceed the already penal constraints which the EU has imposed on their economy. In its leading article, linked here, on greater economic governance, the real confusion of ideals and objectives is exposed in the concluding two peragraphs:

..... major elements of greater economic integration must be brought together into a coherent design if the euro is to retain credibility. German leaders are now convinced that it is fundamentally in their interest and are willing to open the debate, even if, as appears likely, this results in some form of transfer union. While that would fall well short of what is done in large national federal states, it may validly be compared with them. The obverse is that the economic disciplines built in will certainly reflect German concerns.
Other euro member states, including smaller ones like Ireland, will have to define and defend their interests in this emerging project. It cannot be dominated only by the largest states. All their peoples, too, must be fully involved if it is to be politically legitimate. Otherwise the economic, political and popular logics involved will collide and explode.



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