"A good day for Europe"
September 12, 2012 12:05 PM Subscribe
posted by athenian (36 comments total)
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Today was, according to Angela Merkel, "a good day for Europe
" - but it might also be the start of something much bigger
A good day has been a long time coming, but today the German constitutional court gave the final green light
to the European Stability Mechanism, helping Spain, Italy and Ireland, and the European Commission released their proposals for a single banking regulator for the Eurozone
to prevent (or contain) future failures.
In the European Parliament, something more forward-looking was taking place. Jose-Manuel Barroso, the President of the European Commission, called for
a democratic federal Europe of nation states. Standard Eurocrat boilerplate? Not really - Barroso has never been a federalist
(£). Since his line appears to be backed by Angela Merkel and François Hollande, it may mean that there is a huge discussion coming about "post-national" democracy and federalism in the EU - but don't expect any resolution soon. The Brits are the obvious nation-state curmudgeons
, but they aren't the only ones
Whatever future debates are ahead, Super Mario
(Draghi, European Central Bank boss) might well have given the Euro a much-needed lifeline
. Even Dutch voters, heading to the polls today, now seem to be laughing at the Eurosceptic right, rather than laughing with them