Friday, 2 December 2011
Many of us have taken on a fiscal union and few have found that it works quite how you think it will at the start. Often there are two jobs for a starters, then this declines to one, then there are the kids to look after and in no time at all one party to the Union is paying for 5 mouths to feed on a single income - happiness and bliss emotionally but financially crippling. This is before anyone gets sick...
However, the same is likely to apply to the European Union. At the moment, with the world teetering on the edge of a depression of unknown proportions, any idea which solves the Sovereign Debt Crisis is a good one. Perhaps the Germans are finally coming to terms with the gravity of the situation now that it is rumoured that it is allegedly Deutsche Bank who came close to failing on Monday. The populacee may now be bounced into this marriage - but like all Fiscal Unions, the happiness of the big day can drift.
Will the Fiscal Union make it to the 7 year itch?