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The world is saved! Sort of...

Comments

  • #2
    Denerick
    Banned (with Prison Access) Posts: 6,488 ✭✭✭Denerick


    Following on from my hyperbolic opening gambit, this is a useful and welcome move. To reduce the debt burdens of the endangered states is the most prudent and wise path. But this should have been done 6 months ago, and I fear this will only buy the EU project another 6 months of bumbling along. We need a great structural change, a revolution perhaps, with a common European fiscal structure and all of its associated discipline and stability.


  • #3
    beeftotheheels
    Registered Users, Registered Users 2 Posts: 1,675 ✭✭✭beeftotheheels


    Denerick wrote: »
    Following on from my hyperbolic opening gambit, this is a useful and welcome move. To reduce the debt burdens of the endangered states is the most prudent and wise path. But this should have been done 6 months ago, and I fear this will only buy the EU project another 6 months of bumbling along. We need a great structural change, a revolution perhaps, with a common European fiscal structure and all of its associated discipline and stability.

    By EU terms this is pretty revolutionary.

    Against the majority will of her people Merkel has pledged a large chunk of her balance sheet against the peripherals borrowings.

    She is no longer ignoring the issue.

    Trichet moved, but moved with pledges that only Greece would default, and with pledges that the Member States will provide collateral against Greek banks borrowing off him in the event that Greek bonds are rated as being in default.

    The language of the "Marshall Plan" has finally been wheeled out in an attempt to make the German taxpayer understand (as well their collective memory should) that punishing a people for past wrongs can result in a backlash. Please, not invoking Goodwin here, my comments are simply intended to contrast Versailles with Marshall (and the London Debt Agreement). Retribution is all well and good for the victors to dish out, but it can have hugely negative consequences for the losers (inter war Germany being the poster child). Taking a gamble on the future by giving aid and not punishment can yield much higher dividends (modern Germany being the poster child).

    The Germans' embraced the EU and its predecessors so that Europe might remain at peace, which it has.

    Do I think they have gone as far as they can or need to? Not necessarily, but I think it is a hell of a lot better than I was hoping for a week ago.


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