Friday, July 2, 2010

Global Government III

Wolfgang Munchnau is right. Only a closer union can save the euro. In the longer term, it will be necessary to put in place a permanent fiscal arrangement through which the central euro zone authorities distribute funds to be used by member nations. Ideally this should be in the hands of the equivalent to a national treasury responsible to an elected body of representatives—in this case, the European Parliament.
-- Marshall Auerback, fund manager, essentially proving Michelle Bachmann right.

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