'A violation of every rule'
Former Bundesbank President Karl Otto Pöhl said, “The foundations of the euro have fundamentally changed as a result of the decision by Eurozone governments to transform themselves into a transfer union. This is a violation of every rule. In the Treaties governing the functioning of the European Union, it is explicitly stated that no country is liable for the debts of any other. But what we are doing right now is exactly that. Added to this is the fact that, against all its vows, and against an explicit ban within its own constitution, the European Central Bank has become involved in financing (member) states.”
'Control and surveillance'
European Central Bank President Jean-Claude Trichet has said, “We are a monetary federation. Now we need the equivalent of a budgetary federation in terms of the control and surveillance of the application of public finance policy.”
Italian Central Bank Chief Mario Draghi, who is in the race for the next ECB President, said, “It has been deceitful to believe that the single currency alone could build up Europe. Today the only viable solution is the reinforcement of the EU as a political construction.”
'An absolute general mobilisation'
French President Sarkozy, following the agreement to commit an extra €500 billion in loans to struggling Eurozone countries, said on 9 May, “It is an absolute general mobilisation: we have decided to give the Eurozone a veritable economic government.”
'States should have courage'
European Commission President Barroso said on 13 May, “Member states should have the courage to say if they want an economic union or not. Because without it monetary union is not possible.”
'The experiment has failed'
Journalist Wolfgang Munchau wrote in the Financial Times on 2 May, “The experiment of a monetary union without political union has failed. The EU is thus about to confront a historic choice between integration and disintegration.”