The European Union launched a major project to harmonize the economies of its member states in 1992, which ended with the adoption of the euro in more than half of its members. But Finnish MEP Laura Huhtasaari pointed out a fundamental weakness of the eurozone by accusing Brussels of “breaking the rules” to protect it. Asked about the main flaws she was able to identify in the EU’s monetary union, Huhtasaari told Express.co.uk: “First, the euro wouldn’t even exist if we hadn’t broken the rules.
“It was wrong, the EU knew that they lied and built this monetary union … only idiots build a monetary union with these different countries. Different economies and different ways of doing things.”
“Monetary unions in history have not existed for a long time without a federal state and that is why, if you want to have a monetary union, you must have a federal state and then build a monetary union. Not before.
“That is the main reason. Especially in Finland, because we are the only country in the northern monetary union, so asymmetric shocks, they will come.”
Huhtasaari also criticized Brussels for its attempts to get member states to agree to a recovery fund that she said would violate an essential principle of the Treaty on the Functioning of the European Union (TFEU).
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The Finnish MEP continued: “You don’t want to pay the debts of other countries.
“At the moment, the corona package is using Finland’s credit rating and then we pay off the debt together, which is against the treaties, Article 125.”
Article 125 TFEU, the EU and its Member States are under no obligation to commit to the national government or the central banks of other Member States if they have financial problems.
The article states: “The Union is not responsible for and does not assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law or public companies of any Member State, without prejudice to mutual financial guarantees for the joint execution specific project.
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Under the blueprint that causes division among members, President von der Leyen proposed a joint debt mechanism to raise 500 billion euros on international markets before being distributed in the form of donations.
Another € 250 billion will be distributed to member states in loans to help pay for the economic impacts of their disabling blocks.
The cost of debt would be shared across the bloc and repaid with large increases in national contributions to the EU’s seven-year budget.
As the cost of reconstruction is not to be paid until 2058, future generations will be waiting for the Commission’s plans for the next generations.