EU harmonisation is no model for anything
Posted by Ivo Cerckel on January 3rd, 2012
The Financial Times carries an editorial this morning arguing that the European Union is still a model for a volatile world.
January 2, 2012 10:14 pm
EU still a model for a volatile world
http://www.ft.com/intl/cms/s/0/97dfe9fa-354f-11e1-84b9-00144feabdc0.html#axzz1iCwZZ4aq
Me replies:
It has always been possible to rationalise measures of company law harmonisation in terms of promotion of cross-border business activity.
It is more difficult to confirm the effectiveness in practice of such measures
(Wyatt and Dashwood’s, “European Union Law”, 2011, 6me ed., p. 700)
The Stability and Growth Pact wanted to harmonise budget deficits of the euro nation-states.
The latter harmonisation would be necessary for the euro’s very existence,
The latter harmonisation may have been necessary for Jacques Delors when he elaborated the Maastricht criteria in the said Pact.
Howvever, since then, the euro has arisen.
And the euro is the first currency that has not only severed its link to gold, but also its link to the nation-state,
said European Central Bank president, the late Dr Willem F. Duisenberg,
in his 9 May 2002 Acceptance speech of the International Charlemagne Prize of Aachen for 2002.
http://www.ecb.eu/press/key/date/2002/html/sp020509.en.html
Severing the link from nation-states means severing the link from the nation-states’ budget deficits.
“Nation” comes from “nasci”,
past participle “natus’, noun “natio”,
“to be born” in Latin.
At hirth, you get a “name”, “nomen”, genitive “nominis”, in Latin.
Monetatary “nominalism” is the theory advocated mainly by lawyers which says that
what defines a currency is its name (e.g.; pound sterling, euro, dinar) not its purchasing power
(Philippe Malaurie, Laurent Aynès et Philippe Stoffel-Munck, “Les Obligations”, Paris, Defrénois, Lextensio Editions, 2011, text before section 1097)
By severing the link from (the nation-state and thus from) nominalism,
the euro founding fathers have said that the euro is defined by its purchasing power.
not by Jacques Delors de Maestricht.
EU harmonisation is no model for anything.
Ivo Cerckel
honestmoney@maktoob.com
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