Abnegation of sovereignty destroys the underpinnings of sovereign debt.

The Schuman proposals are revolutionary or they are nothing...The indispensable first principle of these proposals is the abnegation of sovereignty in a limited but decisive field...Any plan which does not involve this indispensable first principle can make no useful contribution to the solution of the grave problems that face us. Co-operation between nations, while essential, cannot alone meet our problem. What must be sought is a fusion of the interests of the European peoples and not merely another effort to maintain an equilibrium of those interests.....Jean Monnet

Many years ago I debated on the EU Futurum fora that sovereignty was indivisible, one could no more be partially sovereign than partially pregnant. Strangely enough on reviewing old files it appears that Michel Barnier (see my post of last evening) had some responsibility around that time for the futurum exercise. It failed of course, for had it succeeded and the saner voices been heeded, the EU would not be in the mess in which it finds itself today. The Schuman Declaration pdf from which I have taken the above quote, may be linked here, (strangely from the EPP, upon which I also blogged last evening).

The fact that the attempt to "abnegate sovereignty" is failing must be obvious to all who can now witness the euro crisis unfolding. Supposed sovereign states, are in fact not, for they nowadays are unable stand behind their debts.

There is a bigger misapprehension, however, which has been allowed to take root and grow all across the EU and abroad. Even more dangerous than the split sovereignty schizophrenia, one that ominously seems to have taken hold even in the head of the visiting head of the US Federal Reserve, Tim Geitner. This is that the ECB is a Central Bank, which of course it is not, for no state with long-term captive citizens (who in future can be pitilessly taxed to death) stands behind it.

Such is the message of the credit rating agency S & P, ignored by Commissioner Barnier this week. That is the reality behind the German refusal to stand behind Europe's debt, unless they be given the power to ruthlessly tax as necessary for the foreseeable future, that is the reality the 27 sovereignty crippled EU member states must tackle when they meet tomorrow and Friday in Brussels!

Are any prepared to finally face the real facts, no signs to that effect have yet appeared.