EU transfer union already here, we just don’t know it

McManus, John.

The bigger EU states have already effectively begun subsidising the poorer states. They are just not telling their electorates

The failure of the Greek bailout has provoked much navel-gazing and chin-stroking among those who are concerned with the European project and the euro in particular.

The consensus seems to be that the monetary union is now at a crossroad. It either falls apart with all sorts of apocalyptic consequences or else has to be deepened into a true fiscal and political union; this would mean the richer countries will subsidise the poorer ones, but in return demand a considerable say in how they conduct their financial affairs.

Πηγή: The Irish Times

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