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Friday, 29 June 2012

Fiscal union

It looks obvious following the big Euro group meeting yesterday that what the German Chancellor is holding out for is for total submission to the idea for fiscal union. It will mean, in simple terms, that individual governments will no longer have as many powers as they have to set budgets and it will mean that expenditure, taxation etc will be done centrally. A Merkel should come clean and make her wish clear so that the whole of Europe can decide whether they can live with that or not.

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