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PostOn Expelling EU Members: Ronald Hilton 2002 (Bienvenido Macario, USA, 07/30/15 9:57 am)
I looked up this WAIS post from December 9, 2002. A few months ago, I thought it was only Greece that cooked its books to get in the EU-Germany trough. The EU found this out in 2004, and warned Greece about this serious misrepresentation.
Excerpt: "I [R. Hilton] asked: 'Is there a mechanism for expelling member states from the EU? Would it be used? Two or three EU countries will fail to meet EU financial criteria. What will be done?' Christopher Jones replies: 'That is the $64,000 dollar question. The EU has no real mechanism to deal with any crisis.'
"Anybody who was against the introduction of the Euro (remember those cooked books in Italy and who cooked them?) was branded a neo-fascist or worse--Neanderthal. 'We want to be a global player,' was the cry. At the time, some commentators pointed out (like Frankfurt's Prof. Hankel) that there hasn't been a currency union between sovereign states that has ever endured. (Rob Gaudet mentioned that democracy needs healthy debate--well, Prof. Hankel was never again invited to any televised discussion.)
"Europe has no common government, finance minister and taxation. There is no common language, eating habits, judicial system, health care, pension plan, religion and immigration policy. Europeans cannot even agree to reform the common agricultural policy or to tow a tanker in distress into harbor not to mention to require that tankers in Euro-waters have double hulls. How can we ever expect to improve the decision-making process with even more, poorer nations like Poland and Slovakia or with a state like Turkey with an Islamicist majority?
"European unity through Brussels' burocracy is not a turkey, it's a dodo.
EUROPEAN UNION: Method for expelling members (Ronald Hilton, USA, 12/09/02)
JE comments: I should resurrect venerable RH insults like "Neanderthal" and "dodo." Kidding aside, the trademark RH insight shines through in this post. The euro is is greater trouble today than it was in '02.
Or is it? "No currency union has ever endured." Has the euro already proven this to be false? Or is it still to early to reach a conclusion?
Bienvenido Macario is WAISworld's most enthusiastic archivist. I'm always grateful when he brings a vintage gem to our attention.