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Posted: 24 May 2013 12:37 AM PDT
By Frank Shostak
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After a deep financial and economic crisis, we now see the restart of the European process, building on the agreement of the June 2012 Summit. This process ultimately entails some transfer of national sovereignty in the areas of budget and structural policies. And the efforts made by Germany and France in this regard are particularly encouraging.and
Last summer, speaking here in London, I said that “[w]hen people talk about the fragility of the euro, [they] underestimate the amount of political capital that is being invested in [it].” Since then, even more political capital has been mobilised. The answer to the crisis has not been less Europe but more Europe.Firstly, why should Europeans be ruled my unelected bureaucrats by giving up areas of their sovereignty? This issue, amongst others, is already creating turmoil in Europe, especially in the Mediterranean countries, but now also in the UK (see here). Why in the world would the European countries give up their sovereignty, or even a part of it, when most of them have fought for centuries to attain it? Transferring (parts of) national sovereignty to the EU is nothing short of reducing the freedom of those countries - it will not work and it is not a sustainable solution and it cannot lead to anything good. We also know very well that any economy run from an ivory tower is bound to fail (look now further than the Soviet Union).
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The Journal welcomes submissions from a variety of fields such as politics, sociology, and psychology, wherever they can bring relevance to economic and financial questions.
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