Budgeting for absolute power
Germany’s plan to create a European budget commissioner with the authority to rewrite national budgets smacks of hegemony and hubris.
The German insistence on rules to govern the euro area has little to do with more effective functioning of this ill-considered union. It has everything to do with the German interests.
Not so long ago, the German authorities insisted that the Stability and Growth Pact did not apply to them. Today, they believe that the same rules, if forcefully enforced, would protect the German taxpayers from paying the bills of errant nations. Since 1991, when...
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