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Sauga, Michael

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Der Spiegel - Germany | 11/07/2015

Europe needs its own financial government

The monetary union was flawed from the start and is badly in need of repair, the news magazine Der Spiegel warns: "There is no central European body that can lower taxes, raise state expenditures or take on debt during a downturn. The Eurozone is the second largest economic area in the world, but it has no means at its disposal for fixing trade cycle policy. ... Europe needs an economic and financial government that is controlled by Parliament and has the necessary instruments: it must have a budget of its own and the possibility of exerting influence on budgets of member states. Anyone who points this out in Brussels these days is passed off as naive. Because making a plea for more Europe - that's what it's called there - is the best way of getting voted out of office."

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