Spain and Italy criticize Berlin plan for EU to police budgets

Manchester Guardian ^ | Monday 29 October 2012 16.53 EDT | Giles Tremlett

[Olog-hai]

Fresh tensions emerged between Germany and southern Europe as Spain and Italy criticized Berlin’s proposals for a European Union “super commissioner” with powers to police national budgets and punish those with large deficits.

“This is an idea, that considered on its own, I personally don’t like,” said Spanish prime minister Mariano Rajoy after meeting his Italian counterpart Mario Monti in Madrid.

Monti claimed not to have read a Der Spiegel interview in which European Central Bank (ECB) president Mario Draghi threw his weight behind the super-commissioner idea, but nevertheless recalled that, in 2003, Germany has been one of the first countries to break EU deficit rules. “It doesn’t sound very good,” he added. “Markets could take this as a sign that current instruments do not work.” …

[Olog-hai]

Funny how Rajoy claimed to be for “transferring more sovereignty” only four months back. It ain’t only rhetoric, Señor Presidente . . . they really mean it, until it hurts.

[GeronL]

“The provinces are upset, your highness”

“So?”

*shrug*