#politics #economics #NobelPrize
The accession process to both European Commission and European Central Bank is indeed merit based governed by evolving legal treaties but the schizophrenia in Europe about ceding sovereignty to transnational institutions such as the ECB ever since the formation of the European Common Market (ECM) and its antecedents after World War II has left significant room for moral hazard which can dismember the union from both internal and external pressures, external influences exploiting internal fault lines, such as the war in Ukraine.
European Economic and Monetary Union (EMU) has no mechanism with teeth other than largely sovereign self-regulation and moral suasion by the Commission in Brussels for violators of treaties once acceded to the union.
EU and EMU are difficult and bureaucratic to get in, but impossible to be expelled from unless a sovereign member wants to voluntarily exit of its own accord as the United Kingdom did with Brexit which I thought was poor politics by David Cameron and Boris Johnson or by getting pushed out such as Viktor Orban’s Hungary.
These fault lines were exploited by Goldman Sachs in Greece and before by George Soros when he raided the British pound to make his first one billion dollars in profit in the foreign currency markets.
Me and my co-authors have pointed this out in our 2007 The Johns Hopkins University Applied Economics paper which I published on Amazon Kindle and tamirisa.com with their permission:
Is the Euro Ready for Estonia? (Transformations Series on International Economics Book 2) https://a.co/d/d0gVR8fz.
As I also pointed out at Hopkins, modern India after 1947 serves as a better role model for a European future than the American union, United States of 1776, given similarities between both India and Europe, two ancient civilizations, in cultural differences across European borders which must be cherished and preserved while appreciating the need for a union.
Had post-Renaissance Europeans not colonized the Americas, the continents which were “new” to Europe but not to the natives of the Americas, just as the Europeans are native and indigenous to Europe, would have been similar to the rest of the world had their indigenous populations not been decimated by genocide.
2024 One World tamirisa.com TAMIRISA
The accession process to the EU is merit-based.
How do we keep track of each country’s progress? Through the Enlargement Package, a yearly report assessing each candidate and potential candidate countries’ position. And it’s out today!
The package includes:
🔸 the progress made, and the challenges faced by the countries
🔹 recommendations and guidelines on their reform priorities.
🔸 the main developments of the EU enlargement policy.
Learn more about it ➡️ https://europa.eu/!JccXcd
Policy Officer | Permanent Representation of Ireland to the EU
3wAlways such an interesting read, Klaudia Dudzinska 🙌