The Not So Subtle Trick In Macron’s Eurozone Reform Plans


Macron, the French President, has a not so subtle trick up his sleeve with his plans for reform of the eurozone. That being that he’s presenting it as a two speed Europe – those who want the further integration can have it, those who don’t need not sign up. But that’s not what will happen at all, those centralising plans will apply to everyone whether they want them or not.

In terms of his actual public plans they’re just more of the same. We should solve the problems of too much Europe by having more Europe:

The French president wants:

to create a post for an EU finance minister.
to establish a joint eurozone budget.
to institute a body tasked with overseeing bloc-wide economic policy.

The disaster which is the euro and eurozone itself is precisely an excess of centralisation. The very idea of having the same currency – and thus the same monetary policy – for such disparate economies is ludicrous where it isn’t positively evil. That Depression – in fact, it’s worse than the Great Depression was in the US – in Greece is entirely to be put at the foot of the euro. Not the initial collapse perhaps, but the fact that it is still ongoing is entirely to do with the existence of the euro.

We’re not going to solve the problems of having such centralisation by having more centralisation now, are we?

But then here comes the not so subtle trick:

Macron envisions a two-speed Europe which would allow countries that want to work towards further integration to go forward with such measures while others can choose to maintain the status quo.

In terms of monetary union reforms, Macron believes a separate parliament comprising elected members from eurozone countries would allow them to decide on matters that do not concern EU member states that have yet to adopt the euro.

That eurozone parliament will obviously be the one driving that greater centralisation. Appointing the members from current national parliaments will nicely allow only those on side with the project to be chosen. So, the public plan is that greater centralisation in the eurozone and those outside it don’t have to do it.

The trick? Everyone outside the euro, other than us and possibly Denmark, has already agreed that they will join it at some time. It’s written into the accession treaties. So, whatever centralisation is currently voluntary will become forced, won’t it?

Sorry, but this is how the EU really works which is why we’re going to be so much better off out of it.