Thursday, February 16, 2017

Thomas Piketty — For a democratic Euro-zone government

The Euro zone needs a proper government : a joint budget, common rules of taxation, an investment and borrowing capacity, a growth strategy and a model for sustainable and equitable development. But to achieve all these one day the Euro zone must first focus on creating democratic institutions enabling common decision making. There is no point in discussing a government for the Euro zone if the democratic instance to which this government will be responsible is not clearly stated.
At the moment, the main decision-making instance in the Euro zone is the Council of Finance Ministers. The problem is that this Council is usually incapable of taking decisions. For years now, the Euro zone has been supposed to be adjudicating on the restructuring of the Greek debt which everyone knows is unsustainable and these decisions are constantly deferred....
Whatever the case may be, it is essential for the candidates in the forthcoming elections to finally make specific proposals concerning the setting up of a democratic government for the Euro Zone, without which all the discussions on re-launching Europe and the economic government will remain wishful thinking.
Thomas Piketty's Blog at Le Monde
For a democratic Euro-zone government
Thomas Piketty | Professor at EHESS and at the Paris School of Economics
ht Mark Thoma at Economist's View

1 comment:

Joe said...

"The Euro zone needs a proper government"

No, it doesn't. It needs to just go away.