The Role of Austerity in the EU Constitution and its enforcement through the ECB and The EU Commission is little understood in the EU. Both the Populations and the Politicians are still Largely Ignorant of FIAT Money and the Money Creation process under FIAT Money Regimes.
Post the Brexit Referendum, Jean-Claude Junker published the Five Presidents report, it was little help with the problem of the impossibility of a single Speed Europe. A Federated ECB actually honouring the important democratic concept of Subsidiarity could help with the Italian Crisis and the evolving storms in other of the PIIGS nations.
"" Responsible national fiscal policies are therefore
essential. They must perform a double function:
guaranteeing that public debt is sustainable and
ensuring that fiscal automatic stabilisers can operate to
cushion country-specific economic shocks. If this is not
the case, downturns are likely to last longer in individual
countries, which in turn affects the whole euro area.
But this is not enough. It is important to ensure also
that the sum of national budget balances leads to an
appropriate fiscal stance(5) at the level of the euro area
as a whole. This is key to avoiding pro-cyclical fiscal
policies at all times.```
This and similar Banalities pepper Junkers 5 Presidents Report and The Reality of the Anti-Democratic voodoo Political economy ideologues of the EU "Elites" is lost on the Euro Leadership blinded by Confirmation biases as they are.
Speculation that all EU countries will have to Join the Euro Zone and currency by 2022 is currently increasing, I am based in Sweden and Swedes understand that The Kroner has been important to avoid the problems which The Finnish have experience economically. The Finns are presently trying Universal Basic Income on a trial, of course, the ECB monetary creation system will doom that project to failure within the ECB/EU Fiscal Rules.
Gordon Brown before the UK Election floated the Idea of a Federated Pound Stirling, This makes sense and could save the Union with Scotland And Ireland and would be very good as well for the Welsh Economy. The Subtleties of Gordon Brown's ideas do deserve a little closer study, It remains to be seen whether "The End of Boom and Bust Chancellor" has actually fully appreciated the many benefits that could flow economically to the regions of the UK. The Eurocrats should similarly take note.
This BBC Produced post-Brexit Documentary looks at the Five Star movement in Italy and the Maker shows the total denial and ignorance of the EUliterati to the failure of their Project for ordinary people.
The EU has become an Idiocracy, run by Idiots for Idiots and The populations particularly of France and Germany have been propagandised into the sort of Stupor that Sees, Macron Elected ( A Corporate Stooge) and Merkel Riding High in the Opinion Polls.
Soros Has been briefing against Brexit, he will not be long from the scene in Italy,
The Chief Idiot of the EU Idiocracy, Verhofstad, Is He the EU´s Worse enemy?
The Maastricht Treaty and The Enlargement of the EU were Europes NAFTA. As with The US and Donald Trump saying no more of this race to the bottom madness, The same phenomenon of Fly Over Europe is occurring. The UK has set an example with Brexit, Followed by the US with Donald Trump and Again continued with the WIthdawal of Mrs Mays Mandate by the electorate in the 2017 Election.
The EU Elites and Elsewhere fear that Corbyn and Labour 2017 is some sort of throwback to the 70´s ( a period of history hugely misrepresented in the Text Books, which like the Economics texts are wrong) What I think is happening is that The Labour Party 2017 Consensus is a Post-Capitalist/Socialism Paradigm Shift To A New Political and Economic Reality applying the old Media and institutional models to the 21st Century simply do not work as Technology has transformed the economic potential of the Global Economy. It's the Debt based model ultimately failing to see the necessary Fiscal nourishment being delivered to the Roots of Community where all wealth Stems from. With something as new and undocumented
and with the intellectual Paucity of the corrupt Political and Corporate classes, Bourne of Crony Capitalism is it any wonder that The present situation is as precarious as it is.
So the scene is set, the Article here Quotes Shakespeare.
“Who seeks for better of thee, sauce his palate
With thy most operant poison! What is here?
Gold? yellow, glittering, precious gold? No, gods,
I am no idle votarist: roots, you clear heavens!
Thus much of this will make black white, foul fair,
Wrong right, base noble, old young, coward valiant.
Ha, you gods! why this? what this, you gods? Why this
Will lug your priests and servants from your sides,
Pluck stout men's pillows from below their heads:
This yellow slave
Will knit and break religions, bless the accursed,
Make the hoar leprosy adored, place thieves
And give them title, knee and approbation
With senators on the bench: this is it
That makes the wappen'd widow wed again;”
― William Shakespeare, Timon of Athens
Enough of the EU Timonism already.