ESM's Regling on the EU
- We do not need a full fiscal union to make monetary union work
- We do not need additional financial transfers between EU member states, EU budget already allows significant transfers
- Use of EU budget funds to promote convergence could be improved
- EU fiscal rules have become too complex
- Limited Eurozone budget under discussion
- Limited facility would not lead to permanent transfers or debt mutualization
This is some sensible stuff, which is refreshing after so much pie-in-the-sky talk about the United States of Europe.
