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In politics crisis only brings opportunity for radical reforms. As WhatIf mentions in a previous post, the ongoing situation in Greece will only help further the fiscal consolidation of the Eurozone. And now the next step along that long road has officially been made. According to this Reuters article,
"If the Greeks aren't able to succeed themselves with... (the austerity measures), then there must be stronger leadership and monitoring from abroad, for example through the EU," added Roesler, chairman of the Free Democrats (FDP) who share power with Chancellor Angela Merkel.Germany is thus openly asking that Greece give up a token of sovereignity in return for their next bailout. Of course this will certainly not pass this time. But the fact that this radical (some may say outrageous!) step has been suggested and is even considered, very much indicates the future direction of European integration.
That s the only way to keep the Euro alive in the long term.. just having "trust" in budgetary policy of the less disciplined southern neighbours has shown its limitations..... of course there would be huge resistance from Europeans to give up on more sovereignty, which is indeed why it has to be done in times of crises and extreme pain. confer the shock doctrine of Naomi Klein..
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