Political federation necessary, says Trichet
The president of the European Central Bank, Jean-Claude Trichet, has warned euro-zone politicians that current plans for economic governance do not go far enough. Either we prove that we are able to find the new, strong, reinforced governance concept, which will fit with a constellation of sovereign states and permit the European Union to face up to the new globalised world, he says, or we do not convincingly succeed in this direction, and then a new jump in the institutional framework of Europe towards a political federation would appear necessary.
And the Irish Times says that the former German foreign minister Joschka Fischer of the Green Party has warned that the EU is facing “creeping death” unless Germany seizes the euro-zone crisis as a chance for final European integration.
According to the paper, Fischer said Germany was being “disingenuous” in discounting the culpability of German banks – particularly state-owned institutions – in the Irish and Greek financial crisis.
Speaking in Berlin at an event organised by the European Council on Foreign Relations, Fischer said that under the “Euro-sceptic Angela Merkel” Germany had ditched its “European vocation.”
Who would have guessed?