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Tuesday, February 1, 2011

The E.U.'s Dire Political Problem Obscured by the Banking Crisis

In December, 2010, E.U. leaders agreed to propose an amendment wherein the financial emergency rescue fund would be replaced with a permanent crisis-finance program. The amendment would permit the States having the euro as currency to establish a "mechanism" if it is "indispensible" for the health of the euro.  Interestingly, all of the 27 State legislatures would have to ratify the amendment, though no referenda would be required on account of the amendment being of insufficient scope to trigger them.

The full essay is at "Essays on the E.U. Political Economy," available at Amazon.