Following on from Merkel’s visit to Greece last week where she was greeted with Nazi salutes and jibes of “Out with the Fourth Reich”, we now have Finance minister Wolfgang Schaeuble proposing a new roll within the EUSSR with sweeping powers. This new Commissioner role would have complete control over EU nation’s budgets. Looks like more centralizing powers for the EUSSR.

There must be an EU “currency commissioner” with sweeping powers to strike down national budgets; a “large step towards fiscal union”; and yet another EU treaty.

Finance minister Wolfgang Schaeuble dropped his bombshell in talks with German journalists on a flight from Asia, and apparently had the blessing of Angela Merkel, the chancellor. “When I put forward such proposals, you can take it as a given that the chancellor agrees,” he said.

 

Mr Schaeuble said the currency chief should have powers similar to those of the EU’s competition commissioner, a man “feared around the world”.

The competition Tsar is the arch-enforcer of the EU machine, with powers to launch dawn raids, deploy SWAT teams, and block mergers on his own authority. The job was the making of Italy’s Mario Monti a decade ago when he blocked the GE-Honeywell merger after it had been cleared by Washington.

The Schaeuble plan is highly provocative. The EU can set deficit targets but it cannot manage budgets, unless a country requests a bail-out and gives up fiscal sovereignty.

Soure: The Telegraph

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