Sunday, 20 May 2012

No sense of urgency

The G8 conference has come and gone.  We had the anticipated platitudes concerning growth and fiscal rectitude, but little else.  Not that we should have expected anything even remotely looking like an action plan: for the simple reason that for all the tinkering that has been undertaken over the past two years the fundamental issues have not been tackled, and they can be tackled by eurozone countries alone.

Monetary union will not work without fiscal and political union

There has to be a central bank with the powers of a central bank, not the abortion known as the European Central Bank.

Structures have to be in place for transfer of funds between richer and poorer states: as happens in the USA.

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