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Thursday, 17 September 2015

EUROZONE RIGHTS AND DUTIES MUST BE DEFINED !


The current EU crisis, provoked by the countless "refugees" trying to set foot in any EU country they can possibly reach, has revealed a total lack of unity by the EU in its efforts to stop them.

The article in this Blog (1) yesterday questioned the very fact whether Angela Merkel, the Chancellor of Germany had obtained the "prior autorisation of the Council of Ministers to invite 800 000 (and more) "refugees" into the EU".

The unco-ordinated, piecemeal reaction of all EU countries indicates that nothing had been agreed, nor discussed, at the top level beforehand. 

Angela Merkel, has assumed the Leadership of the EUROZONE and the defence of the EURO, because Germany has invested heavily (with other countries as well) in the protection of this new currency.  She has her country's interests at heart.

However, has it not now become urgent and necessary to precisely define the limits of what the EUROZONE "must and cannot" decide alone, to protect the EURO ?

In particular this obviously means ensuring the proper management of the European Central Bank and its monetary policies.   This is the same responsibility which all non-Eurozone countries already ensure with respect to their own local currency. 

It also means that any other non-monetary decision which the EUROZONE as a Group may wish to propose, must obtain the prior approval of the EU Council, to avoid unexpected repercussions on non-EURO countries.

(1)  Read the article "Did the EU authorise Merkel's "Open Arms" invitation ?

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