[P2P-F] Fwd: [gang8] Fascism just came to Europe: the EU against Europeans

Fri Jun 3 21:41:54 CEST 2011

---------- Forwarded message ----------
From: Dante-Gabryell Monson <dante.monson at gmail.com>

From: Michael Hudson <michael.hudson at earthlink.net>
Date: Thu, Jun 2, 2011 at 4:16 PM
Subject: [gang8] Fascism just came to Europe
To:

This speech is incredible! Read the whole thing, for Trichet winning the
Charlemagne prize. This is his declaration of class war.
    I’ll write it all up for Counterpunch tomorrow, and for UMKC and my
website.
    Michael

Tom Fairless, “Trichet Calls for Tougher Debt Intervention,” *Wall Street
Journal*, June 2, 2011.
AACHEN, Germany—European Central Bank President Jean-Claude Trichet on
Thursday called for much tougher fiscal intervention within the euro zone
and suggested the creation of a euro-zone finance ministry. At a ceremony to
receive the Charlemagne prize for European unity, Mr. Trichet proposed a
raft of possible radical changes to improve the euro zone as a currency bloc
as a number of its member states struggle with debt crises. He said that if
a bailed-out country isn’t delivering on its fiscal-adjustment program, then
a “second stage” could be required, which could possibly involve “giving
euro-area authorities a much deeper and authoritative say in the formation
of the county's economic policies if these go harmfully astray.”
            He suggested that euro-zone authorities could have “the right to
veto some national economic-policy decisions” under such a regime. In
particular, a veto could apply for “major fiscal spending items and elements
essential for the country's competitiveness.”
*             *“In this union of tomorrow ... would it be too bold in the
economic field ... to envisage a ministry of finance for the union?” Such a
ministry wouldn't necessarily have a large federal budget but would be
involved in surveillance and issuing vetoes, and would represent the
currency bloc at international financial institutions.

Building Europe, building institutions
Speech by Jean-Claude Trichet, President of the ECB on receiving the
Karlspreis 2011 in Aachen, 2 June 2011
            The European Commission, led by Mr. Barroso, is at the heart of
this process. The European Council, led by Mr. Van Rompuy, gives it
direction and momentum from the highest level. In the domain of Economic and
Monetary Union, the Eurogroup, led by Mr. Juncker, drives forward its agenda
and confronts its challenges.
*Economic and Monetary Union
*            This unique arrangement fulfils the visions of centuries of
great European thinkers.
… of Erasmus in the 16th century, who spelled out the moral limitations of a
strict concept of nationhood.
            We showed our responsibility in taking monetary policy measures
– we call them “non standard” decisions, strictly separated from the
“standard” decisions, and aimed at restoring a better transmission of our
monetary policy in these abnormal market conditions.
            But we also see the opposite. Countries that have not lived up
to the letter or the spirit of the rules have experienced difficulties. Via
contagion, these difficulties have affected other countries in EMU.
             Strengthening the rules to prevent unsound policies is
therefore an urgent priority.
            I count particularly on the European Parliament to reinforce the
draft secondary legislation that is presently examined in the “trialogue”
between the Parliament, the Commission and the Council.
            Arrangements are currently in place, involving financial
assistance under strict conditions, fully in line with the IMF policy. I am
aware that some observers have concerns about where this leads. The line
between regional solidarity and individual responsibility could become
blurred if the conditionality is not rigorously complied with.
             In my view, it could be appropriate to foresee for the medium
term two stages for countries in difficulty. This would naturally demand a
change of the Treaty.
             As a first stage, it is justified to provide financial
assistance in the context of a strong adjustment programme. It is
appropriate to give countries an opportunity to put the situation right
themselves and to restore stability.
             At the same time, such assistance is in the interests of the
euro area as a whole, as it prevents crises spreading in a way that could
cause harm to other countries.
             It is of paramount importance that adjustment occurs; that
countries – governments and opposition – unite behind the effort; and that
contributing countries survey with great care the implementation of the
programme.
             But if a country is still not delivering, I think all would
agree that the second stage has to be different. Would it go too far if we
envisaged, at this second stage, giving euro area authorities a much deeper
and authoritative say in the formation of the country’s economic policies if
these go harmfully astray? A direct influence, well over and above the
reinforced surveillance that is presently envisaged?
            We can see before our eyes that membership of the EU, and even
more so of EMU, introduces a new understanding in the way sovereignty is
exerted. Interdependence means that countries de facto do not have complete
internal authority. They can experience crises caused entirely by the
unsound economic policies of others.
             With a new concept of a second stage, we would change
drastically the present governance based upon the dialectics of
surveillance, recommendations and sanctions. In the present concept, all the
decisions remain in the hands of the country concerned, even if the
recommendations are not applied, and even if this attitude triggers major
difficulties for other member countries. In the new concept, it would be not
only possible, but in some cases compulsory, in a second stage for the
European authorities – namely the Council on the basis of a proposal by the
Commission, in liaison with the ECB – to take themselves decisions
applicable in the economy concerned.
             One way this could be imagined is for European authorities to
have the right to veto some national economic policy decisions. The remit
could include in particular major fiscal spending items and elements
essential for the country’s competitiveness.
            And Jean Monnet in his memoirs 35 years ago wrote: “Nobody can
say today what will be the institutional framework of Europe tomorrow
because the future changes, which will be fostered by today’s changes, are
unpredictable.”
            In this Union of tomorrow, or of the day after tomorrow, would
it be too bold, in the economic field, with a single market, a single
currency and a single central bank, to envisage a ministry of finance of the
Union? Not necessarily a ministry of finance that administers a large
federal budget. But a ministry of finance that would exert direct
responsibilities in at least three domains: first, the surveillance of both
fiscal policies and competitiveness policies, as well as the direct
responsibilities mentioned earlier as regards countries in a “second stage”
inside the euro area; second, all the typical responsibilities of the
executive branches as regards the union’s integrated financial sector, so as
to accompany the full integration of financial services; and third, the
representation of the union confederation in international financial
institutions.
            Husserl concluded his lecture in a visionary way: “Europe’s
existential crisis can end in only one of two ways: in its demise (…)
lapsing into a hatred of the spirit and into barbarism ; or in its rebirth
from the spirit of philosophy, through a heroism of reason (…)”.

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