European politicians are still trying to save the project of the euro. They design may give up parts of their sovereignty. The character of the European Monetary Union (EMU), and even the EuropeanUnion (EU), may change forever. While it is still
as far as possible economic, political, and social agents, and especially labor unions and other pressure groups, politicians, and central banks. It is only in this in most of continental Europe. Later we will consider the errors committed by the European Central Bank (ECB). Now what interests us is to note that the different member states of the monetary union completely relinquished and lost their monetary autonomy, that is, the
Legal Problems The Maastricht Treaty does not provide for a mechanism to exit the European Monetary Union ( EMU ). Thus, several authors maintain that an exit from the euro would suffers from too-high wages mainly because there is no free labor market. Labor unions have caused wages to be too high. The resulting unemployment had been
of the “pathological interventionism of the French state” over the entire EuropeanUnion. Europolis relentlessly promotes “more competition” both in markets and in the
The euro debt crisis in Europe has presented Germany with a unique opportunity to lead the world away from euro debt crisis is the misconstruction of the euro that allows all members of the European Monetary Union (EMU), currently 17 sovereign nations, to print euros and force them on all
deposits would come flooding into Greek banks. Instead, what the bank runs in Europe expose are the unsound nature of those banking systems, the fragility of the insurer, and the government itself. Not wanting to let a good crisis go to waste, European Central Bank President Mario Draghi is urging European leaders to form a “banking union” that would include deposit insurance for depositors and “prevent failed banks
and magazines are frightened by the prospect of a boycott on the part of labor unions. They avoid open discussion of the issue and tacitly yield to the dictates of the union bosses. These “labor” leaders are much more touchy than were the imperial and absolutism, militarism and court life. Napoleon III himself and some of the other European monarchs enjoyed the play that made them ridiculous. In the Victorian Age,
count in several primary referendums. On the other side of the Atlantic, in the EuropeanUnion, we have the tradition of repeating referendums until we get the correct safeguard the “integrity and trustworthiness of the legal framework as a whole in Europe” has voted 14-12 on a copyrights issue, even though the committee has only 24
These low interest rates were caused by an expansionary monetary policy by the European Central Bank (ECB) and the single currency in itself. The euro came with an Taxpayers in the core countries could pay. This could be done through a fiscal union. In a transfer union richer and more solid countries continuously transfer
with the Fed’s currency swap with the ECB, which amounts to a covert bailout of European banks. But why did European banks need help from the Fed in the first place? of the euro leads to an ever-increasing rescue fund, and gradually toward a fiscal union and more centralization. A European financial government and the European super
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The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.