Friday, December 2, 2011

Quotation for Today

"A joint liability for others' debts is not acceptable."

Mrs. Angela Merkel

Mrs. Merkel is the Chancellor of the Federal Republic of Germany.

Mrs. Merkel's comment was part of a BBC article describing her proposal for a fiscal union.  This proposed fiscal union would be a union without shared gains and sacrifices.

In the end, Mrs. Merkel's fiscal union would make the eurozone into a government version of the United States banking industry; a system in which the banks enjoy all the gains and the taxpayers endure all the losses.  In the case of Europe, Germany would get all the benefits of a such a union while the peripheral European nations would pay all the costs.

The BBC article, "Merkel urges EU fiscal union to tackle eurozone crisis," provides more details on Mrs. Merkel's proposal for an EU fiscal union.

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