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'Not much democracy left in Europe'

Published time: November 22, 2011 18:08
Edited time: November 22, 2011 22:08
A trader looks at screens showing stock exchange share index at French inter-dealer broker Aurel BGC in Paris (AFP Photo / MIGUEL MEDINA )
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Despite all efforts by EU politicians and technocrats, the sovereign debt crisis continues its march across Europe. And as Dr Richard Wellings from the UK Institute of Economic Affairs told RT eurozone decisions are now being made in Brussels.

­“And obviously there is also Germany’s political elite that is now hugely powerful. There is a huge worry whether these reforms are going to be successful. We have not got much more democracy left in Europe,” he stated.

The reforms may cause the governments involved to lose their sovereignty and their autonomy, especially if there is fiscal control over their economies. And according to Wellings, we may see these countries rebelling.

“I think there is a chance there will be some sort of rebellion, hopefully a political one and not anything worse. But of course we could see rebellion among the German people, because they are the real losers from fiscal integration,” he explained.

German Chancellor Angela Merkel has said investor confidence cannot be “restored purely financially”. She said Europe needs a “coherent political answer”, that is why the technocrats are trying to sort out the mess. But as Richard Wellings emphasized, the irony is that many of these technocrats are the architects of the disastrous euro project in the first place.

“It is annoying that they are now in charge of all of these countries. But the real problem is of course that the system itself is fundamentally flawed because it does not work, and the only long-term solution is an orderly breakup,” he stressed.

News is coming from France as well. It still retains its triple-A credit score, but the markets aren't treating it as such. Its borrowing costs are rising. And according to Wellings, it is very alarming.

“And if you look at the prices of credit defaults, it suggests that the true credit rate of France is BBB or something of that sort. And this is very worrying for France,” he concluded.

Comments (5)

Christian (unregistered) 24.11.2011 13:08

No coincidence that the growth of the bloated EU coincides with the death of democracy, which is why we must leave this club of nations before it becomes a club of occupied nations. Who will govern it; un-elected eurocrat elites from Brussels, Germany-France or just Germany? Either way the people will have no real say in it least of all citizens in the smaller countries.

+1

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Roger Coze 23.11.2011 10:30

@ RamsesSeems to me that it would never work and has never worked. If so it would have happened already and would never have failed. A lack of resources will lead to progressive new ideas and only help the human race. As we have seen for years. lack of something like water has givin us new ways to collect water ,What we have learned from the lacking resources may help us when we begin colonizing other planets. Lessons are learned because of problems. It is not in our best intrest to work together in fact it can cripple us terribly. If you say there was never democracy in Europe it is a good possibility that you do not believe in communism or fascism because of how ancient cultures used ideas that began those beliefs. Ideologies evolve even though they are based on the same vague beliefs. Democracy-freedom Fascism-ideology Communism-economy.I have seen enough to relize that communism and working together usually means that the lazy and weak sit around while the strong and active work , but because of equality (not fairness) they all get paid the same. Same for Europe the weak like Greece would just sit back while Germany works. Only weak men and women who have no faith in their own country's ability to solve problems would suggest what you did. Understand?

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Ramses 23.11.2011 09:42

Roger Coze wrote in #1
we could already be out of time to save European democracy, the nationalists and socialists may take over soon. Is this really what people wanted? There never was any democracy in europe! Democracy was meant to function in a village and was a dictatorship of the "deme" - the ones that rule the "demos" (gr.: village)! So we might need a european desaster for everybody to wake up and realy care for each other, to become reasonable in terms of resources and infrastructure! Because there is no other way for humanity to overcome it's disfuncionality than to shift in conciousness and see, that it's best for each one of us to do what's best for ALL of us! Understand?

0

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