German Chancellor Angela Merkel seeks concessions from EU partners in end of the week’s EU summit. European leaders there will discuss how the Euro could be saved and how a robust regime for European economies could be created. According to The Wall Street Journal, it boils down to a kind of “European Economy Government”. The newspaper learned from high German officials, that “Merkel wants to give teeth to EU rules”.
Merkel puts forward automatic sanctions for those countries which are in a debt trap. The German chancellor wants to attain a comprehensive solution which could result in a so-called European Economic Government. This new institution could be able to control national fiscal policy and harmonize social standards. This will be a massive encroachment on national sovereignty and will diminish influence of national democracy without having yet a European equivalent.
The Wall Street Journal