Otmar Issing calls for a more democratic EU
A highly insightful opinion piece by Otmar Issing (former member of the ECB executive board) in the FT today calls for the EU to move closer to political union through formal democratisation (elections/constitution), not via the overextended economic and monetary dependency of weaker, peripheral states on their stronger, core-Europe neighbours.
‘This type of political union’, he points out, ‘would not survive. Its collapse would be brought by resistance from the people. In the past cries of “no taxation without representation” have brought war. This time the consequence would be to threaten the collapse of the most successful project of economic integration in the history of mankind.’