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SUPERSTATE OR OBLIVION: ‘Unsustainable’ EU told to merge or die by leading credit agency

THE European Union must immediately merge into a huge superstate or face fast approaching oblivion, a leading credit ratings agency has warned.

Jean-Claude Juncker and Francois HollandeAFP  Europe must become a superstate or die, a leading credit ratings agency has said


Standard and Poor’s (S&P) said only the rapid creation of a United States of Europe, run by a federal government in Brussels, can prevent the bloc from total collapse.The only alternative, they say, is to roll back decades of political integration including the euro currency and return the project to its original status as a trading bloc.

In a report out this week the respected finance experts branded the EU “unsustainable” after downgrading its credit rating in light of the Brexit vote.They said constant haggling between 28 bickering member states created “too many moving parts” at the heart of the project which were fuelling uncertainty for business.

Standard and Poor's headquartersGETTY    Standard and Poor’s said the EU in its current form is ‘unsustainable’


A British passport on an EU flagGETTY     The agency said the Brexit vote was a sign of the unpopularity of the EU


The heart-stopping warning will fuel fears that Europe is hurtling at break-neck speed towards full federalism, despite warnings that rebellious populations will not tolerate more powers being handed to unelected Brussels.Already the French and German foreign ministers have called for a radical overhaul of the EU to further erode the influence of national governments, whilst calls are also being made for further merging of the Eurozone.

And in its report, published yesterday, S&P was scathing about the current set-up of the whole European project, warning it cannot possible survive in its current form.

They said: “The EU, as it’s currently constructed and operates, doesn’t embody a coherent ‘pooling’ of the various dimensions of nation-state sovereignty, and therefore it’s unsustainable in its current form.

“There are too many moving parts in the electoral politics of 28 nation states, and too many conceivable random-like events that could push political and economic developments in one direction or another, with impossible-to-predict consequences and timelines.”

It’s unsustainable in its current form

Standard and Poor’s

The report says a clear response is needed to address uncertainty about the future of the EU and to make it relevant to citizens following Britain’s decision to leave the bloc.Observing that the EU is becoming increasing unpopular amongst its citizenship, the experts say that Brexit “can be seen as just one, rather rude, manifestation of the underlying incoherence” of the EU.

S&P stripped the EU of its AA+ credit rating in light of Britain’s vote to leave, downgrading it to AA.

The agency also downgraded Britain’s AAA credit rating to the same level as market turmoil caused by the referendum result gripped the continent.

S&P Global’s chief economist Paul Sheard said the UK referendum should act as a “wake-up call to the rest of the EU.”

He added that it should be “answered in a way that calls forth an abundance of clear-mindedness and statesmanship”.

The comments will add to the feeling that Brussels’ creeping form of federalism has finally hit a brick wall, with attempts to enforce federalisation on people by stealth causing disarray and chaos.S&P has told the EU that it has to choose between either far greater integration – the effective formation of a United States of Europe – or a massive rolling back of the political aspects of the project.

The agency says the only way for the bloc to survive is either to pool more sovereignty, with most decisions being taken in Brussels on behalf of member states, or for member states to take back sovereignty over certain areas and turn the EU into a “looser form of political and economic federation”.

Mr Sheard said: “The time has come for Europe to think big and to convene a constitutional convention…with a view to coming up with one or more recommendations for the future state of Europe and the outline of treaty changes necessary to bring it about.”

Europe is facing a number of potentially fatal crises, from the impending collapse of the Italian banks to growing discord between member states over mass migration.

http://www.express.co.uk/news/world/693555/European-Union-Standard-and-Poor-EU-unsustainable-current-format

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4 Comments on "SUPERSTATE OR OBLIVION: ‘Unsustainable’ EU told to merge or die by leading credit agency"

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Zellla417b
Guest

I sincerely hope the corrupt EU breaks up/ Who would want a New World Order. Who wants genocide of the white european Multiculturalism DOES NOT WORK EITHER

Zellla417b
Guest

It deserves to break up. Who wants the New World Order Plan. Who wants genocide of the white europeans? Your replies would be useful!!

Nuttall Summerfield
Guest

It has been known for years that the current format of the eurozone is a unsustainable fiscal policy.. S&P have simply confirmed this. Total fiscal policy is required between all member states, taxation, pensions etc, or revert to a straightforward trading block

Antony Moore
Guest

Since the S&P is run by the Global Elites it’s no surprise they want an EU Superstate immediately. They are running scared that they are losing control of the New World Order project.

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