Our new “Fiscal Union”: What Is It All About?

Last week’s EU summit has sent a shock wave through the political world in Europe: Not only seemed the idea of a split in the Union, with UK turning it’s back to the rest of Europe, suddenly to become a reality. But also the much-trumpeted “fiscal union” among the 17 Euro members plus up to nine of the rest raised a lot of anxious questions: What will the legal quality of that new thing be? How will it relate to the existing Union? Will the European Commission and the European Parliament have a say in it? What are we to make of Merkozy’s repeated insinuations of a new “intergovernmental” or “union” m ...

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