Wednesday 17 January 2018

Brendan Keenan: Franco/German fix needs some democratic accountability

IT all seemed very odd, yet vaguely familiar. The German coalition's equivalent of the Tanaiste, Free Democrat leader Phillip Roesler, was going to Paris to present his ideas for dealing with indebted, deficit countries.

Why was he going to Paris? Well, now we know -- now that President Sarkozy and Chancellor Merkel have announced that they have agreed on how distressed banks should be re-capitalised, and the euro saved; although they are not yet ready to tell us exactly.

Mr Roesler was pitching the Free Democrat idea of creating an insolvency system for countries, which would go into a kind of administration, where outside entities would decide how they were to be made solvent again.

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