As the finance ministers from each of the 17 members of the eurozone meet in Brussels today, the main topic is “integration.” It’s a race against the clock.
One of the first items being discussed is putting in place the leveraging of the stability fund — otherwise known as the EFSF, or European Financial Stability Fund. At present, this fund holds some $600 billion in assets, much of which has already been invested in government bonds issued by the eurozone's weak sisters: Ireland, Greece, and Spain. The leveraging, through some opaque maneuvering, will then allow the fund to do some serious purchasing of enough of Italy’s debt to solve two problems at the same time. One is to bring down interest rates to some level that Italy may be able, in the short run, to afford to pay. And the other is to give the new Italian technocrat, Mario Monti (who was appointed on November 12 to replace Prime Minister Silvio Berlusconi after he was forced out), enough time to implement even more severe austerity programs in order to meet eurozone guidelines.
That is the next item on the Brussels agenda: Just what are those guidelines, and who is going to enforce them, if necessary? According to Reuters, this would involve “deeper financial integration” among its members. The term “integration” is being increasingly used to disguise the erasing of national sovereignty and the installation of the final step toward a United Europe run by international bankers (such as Monti) and other unelected elites.
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