Wednesday, April 27, 2011

A European Tea Party? Well Maybe.

The political elites of Europe are shaking in their boots today. Brussels' Fear of the True Finns: Rise of Populist Parties Pushes Europe to the Right - SPIEGEL ONLINE - News - International

It isn't just Finland, where the True Finns 20% could mean that the government can't vote for the bailout of the PIGS (Portugal, Ireland, Greece, Spain). Populations in other countries are a bit put out as well.
There was already criticism of the euro in Germany, mainly from the political right, before the European single currency replaced the deutschmark in citizens' pocketbooks. But Schäffler wants nothing to do with that line of argument. His criticism of the euro and the government's crisis management stems from classic liberal convictions about the constitutional state and democracy. He wants the German parliament, the Bundestag, to be making decisions about government finances, and he cites the European treaties that forbid an EU member from taking on the debts of other countries.
Of course the bailouts have exactly the oppoiste with the German government devoting 2/3rds of its tax revenue to fix problems in other countries.

Is it the end of the Euro and the EU? Probably not, but I doubt that it will be business as usual either.

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