A senior EU banker has claimed that the euro can only survive if the Eurozone becomes one single sovereign state.
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Eurozone must become a single state to save the Euro!
With words that will be like music to the ears of ultra EU-federalists such as Guy Verhofstadt, according to the Express the Governor of the Bank of Italy, Ignazio Visco, told reporters that:
"A stateless currency can last up to a certain moment, but then there is a need for a state and a budgetary union."
And he also said that:
"The euro can only last if the eurozone becomes a single state."
Now this came after the EU Commission and the EU Central Bank (ECB) will be launching the much expected ‘Digital Euro Project’.
That intrigued me a bit, so I checked out the ECB website where it says:
"The digital euro would still be a euro: like banknotes but digital. It would be an electronic form of money issued by the Eurosystem (the ECB and national central banks) and accessible to all citizens and firms.
"A digital euro would not replace cash, but rather complement it. The Eurosystem will continue to ensure that you have access to euro cash across the euro area."
And the push seems to be that the digital euro will make every EU citizen’s life easier with digital money.
Wait a minute, are they telling us that the people of France, Germany, Italy, the Netherlands and Belgium etc wander around all day with wads of Euros in their pockets but no debit and credit cards?
Arrant nonsense, the euro is already used digitally. So what’s the game here?
Well, as far as I can make out, it’s all about this new digital euro being more centrally issued and controlled and backed by the ECB. Hence it will need EU Commission oversight by a person with Chancellor of the Exchequer type powers who would liaise closely with the ECB President.
Now, I’m no central banker, but it seems to me that the only outcome will be that each member state’s own central bank will in time become a mere local branch of the ECB.
That also means each member state government will morph into a sort of EU county council.
And that’s not something the Eurocrats would want to openly discuss.
At the moment the Italian and German governments can issue as many bonds priced in euros on the same day as the markets will take. But they have differing interest rates, prices and yields.
Presumably if bonds were issued based on a centrally controlled digital euro, each tranche would be identical.
And the EU Commission would then presumably be able to control member state borrowing.
And remember that people like Verhofstadt has been harping on about achieving this sort of thing for a decade or so.
Brussels can make your life a little easier and cheaper – but at the heavy expense of your national identity.
As I’ve said before, with ever closer union, at some stage a point is reached where the EU changes from being considered as a group of nations trading within a bloc, into being regarded as a single country.
And having a single central bank and a central treasury is definitely a large leap in that direction.
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