History suggests that the current crisis requires the immediate creation of an Anglo-American style fiscal and military union of the eurozone – a \”democratic union\”. This would involve the creation of a European parliament with legislative powers; a one-off federalising of all state debt through the issue of union bonds to be backed by the entire tax revenue of the common currency zone (with a debt ceiling for member states thereafter); the supervised dissolution of insolvent private-sector financial institutions; and a single European army, with a monopoly on external force projection.
This is the only solution that will enable Europeans to mobilise in pursuit of their collective interest rather than against each other, and integrate Germany economically and militarily into the larger whole, without disenfranchising the German people or any other population of the union.
The British and the American unions made history. If we eurozoners do not act quickly and create a single state on Anglo-American lines, we will be history too – but not in the way we had hoped.
No, really, best of luck to you too.
Note that German tax revenues will now support Italian, French, Spanish etc debt. Which will be nice for Germany.
Note also that it\’s eurozone, not EU. Which means that we\’ve got that multi-speed Europe thing, which is also fine. And note also that there\’s absolutely no fucking way that Britain would ever join such a monstrosity. So, really, do, have fun.