by Kenneth Schortgen, Shotgun Economics:
In what appears to be a desperate move to save the EU from an eventual breakup, officials from both France and Germany announced the formation of a single Eurozone budget that would provide the un-elected bureaucracy in Brussels full financial powers over all member states.
Officials from the Eurozone’s two largest economies, France and Germany, say that they have reached a consensus on basic principles of a single budget for the bloc. Proposals for a common fiscal policy have been floated for years as a possible next step in the European integration project, and the push for a greater Eurozone unity has intensified in the wake of Brexit. According to a report from the German government on Friday, Germany and France have agreed on a detailed plan to establish a fiscal union in the Eurozone, which will create a single budget to standardize the level of taxation and spending across the bloc. – Sputnik News
With both Britain and Italy threatening to possibly leave the EU in the coming months or years due to their population’s desire for their own government’s to hold onto their monetary sovereignty, it is not surprising that establishment cronies like Merkel and Macron would attempt an all-out gambit to seize control over each member state in order to consolidate the Union under one authority.