European Ministry of Finance

In early June 2011, the President of the European Central Bank, Jean-Claude Trichet, was awarded the International Charlemagne Prize in Aachen. In his acceptance speech, he put forward the proposal of communitarizing fiscal policy in the form of an independent European Ministry of Finance. This idea was widely welcomed by the scientific community. For this would be a way to counter the creeping disintegration of the EU by states that refuse overdue structural reforms and let their public finances get out of hand in reliance on the Community’s help. – Politicians of almost all parties and a large part of the press rejected the proposal because they did not want less nation-state and more Europe. The centralization of budgetary and financial policy, initially within the euro states, was also rejected by the politicians. It was argued that without parliamentary control (no taxation without representation), spending could easily swell out of control, quite apart from the fact that this would lead to a deep division of the EU. Finally, it was feared that a European finance ministry would insist on introducing European taxes in order to have its own competence to determine debt levels. – See alignment automatism, bail-out, franc fort, monsieur, Greek crisis, budget pre-referendum, European, Irish crisis, return ideology, Semester, European, Stability and Growth Pact, fiscal framework, treaty compliance, monetary union 2.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/