Unfortunately this process is going too slowly for markets and too quickly for the politicians and their electorates, according to Aranda-Hassel, who believes the markets are overlooking the fact that fiscal union has two aspects.
“The first—mutualization of national sovereign risk—is clearly a concern. But, by political necessity, it must evolve behind the second: the transfer of sovereignty from national governments to the federal EU level,” Aranda-Hassel said.
Unfortunately this process is going too slowly for markets and too quickly for the politicians and their electorates, according to Aranda-Hassel, who believes the markets are overlooking the fact that fiscal union has two aspects.
ReplyDelete“The first—mutualization of national sovereign risk—is clearly a concern. But, by political necessity, it must evolve behind the second: the transfer of sovereignty from national governments to the federal EU level,” Aranda-Hassel said.