Sunday, 9 October 2011


We must accept euro project was badly designed

According to John Major the French and Germans did not adhere to the Maasticht Treaty as it was drawn up regarding the Eurozone. They were afraid that not enough countries would sign up to belong to the Eurozone so the rule book went out of the window, and that is why they (and us) are in the poo now!
Fiscal union is instead advanced as a technical solution to the failure of the single currency project, not as a political objective to be justified on its own terms.
The absence of democratic consent for the associated loss of sovereignty is addressed only through insistence that the monetary union will fail unless fiscal union is superimposed, an essentially technical argument and not one that is universally accepted. Greater European integration (fiscal union) is to be pursued in response to the failure of an ambitious integration project in the form of the single currency whose design flaws have been cruelly exposed, which has crippled the banking system across Europe and destroyed one-half of Europe's sovereign bond market.
It is extraordinary how often the failure of a policy, in this case a poorly-designed monetary integration, results not in an admission of the need for policy reform but in strident calls for the intensification and extension of the policy which has failed.

Slovakia On Why It Votes "No" To EFSF Expansion: "The Greatest Threat To The Euro Is The Bailout Fund Itself"
http://www.zerohedge.com/news/slovakia-why-it-votes-no-efsf-expansion-greatest-threat-euro-bailout-fund-itself
The Greatest Threat to Europe Is the Bailout Fund
http://www.spiegel.de/international/europe/0,1518,790577,00.html

Slovak Anti Euro Bailout Party May Vote EFSF Down -Leader


BRATISLAVA (Dow Jones)--Slovakia's Freedom and Solidarity, or SaS, party, the key opponent of the bailout approval in the four-member coalition cabinet, is likely to vote against the temporary European Financial Stability Fund unless it gets a veto on the permanent bailout program, the SaS leader said Sunday.
"As it seems to me now, we may vote against the EFSF," Richard Sulik said in a live midday news show on Slovakia's TA3 news channel.
Slovakia's parliament is scheduled to vote on the EFSF endorsement Tuesday. Slovakia is the last euro zone member to vote on the program. Malta is expected to approve it Monday.
http://tinyurl.com/3tvy9jr

Greater European integration “fatally wrong”
WARSAW -- Greater European integration is a cause of EU problems and is no solution to the debt crisis, the CTK news agency quoted Czech President Vaclav Klaus as saying.


The statement was made in an apparent response to a proposal by European Commission President Jose Manual Barroso that the EU should boost integration process in order to resolve the debt crisis.
"I principally, absolutely disagree with Barroso. I know that he is tragically wrong," the Czech president said on Saturday at the summit of the ViĊĦegrad Four group, which also comprises Hungary, Poland and Slovakia.
The Czech president, whom many analysts describe as a Euroskeptic, said on Friday that the Eurozone's current problems were caused by the introduction of the common currency, when politics prevailed over economy, and economic laws were ignored.
"Europe's current problems were caused by the accelerating process of more and more Europe. This is quite evident," said Klaus, who is also leading global financial expert and finance minister in 1989-1992.
"Barroso is not coming up with any other proposal than if more and more Europe has brought about the current problems, let us try more and even more. I think that this is a fatally wrong approach," Klaus said.
http://www.b92.net/eng/news/world-article.php?yyyy=2011&mm=10&dd=09&nav_id=76773

Eurozone crisis can be used to take back powers

Posted by Britannia Radio at 17:50