from Journal-NEO Website
It has now gained momentum not only from the elections in Italy where more than two-thirds voted against open borders refugee policies pushed by Brussels. And it comes not only from Austria or the East states such as Hungary and Poland or the new Austrian government.
Now opposition to the Berlin-Paris-Brussels "centralist" axis is coming from Holland and a group of northern EU countries.
The issue at the heart involves nations who are asserting the sanctity of national sovereignty versus those who want to dissolve borders and create some form of top-down EU Superstate, euphemistically called the "ever closer union."
The conflict will determine the future viability of the entire European Union project.
Brexit was only the first
crack in the EU edifice.
He told press,
He became blunt:
Then Rutte declared the unspeakable "S" word:
Rutte's throwing down the gauntlet in Berlin was followed three days later by a meeting of eight northern EU finance ministers including Netherland on 6 March where they issued a common statement that was directed against the French-German Macron Plan that seeks to create more centralized Brussels control beginning with a single EU finance minister.
The finance ministers of,
Den Haag where the meeting took
Macron proposes in effect an ultimate EU fiscal union, with Europe-wide taxes and spending, even more top down than at present as sovereign nations would largely lose the taxation sovereignty.
Macron's plan is a thinly-disguised attempt to create an EU fiscal union in which German taxpayers as well as Dutch and other conservative EU members will in essence bail out Southern European countries, including Greece and Italy where French banks hold the largest exposure.
Macron unveiled his plan in September 2017 just as German elections were taking place.
He promoted it as a way to a,
Were this to happen, it would turn the EU into a huge financial target for currency speculators and make Germany and other fiscally prudent states the paymaster for weaker states such as Greece or Italy or Spain in the next financial crisis, and make no mistake there will come a next, as nothing fundamental has been done by EU governments since the 2008 crisis to fundamentally reduce systemic risk.
The zero interest rate policy of the ECB has kept the debt bubble inflated across the Eurozone.
Since the ECB introduced its unprecedented program of buying Eurozone state debt in 2015, the ECB has bought an eye-popping €2.3 trillion of euro securities to end of 2017.
All agree this is
unsustainable. The question is what to do...
According to Coeure's diary published in February this year, they discussed "euro area deepening."
An ECB spokeswoman told
Reuters the meeting, which was also attended by a representative of
his hedge fund and another ECB official, was to discuss a common
Eurozone budget and Treasury/Fiscal Union.
With Schauble gone, the resistance is greatly weakened to creation of a de facto Eurozone "transfer union" in which northern EU states, including above all Germany, accept large fiscal or tax transfers to the heavily indebted Eurozone states of the south.
The ultimate winners in
such a scheme would be French banks (...the
Rothschild's Banks perhaps?).
In reality, it will
likely reemerge in full fury in May.
The state bond debt of different EU states would be "bundled" into new securities and sold.
As the U.S. rating agency Standard and Poors noted,
The reality they point out is likely to be the opposite.
German AAA bonds will
have to be "bundled" with higher risk bonds from countries such as
Italy or Greece in an effort to sell the risky Greek debt.
As Dutch Prime Minister Rutte warned,