Jean-Claude Trichet Aims his proposal for a European Ministry of Finance on a profound shift of authority and responsibility for the economic and financial policy in Europe. In Germany he has so far not found a lot of love. That should remain so.Who The National Treasury or – what is the same in French diction – can say the national economy minister, to do what he can and can not do it, it basically takes responsibility for their decisions.These responsibilities will be effectively infinite. Because running since the end of the fiscal policy of almost all the lines together, can in principle represent the overall development in a state of the community, whether rightly or wrongly, as a result of European influence and the opportunity to denounce. The national responsibility for national failures, even disappear, even for not fully satisfactory developments in the fog of the controversy over unprovable causal claims, and the European authorities are coated with claims from the illusory goal that must be addressed in Europe, the differences in national levels of prosperity, because they are the expression of injustice and lack of solidarity. Specifically, the then opens into alignment pressure in all sorts of areas, including those where it can be justified at all in fact and has been so far not even try, especially in the area of social policy would be improper alignment print the autonomy of the European peoples to decide for themselves, live as they want to put in intolerable ways in question. God forbid.
The European Monetary Union has become the foundation that fiscal policy is a national responsibility. The rationale of this is twofold. One is: A state that has given up control over the monetary system, the autonomy in fiscal policy needs to deal with national economic problem. The other is: The one, the money – out of nothing – can produce, must be independent from those who have an interest in how much money there is. This is no longer the case if the central bank is exposed to the combined pressure of the person responsible for co-operation in Europe centrally-run fiscal policy. Pressure against such cooperation can be, if it matters, do not rely solely on the guaranteed independence of the Fed. The French view was precisely this cooperation even belong to the concept of pressure, to maintain the guaranteed money in the constitutional independence of the central bank within the limits of reason. God forbid.
The German Bundesbank recently had, like many of the most sovereign German financial policy capture in a central European fiscal policy. It can be seen but not how that could happen for the good of all.
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In principle, any incapacitated
Independent central bank in a way, the fiscal policy in the area of their jurisdiction. For a State which is to pay his debts with money that he can not produce itself closely to it. True, he has such a restriction on his ability to sin fiscally, to accept that. At the end he's framers. This explains the importance of rules and market forces that work against time and the indebtedness of a country proactively, so that the extreme case, not only occurs .. In the European Monetary Union on the one hand stands for the Stability and Growth Pact, on the other hand – and actually more importantly – the adaptation pressure which is exerted by states with special stability-political discipline on the financial markets. For Germany in such a role – from the past with his above-average preference for stability-political discipline – no replacement can be seen. To create a European Ministry of Finance based on the ideas of Jean-Claude Trichet, Germany, and would take some more stability-conscious countries, especially its pacemaker role, without having to offer a substitute. Where the average is a benchmark, the downfall is foreshadowed. God forbid.