4 ms·
Maybe not "imposes" , it's voluntary participation. But there is no easy , not even intermediate route out of the Euro. And as money, it's not much different fr
by buboard 7y ago
Maybe not "imposes" , it's voluntary participation. But there is no easy , not even intermediate route out of the Euro. And as money, it's not much different from a hard currency you can't control for countries that can't catch up with the developed economies of the north.
- azernik 7y agoThe "liberal with the truth" bit isn't about the ability to exit; it's about the EU being "externally controlled". The EU is an organization of which each Eurozone member is, well, a member. They have votes in the EU Parliament and European Council (the latter is responsible for appointing the ECB president) and a say in deciding the membership of the Executive Board. (Indeed, the German Constitutional Court generally rules on the constitutionality of power transfers to Brussels based on the degree to which the control of said powers is democratic.)
- buboard 7y agoi meant that the Euro, as national currency of italy and greece, is "externally controlled", cannot be bent to the needs of those countries , but to the needs of germany. Eurozone is not the EU
- azernik 7y agoThe Eurozone is a subset of EU members; decisions about the governance of the Euro are made by the Euro-using subset of the European Council (the upper house of the EU legislature, representing member states directly). Germany has a voting share on the Council proportional to its population. Germany's outsized influence came 25 years ago, when it had the dominant part in writing up the rules and powers of the ECB.
- buboard 7y agogermany has outsize influence, whether it is by choice, and whether they like it or not. Their decisions have such effects as bank bail-ins and capital controls in other euro countries