Final Word from Monday, September 12, 2011

Dictatorial tendencies are emanating not only from the European Central Bank, aswe suggested on Aug. 16, but also from individual EU countries. Building on ideasalready put forward by France and Germany, the PM and finance minister of theNetherlands wrote in the Financial Times that a commissioner for budgetary disciplineshould be appointed, with the power to dictate taxes and spending in eurozonecountries that run excessive deficits. The budget czar could ultimately decide whethercountries should be kicked out of the eurozone. The most striking thing is that somuch power would rest in the hands of a single person. Also worth noting is thatthe proposal gives a complete pass to non-euro countries that are receiving large EUsubsidies but don't meet the Maastricht criteria, such as the CR. They would presumablyfeel the EU budget czar's wrath in a second phase of power consolidation.

Glossary of difficult words

to emanate - to originate from; to be produced by;

to give a (free) pass to someone - to make an exception for someone;

wrath - punishment or vengeance as a manifestation of anger.

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