Euractiv reports that representatives of Europe’s major banks and financial industry players have issued a joint appeal, calling for progress on supporting transnational financial groups in the event of crisis.
This call is quite well scheduled, since at least one source is saying that the banking crisis in Europe will be much worse than in the United States.
Patrice Cardot summarizes some of the current thinking of Jacques Delors on the challenges and the opportunities of the European integration.
One of the most interesting ideas of Mr. Delors is that Europe suffers from memory erosion. He then criticizes the “enlargement first, deepening second” approach, because the institutions of the Union were not prepared to function with 27 Member states.
Jacques Delors is quite critical of the Economic and Monetary Union, because the introduction of a common currency has not been a driver for political coordination. This lack of macroeconomic political coordination has weakened the eurozone.
He thinks that now the European Union oscillates between “Europe of the nation states” and Community Europe, and the decision making process has become less efficient.
Once again Jacques Delors reminds the idea of Hans-Dietrich Genscher that while none Member State should be forced into further integration, but it should not have the opportunity to stop other Member States from advancement of integration.