EU puts off talk of Schäuble proposals

Bernd Riegert, Deutsche Welle, 17.10.2012

Link to original article


Just ahead of the next EU summit, Germany has proposed the idea of a super-commissioner who could take control in the eurozone. But it's not on the agenda, and will only come up for decision in December, at the earliest. [...]

At their summit in Brussels on Thursday and Friday (18-19.10.2102), they'll not just be considering a reform plan presented by the president of the European Council, Herman Van Rompuy. They'll also be looking at a bundle of ideas from Berlin. […]

Political analyst Janis Emmanouilidis, of the European Policy Centre in Brussels, agrees with Schäuble. I think this process is necessary," he told DW. "If one really wants to set up an economic and monetary union in which the structural problems have been dealt with, then one has to take it further than it's been taken so far. If you want a fiscal and banking union, this is the right way." […]

Over the last few weeks, Van Rompuy, together with the presidents of the EU Commission, the European Central Bank and the Eurogroup, has been putting together a reform paper for consideration at the summit. It includes eurobonds and a sinking fund for all the troubled economies in the eurozone.

Both will be rejected by Merkel, according to German government sources. EU diplomats with plenty of summit experience are speculating that Germany will come up with further proposals, in order to downgrade the importance of the paper of the four presidents. "That's the way bargaining chips are gathered," said the diplomats.

But Emmanouilidis thinks a debate about the future instruments needed by an economic and monetary union makes plenty of sense. The markets - and the people - expect further reform, even if it will take some time.

"We have to take this path," he said. "It'll be difficult, even risky, if one has to change the European treaties. But there is no alternative to taking this path." […]

For the entire article see here


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