Friday, February 12, 2010

Rescuing Greece. Economic union. Two different things

THERE has been a lot of commentary, in the past couple of days, to the effect that Europe is on the brink of a great leap forward in political and economic integration. The theory goes: a bail-out of Greece, accompanied by intrusive monitoring by Eurocrats, would constitute an unprecedented level of EU interference in the fiscal affairs of a member country. Wise birds have murmured that Europe makes its biggest advances in the depth of crises. In France, there has been much fluttering in the dovecotes after Angela Merkel, the German chancellor, said at the February 11th summit that the EU needed an "economic government": an old French idea whose very name was previously verboten in Berlin.http://www.economist.com/blogs/charlemagne/2010/02/not_federal_union_yet

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