Friday, December 07, 2012

Fill in the blanks

The summary diagram above is from a document issued yesterday by European Council President Herman van Rompuy, Towards a Genuine Economic and Monetary Union -- a title that will come as news to those who thought they'd signed up to EMU in the 1990s. Anyway, among the revealing things about the diagram is that as it moves from top to bottom, from actions in areas of finance, budget, economics, to political accountability, it gets less specified, to the point where the accountability line calls only for "commensurate progress": there are no specific actions at all.

Maybe after they're done getting us to genuine EMU, they'll work on that accountability thingy.