Some Are Still Pushing To Give More Power To The EU

A euro logo stands in front of the headquarters of the European Central Bank in Frankfurt, June 10, 2010. Credit: Reuters/Ralph Orlowski/Files

IMF Chief Dominique Strauss-Kahn Urges Leaders To Cede More Sovereignty To EU -- The Telegraph

European nations need to cede more of their sovereignty and hand greater powers to the centre to avoid future crises, the head of the International Monetary Fund has said.

In what are likely to prove controversial proposals, Dominique Strauss-Kahn, the IMF managing director, called on the European Union to move responsibility for fiscal discipline and structural reform to a central body that is free from the influences of member states.

In a speech in Frankfurt addressing the sovereign debt crisis engulfing Europe once again, he said: “The wheels of co-operation move too slowly. The centre must seize the initiative in all areas key to reaching the common destiny of the union, especially in financial, economic and social policy. Countries must be willing to cede more authority to the centre.”

Read more ....

My Comment: I am very skeptical that this will be accepted by major European powers like Germany. In anything .... they are pushing to isolate countries who have been irresponsible in handling their finances, as well as protecting themselves from further liabilities. Everyone knows that a centralized EU will not be so forgiving, and will only continue the same policies of punishing those who have been frugal with their money, and rewarding those who have not.