As a result, the eurozone is now divided between creditor countries – principally Germany – and debtor ones, with EU institutions becoming instruments for creditors to impose their will on debtors. Bailing out Greece’s foreign creditors, thereby breaching the ‘no bail-out’ rule, made German taxpayers feel liable for other member-states’ debts, leading the German government to demand economically inflexible and politically divisive centralisation of fiscal controls in Brussels. The dangers of a highly independent central bank with a deflationary bias that often acts outside its mandate in an openly political manner have also been revealed...
Posted on: Thu, 11 Sep 2014 07:09:12 +0000
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