Antonio Lettieri on the fiscal union as a receivership

ECB head Mario Draghi and Italy's Prime Minister Mario Monti have repeatedly argued for the quick implementation of a European banking and fiscal union. But this could force the crisis countries into a blatant state of dependency, Antonio Lettieri fears in the blog EUROPP of the London School of Economics: "The governments of Spain and Italy may be secured from speculation, but they have had to apply for aid from the European rescue Funds. Following their request, European Governments ... will establish the conditionality and tools to monitor their implementation. In essence, two out of four major founding countries of the Euro will be put under receivership. To sweeten the potion, this will be considered as a step towards a fiscal union and an anticipation of the European Political Union. This is a strange perspective of Union, one that is hard to sell to the people, as it looks more like a process by which some countries will be subjecting the others into a semi-colonial condition. ... Germany can take steps to dismiss governments in distressed countries, reducing them to a semi-colonial condition, but cannot accept any doubt about the sovereignty of the German Parliament and the Constitutional Court itself."

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More from the press review on the subject » EU Policy, » Economy, » United Kingdom
Who's saying what » The row over debt mutualisation, » Crisis countries pin their hopes on ECB

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