That implies that principles and agreements are kept. the Schäuble proposal tested that. They are unwilling to give competences to Brussels to control their fiscal spending. In other words they are not willing to keep their agreements. Means, they are not trustworthy. We see all the immature blame games againt restoration of trust that demonstrate what corrupt, unprincipled cowards they elected to govern them.
Neither Agamben nor Mahoney can form a Club Med bloc to go to war with the principles they actually signed up to, simply because you can"t build a stable coalition on a broken deal. A war of unprincipled nations means a suicide of their credibility, and the other nations don't need them. Crocodile tears for the speculator friends of Mr. Mahoney included. What is worse, being ripped off by Us currency speculators and banks or adhere to foreign good governance principles? The Southern nations are pregnant with the devil of international finance, and that causes their pain and ills. Mr Mahoney tells them to enjoy their their freedom to get fucked by international capitalism. -- I'm goin away, in a sailing boat / And if I don't come back / Stay home and mind baby
The United States is a nation state. Eurozone is a coalition of nation states with a pooled currency and when nations do not meet their agreed targets they automatically harm the other members states and live off their pockets. In the past we had no enforcement of discipline. Now the situation of the crisis forces greater discipline as the partz of unaccounted spending is over and thus the US armchair professors come and denounce European "austerity", a misleading word for compliance with what a nation agreed upon. Of course austerity is no fun but either you eat your piece of cake or you take from others (with whom you bought the cake). The trolls from the US who propose that the others also take your piece of cake are safe to ignore.
Thanks Alfonso! I think that is a misconception. It is no problem when people drive drunk, get caught and get santioned, and the rural police might even tolerate drunk drivers. When you drove drunk that doesn't mean that the law against drunk driving is obsolete.
It is no issue when nations cannot meet their targets. But that does not mean the targets are irrelevant. We have a hard currency and if currency union members think they don't have to care for price stability and raise the prices for shitty quality and salaries they undermine their competititveness.
That is right but it failed in financial regulation of the banking sector, simply because Spain didn't have ordoliberlism but the Irish Commissioner Charlie McCreevy who massively liberalised the banking sector, and the US regulatory failure cascade. So now it is the time to get the order right.