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Bruno Maçães proposal for contracts , Portugal’s secretary of state for European affairs, argues against proposal to centralise fiscal policy, and says the eurozone governance should rest on the idea of mutual contracts (We think this proposal is downright potty)

    10.07.2014

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    Bruno Maçães reinvents the wheel

    What always irks in discussions about the future of the eurozone is when people propose as new ideas policies that have been tried again and again and that have demonstrably failed. One of these comments was from Bruno Maçães, Portugal’s European affairs state secretary in Vox, who made a plea against a United States of Europe – the ultimate strawman in any European debate. He argues against proposals to centralise power over fiscal policy or structural reforms, and wants more subtle form of co-ordination, based on contracts and partnerships. Member states would reforms and received the necessary support in turn. 

    This is unbelievably naïve. We mention this comment only to demonstrate the extent to which our debate on the future of the euro is moving in circles. The whole experience with the stability pact has taught us that voluntary agreements that are not policed are for the birds. Germany and France were able to break the pact because they could. They are sovereign nations. When sovereign nations can breach a pact that has been an integral part of EU law, why should a contract work? If the member states value absolute sovereignty of fiscal policies that much, they will regain monetary sovereignty in the long-run.
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