A summit began today in Brussels, as an attempt to find a solution to the crisis currently facing the Eurozone and the European Union at large. At the forefront of this agenda is the Franco-German proposal for Eurozone reform, which previously failed to gather the necessary support to be placed in effect for the EU bloc. The new proposal, which would apply solely to Eurozone countries, would force automatic penalties on Euro members that overspend, place pressure on Eurozone nations to pass amendments requiring balanced budgets, and create common corporate and financial tax laws.
The reason this proposal and who it applies to is so interesting is that this might well be the deal to save the Euro and the overall Union; after all, it is backed by both France and Germany, with France being long-time political leader and Germany emerging as the primary economic powerhouse of the EU - making it very difficult for those nations going under (hi, Greece) or rapidly approaching the cliff (Spain and Italy) to refuse the offer itself.
So are we seeing the beginning of a new era for European integration? Quite possibly. This proposal, if accepted, would further integrate the community of Eurozone countries within the context of the larger European Union. In this new era, we truly would be seeing Europe in, as Sarkozy recently said, 'two gears' - the Eurozone and tighter, supranational regulations being the first, and the more politically sovereign nations of the EU. These next few years will be interesting for the Euro and the Union - and may be remembered as the time leaders either proved or discredited the idea of European unity.
(As a final, interesting aside, France and Germany have supported their 'steamrolling' of smaller EU/Eurozone states by arguing that, as larger and more fiscally sound nations, they hold a greater deal of the risk. In addition, Sarkozy made mention at the preliminary meetings of the history between the two countries - both France and Germany, once holding centuries of bloody conflict between them, had not only worked together for the past fifty years, but were now actively fighting for the idea that brought them together: European unity.)
http://www.bbc.co.uk/news/world-europe-16100258
The reason this proposal and who it applies to is so interesting is that this might well be the deal to save the Euro and the overall Union; after all, it is backed by both France and Germany, with France being long-time political leader and Germany emerging as the primary economic powerhouse of the EU - making it very difficult for those nations going under (hi, Greece) or rapidly approaching the cliff (Spain and Italy) to refuse the offer itself.
So are we seeing the beginning of a new era for European integration? Quite possibly. This proposal, if accepted, would further integrate the community of Eurozone countries within the context of the larger European Union. In this new era, we truly would be seeing Europe in, as Sarkozy recently said, 'two gears' - the Eurozone and tighter, supranational regulations being the first, and the more politically sovereign nations of the EU. These next few years will be interesting for the Euro and the Union - and may be remembered as the time leaders either proved or discredited the idea of European unity.
(As a final, interesting aside, France and Germany have supported their 'steamrolling' of smaller EU/Eurozone states by arguing that, as larger and more fiscally sound nations, they hold a greater deal of the risk. In addition, Sarkozy made mention at the preliminary meetings of the history between the two countries - both France and Germany, once holding centuries of bloody conflict between them, had not only worked together for the past fifty years, but were now actively fighting for the idea that brought them together: European unity.)
http://www.bbc.co.uk/news/world-europe-16100258
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