«The stakes are very high ...»

Draghi's authority drains away as half ECB board joins mutiny

Je suis d'accord avec Mario Draghi : l'union monétaire entraine de facto l'union fiscale et politique. Etant opposé à l'une et l'autre, je suis opposé à la première.

Il apparaît plus que jamais que le dilemme «Euro ou démocratie» dont les européistes nous disaient qu'il était fantasmatique et paranoïaque est LA question.

C'est en anglais, mais vous ne pourrez pas dire que vous n'avez pas été prévenus. Un proverbe dit «puissiez vous vivre des temps intéressants». Comme beaucoup de nos ancêtres, nous allons vivre dans les mois, peut-être les années (en tout cas, avant, disons, 2020) qui viennent, des moments historiques. Puissions nous être à la hauteur.

Extrait de l'article :

I agree fully with the logic – though not the purpose – of [Mario Draghi's] cri de coeur in Finland a week ago. The ultimate success of EMU, he said, “depends on the acknowledgment that sharing a single currency is political union, and following through with the consequences”.

Or put another way, that once you have launched a monetary union, you have automatically launched a political union too. That is what EMU means. The euro means a single government and a European superstate, and implicitly the abolition of Germany as a fully sovereign independent state.

To pretend otherwise is intellectually infantile. To resist this truth yet to proceed doggedly with EMU anyway merely condemns Europe to rolling crises and permanent depression.

Mr Draghi is absolutely right about this, which is why those of us who were eurosceptics at Maastricht – and I wrote the leader for the Daily Telegraph on the night of that infamous treaty exactly 23 years ago – always opposed EMU with inflexible determination, and why we have great sympathy for those in Germany who wish to pull out of EMU in order to save their own sovereign state before it is too late.

Mr Weidmann is equally right in thinking – as he appears to do – that the headlong charge towards debt pooling and de facto fiscal union by monetary means is a mortal threat to German democracy and the rule of law. The stakes are very high. A showdown must surely come within months, one way or another.