by
Ramin Mazaheri
Part
1
Part of the
problem of criticizing the “pan-European project” is that you
have multiple bodies which overlap. And you also have some nations
which are part of one, but not another. Or which pay into one body,
but abstain from another.
A clear
analysis is needed of the most important part of the pan-European
project: the Eurozone. The Eurozone is the most important because it
controls the money in the world’s largest macro-economy.
By
comparison, the European Union is mainly a regulatory body, and their
extremely modest annual budget – about the size of Denmark’s –
reflects that.
There is a
relentless focus among Western media on the European Union over the
Eurozone, but this article hopes to put the emphasis where it should
be: follow the money. But to examine the Eurozone you have to bring
up something which mainstream media likes to ignore – the
Eurogroup.
The
Eurogroup rules the Eurozone and its 19 member states. It also
governs the “bailouts” to member nations like Greece.
Basically,
if you find the EU to be undemocratic…well, you haven’t seen
anything like the Eurogroup.
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