President of the European Commission, former Portuguese Communist José Manuel Barroso, went on PBS earlier this week to attempt to sell the American viewing audience on the message that the European Union needs “more integration” in order to solve the debt crisis.
This comes as the Federal Reserve and other world central banks are warming up the printing presses to loan out more cash to the bankrupt European nations.
As always, the problems caused by overspending and overborrowing are once again being perpetuated by more borrowing and more spending.
And the solution, says Barroso and many other career European politicians?
GIVE US MORE POWER
JEFFREY BROWN: Well, some of these steps being talked about are quite unprecedented, including a solution on the table is now more integration through a fiscal policy, a fiscal union, essentially requiring countries to get approval, right, for their budget and tax policies.
Now, are European countries ready for something like that, which means giving up a certain amount of sovereignty, one would think?
JOSE MANUEL BARROSO: I think so.
Already now, in the European Union, there is a pooling of sovereignty. We have an independent central bank. We have the commission that is a supranational institution that is independent from the member states, that puts the proposals on the table that afterwards have to be approved by the member states, sometimes by qualified majorities. It means that a country may be outnumbered.
So, you already have in the European Union some mechanisms of pooling sovereignty. But now, for the currency, my answer to you is, yes, member states are now ready to accept a higher level of integration, because we know now by experience that without more discipline, more convergence, the euro will be at risk. And I see now there is a willingness to do that, that before this crisis was simply not there.
From PBS Newshour