Saving the euro-area: The ‘tyranny’ meme

Judging from comments on a popular right-wing UK newspaper blog, efforts to rescue the euro augur something  sinister. The essence of this view is that, in order for the common currency area to be sustainable, the sovereignty of the member economies must be sharply curtailed. The deal agreed at the EU summit last week indeed calls  for greater surveillance of member-state budgeting, as well as for stricter punishments of fiscal profligacy.

This meme sees national electorates as unhappy about supra-sovereign intervention in their budgetary and regulatory affairs (whereas the modernization meme sees some local support for extra-national intervention, in the view that such intervention is needed to modernize the state and the economy). Hence, over the will of the domestic electorate, Brussels will usurp authority over normally sovereign matters. In order to make it work, disaffected local electorates will have to be browbeaten. Euro-consolidation is a road to tyranny.

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