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Today, @CDU and @CSU - still the most important veto player on #Eurozone reform - published their election manifesto for the EP elections. On EMU, no surprises:
cdu.de/europaprogramm
cdu.de/europaprogramm
1/ Lots of nos: No EZ finance minister. No unemployment insurance. No mutualization of debt nor, interestingly, of risks. No more bank bailouts. No tempering with @ecb independence. Interestingly, one explicit no is missing: Deposit insurance is not mentioned.
2/ On reform needs, it's rather slim: ESM should become an EMF, but unclear what that means in practice. Fiscal rules should become less discretionary and there should be a sovereign insolvency mechanism. Sovereign debt should get the same regulatory treatment as other assets.
3/ All in all, this is much more Hanseatic League than Meseberg. But then, this is not exactly a surprise either.
Two curiosities as well that are rather illustrative of what the party thinks their electorate cares about:
Two curiosities as well that are rather illustrative of what the party thinks their electorate cares about:
4/ First, a full para on the ECB. Starts with how important independence is, but then makes clear that a) savers should not suffer and b) ECB should not finance member states. Second, "Bargeld ist gelebte Freiheit" - cash is freedom and must not be abolished.
