<br><br><div class="gmail_quote">---------- Forwarded message ----------<br>From: <b class="gmail_sendername">Dante-Gabryell Monson</b> <span dir="ltr"><<a href="mailto:dante.monson@gmail.com">dante.monson@gmail.com</a>></span><br>
<br><div class="gmail_quote">From: <b class="gmail_sendername">Michael Hudson</b> <span dir="ltr"><<a href="mailto:michael.hudson@earthlink.net" target="_blank">michael.hudson@earthlink.net</a>></span><br>
Date: Thu, Jun 2, 2011 at 4:16 PM<br>Subject: [gang8] Fascism just came to Europe<br>To: <br><br><br>
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<font size="4"><font face="Times New Roman"><span style="font-size: 14pt;">This speech is incredible! Read the whole thing, for Trichet winning the Charlemagne prize. This is his declaration of class war.<br>
I’ll write it all up for Counterpunch tomorrow, and for UMKC and my website.<br>
Michael<br>
<br>
</span></font></font><font face="Times New Roman"><span style="font-size: 11pt;">Tom Fairless, “Trichet Calls for Tougher Debt Intervention,” <i>Wall Street Journal</i>, June 2, 2011.<br>
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.”<br>
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.”<br>
<i> </i>“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.<br>
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</span></font><span style="font-size: 11pt;">Building Europe, building institutions<br>
Speech by Jean-Claude Trichet, President of the ECB
on receiving the Karlspreis 2011
in Aachen, 2 June 2011<br>
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.<br>
<i>Economic and Monetary Union<br>
</i> This unique arrangement fulfils the visions of centuries of great European thinkers.<br>
… of Erasmus in the 16th century, who spelled out the moral limitations of a strict concept of nationhood.<br>
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.<br>
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.<br>
Strengthening the rules to prevent unsound policies is therefore an urgent priority.<br>
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.<br>
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.<br>
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.<br>
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.<br>
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.<br>
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.<br>
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?<br>
<font color="#ff0000">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</font>.<br>
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.<br>
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.<br>
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.”<br>
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.<br>
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 (…)”.<br>
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