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Sondermemo calls for European solidarity instead of shrink dictations

by 1 Launched in January 1999 European currency is considered by the Working Group on Alternative Economic Policy in an existential crisis. The naively expected reduction in economic and social differences between Member States was not advanced in the last twelve years, says a new special memorandum , which has now been published. Currently, speculators focus on the risks arising from the Financing needs of individual countries shown. Visible in the exorbitant risk premiums on interest rates in the trade in government bonds of distressed states. Some member countries are faced with on their own no more problem to be solved to meet its payment obligations under the loan financing. is

In solving these problems, according to the Bremen High School teacher Rudolf Hickel called for European solidarity, "It is being tampered with only the symptoms of the crisis, criticized Hickel. "The root causes of the crisis hidden. If the divergence in Europe, for example in the massive export surpluses Euro area has been driven, is not ended is the existence of the euro threatened. "

The euro is the alternative for economists, despite the current economic and political adversity a central pillar of the monetary integration within an economic and monetary union. The threatening crisis of confidence that is also reflected in understandable fears, be overcome. would have given, however, two tasks: First, the benefits of the euro countries should respect to the scenario of a split to the revival of the D-Mark-regime together with the predominance of the German Central Bank set out to be, secondly, that on this basis a program to Safeguard and expand the currency € authentic as the central area of a capable political union set. Such a program, said Heinz-J. Bontrup must "prevent the break-up of €
country and most especially the speculators." This emergency program should serve as a bridge to full-ending monetary union can be used together with an economic and fiscal integration.

Specifically, the working group of alternative economic policies of a seven-point program: first, should the euro rescue to be reinforced, secondly should be placed on financial stabilization € Bonds; third must be a debt-section of creditor participation, fourth should the bond purchases continued by the European Central Bank and a European Monetary Fund had been established, the current contraction policy must fifthly be replaced by a policy of qualitative economic growth; sixth was to increase public revenue, eg through the harmonization of European corporate taxation, necessary, and applies seventh to enforce on the way to an economic government an alternative, supportive of development.