Quote:
Originally Posted by BBQMan
Germany did not want to be a member of the ‘Eurozone’ but was forced to comply at the time of the reunification of Germany. France promised to refuse entry of a unified Germany to the EU market. At that time, France held power over all members of the European Common Market.
Great Britain was not an original member because it refused to all of the ideas put forth by France. Margaret Thatcher, that horrible conservative, maintained that Britain would continue to use the Pound rather than surrender its power over its currency and financial stability. Today we face the very real prospect that Great Britain and Germany will choose to no longer support the bankrupt governments of Europe.
The problems of Greece, Italy, Spain etc. are mirror images of what we are starting to face here. We are seeing the consequences of liberal politician’s coupled with civil service unions. Stockton California’s bankruptcy is simply a preview. If we fail to bring civil service compensation in line with the private sector and fail to stop the continued growth of government, we will become Greece in the very near future. Our choice is clear – continue to pay outrageous salaries and retirement pay to Civil Servants or go bankrupt.
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I remember that now. I recall that the French had their shorts in a knot because a Frenchman wasn't appointed to head the European Central Bank (ECB). When the Euro staggered for a couple years, falling even lower than the U.S. dollar, the French were near apoplectic, having given up their Franc for the then weak Euro.
The first President of the ECB was Wim Duisenberg, the former president of the Dutch central bank and the European Monetary Institute. The French government wanted Jean-Claude Trichet, former head of the French central bank, to be the ECB's first president. The French argued that since the ECB was to be located in Germany, its President should be French. This was opposed by the German, Dutch and Belgian governments who saw Duisenberg as a guarantor of a strong euro. The Euro wasn't too strong during Duisenberg's term, but tensions were abated by a gentleman's agreement in which Duisenberg would step down before the end of his mandate, after only six months, to be replaced by Trichet.