MARTIN WOLF: Hopes For Federal Union In Europe Are Doomed

Simone Foxman
Business Insider
June 21, 2012

Investors are looking ahead to what many are hoping will be a landmark EU summit next week, but some economists are concerned that the fiscal fabric of the euro area simply will not allow for the drastic changes necessary to keep the region together.

Renowned Financial Times columnist and economist Martin Wolf is one of those euro-skeptics, arguing at the Israeli Presidential Conference in Jerusalem on Wednesday that any hope for federal union in Europe is politically doomed.

“What does Europe look like if we get through this and solve this crisis?” he asked rhetorically. “It looks a lot more like a federation,” he argued, calling banking union and basic social services a part of that plan. That said, “there isn’t the slightest chance of getting to that federal union on the current path,” he added.

That’s because the popular political will to suppress sovereignty in countries simply isn’t there, even if Germany finally concedes to make more drastic changes.

Full article here

This article was posted: Thursday, June 21, 2012 at 4:01 am

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