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IPFS News Link • European Union

'The European Project' Takes Another Step

• The Daily Bell

And the United States developed from a commonwealth to a federal state when, in the 18th century, Treasury Secretary Alexander Hamilton achieved uniform duties and taxes for the entire union, initially on whisky, because it was so lucrative.

Politicians in the euro zone are now seeking to emulate the historic model from the early years of the United States. The unnerving bargaining over the latest Greece bailout program has led the leaders of the monetary union to conclude that the euro zone has to become more tightly joined together politically.

European Central Bank (ECB) President Mario Draghi wants stricter rules for the banking union. French President François Hollande is calling for a separate economic government for the monetary union. And in Brussels and Berlin alike, financial experts are devising plans to provide the Euro Group with the same tool that has proven to be so successful throughout history: its own tax. – Spiegel, July 30, 2015

"Never let a good crisis go to waste," a phrase attributed to various American political strategists, is advice politicians everywhere try to follow. Certain European leaders are following it right now. The Greek debt drama exposed serious divisions in the European political and monetary unions. Power-hungry Eurocrats see an opportunity to solidify their power.


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