The Grexit, which did not occur, has shown just how politically divided the European Union is and how much it lacks true political and economic power beyond merely printing currency and money.
So, some leaders think it might be time to move to the next stage… with a single Finance Minister. Juncker is reportedly considering it, which is not surprising… but even Germany might not be opposed.
The Greek chaos has at least served to illustrate that the European Union as it is does not work. The United Kingdom is even planning to hold a referendum sooner, moving it from 2017 to 2016, according to the latest reports from the country. Thus, if the European Union wants to continue to exist, it must evolve.
According to the German magazine Die Spiegel, the German Finance Minister, Wolfgang Schäuble, has in mind the concept of a single Finance Minister for all EU countries. He would even have “substantial resources from Germany.” This shows how serious the matter is.
Moreover, Schäuble is not the only one considering this. Jean-Claude Juncker, President of the European Commission, is also reflecting on something similar, and the idea has even taken root in Italy.
The Financial Times reports that Pier Carlo Padoan, the Italian Finance Minister, would have reached the same conclusion as his German colleague that a European elected government and a European Finance Minister are needed :
“To have a true economic and monetary union, you need a fiscal union, and for that, you need a single fiscal regulation. And this fiscality must answer to a parliament, and that parliament must be elected.”
In doing so, the EU could validate its measures without resorting to the approval of all countries each time, approval that requires discussions, crisis meetings, and other complicated appointments that sometimes yield nothing concrete.
But to achieve this, the EU countries will have to relinquish yet another portion of their sovereignty and power in favor of European institutions… which is unlikely to make many people happy.
