Must read, refreshing view about EU

http://www.project-syndicate.org/commentary/whose-sovereignty-

It is one of the very few refreshing article,

Quote

---- "The idea of a nation-state’s sovereignty is rooted in the seventeenth-century Treaty of Westphalia, which embraced non-interference by external agents in states’ domestic affairs as the guiding principle of international relations. But, taken to its logical extreme, national sovereignty would require the complete physical and social isolation of states from one another. Indeed, an excessive emphasis on national sovereignty leads to serious problems: after all, anyinternational agreement, whether political or economic, entails a certain transfer of sovereignty."

--- "On the European level, legitimacy is essential and – let’s be realistic – won’t be achieved unless and until Europeans overcome certain antiquated ideas about sovereignty. Paradoxically, when the crisis struck, the EU was criticized for its lack of integration. Now that it seeks to advance in that direction, the Union is accused of crimping national sovereignty."

Unquote

Take for example the recent policy initiative taken by EU, like automatic penalty if a sovereign state violate it's budget and fiscal target. Greece has to meet the criteria demanded by Troika (not judging the merit of the demand). Same way Italy and Greece changed its Premier and a technocrat now heads the Government (though i loved to see Burlo Banga leaving office), Spain is being asked to slash budget deficit target to 4.5%, Portugal, Italy, Spain and Ireland has already announced draconian cuts on the insistence of Brussels. EU is also demanding to put permanently a team of experts in Athens who will have kind of veto power on the budgetary policy.

Who knows out of all these chaotic situation, may emerge a blue print for the future Sovereign federation, where member states give up monetary (all ready with Eurozone members) and budgetary powers for the sake a fiscal and social security. If history is any reflection, then Alexander Hamilton’s (1st US treasury secretary) negotiation in 1790 of the new federal government’s assumption of the states’ large debts looks like a tempting model. As in American case (a ceiling was imposed on Virginia’s exposure to the common deb), may serve as a precedent for limiting Germany’s liabilities on debt-mutualization scheme, being considered.