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Imf Chief Dominique Strauss-Kahn Urges Leaders To Cede More Sovereignty To Eu

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http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8146842/IMF-chief-Dominique-Strauss-Kahn-urges-leaders-to-cede-more-sovereignty-to-EU.html

European nations need to cede more of their sovereignty and hand greater powers to the centre to avoid future crises, the head of the International Monetary Fund has said.

In what are likely to prove controversial proposals, Dominique Strauss-Kahn, the IMF managing director, called on the European Union to move responsibility for fiscal discipline and structural reform to a central body that is free from the influences of member states.

In a speech in Frankfurt addressing the sovereign debt crisis engulfing Europe once again, he said: “The wheels of co-operation move too slowly. The centre must seize the initiative in all areas key to reaching the common destiny of the union, especially in financial, economic and social policy. Countries must be willing to cede more authority to the centre.”

Europe is plagued by crisis because member states put too much faith in banks and let their public finances run out of control. Greece has already been bailed out and Ireland is expected to agree a €100bn (£85bn) rescue within days. Portugal is also at risk.

Mr Strauss-Kahn did not name any individual eurozone members, but warned: “The sovereign crisis is not over.”

Reform is vital but, he said: “The area’s institutions were simply not up to the task of managing a crisis – even setting up a temporary solution proved to be a drawn-out process.

“One [solution] is to shift the main responsibility for enforcement of fiscal discipline and key structural reforms away from the Council. This would minimize the risk of narrow national interests interfering with effective implementation of the common rules.”

Handing greater powers to the centre would lead to a greater loss of sovereignty for each of the eurozone’s member states. Monetary policy is already under the control of the European Central Bank, with national governments holding on to fiscal authority.

In proposals that are likely to play into the hands of eurosceptics in the UK and elsewher, Mr Strauss-Kahn recommended more tax harmonisation and a larger central budget. Reiterating a now common theme, he added that the euro area needs to rebalance – with Germany reducing its dependence on exports and other nations shrinking current account deficits.

Considering that the EU accounts haven't been signed off by it's auditors for over a decade just how the hell is this going to improve the situation?

A global elite takeover in the pipeline if we have total global financial meltdown?

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"European nations need to cede more of their sovereignty and hand greater powers to the centre to avoid future crises, the head of the International Monetary Fund has said."

Running through the bullsh1t translator produces:

"European nations need to cede more of their sovereignty and hand greater powers to the banks, we are going to own you suckers"

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A global elite takeover in the pipeline if we have total global financial meltdown?

Aye that's the plan apparently :o

However I can't work out why George "Nat Rothschild's good friend" Osborne is getting involved as surely his ultimate bosses want IRE to give up their sovereignty to the higher powers? Maybe it's just a decoy to stop us seeing the real deals?

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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