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Europe's lack of a comprehensive plan to get through the financial crisis has serious short- and long-term implications.
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German Economic Minister Michael Glos rejected French President Nicolas Sarkozy’s suggestion that the eurozone needs an “economic government”, according to an interview with Glos published in French financial newspaper La Tribune on Oct. 22. Sarkozy told an Oct. 21 session of the European Parliament that if the 15-nation euro region were to continue functioning, it would require pairing of the European Central Bank (ECB) with an “economic government” that could provide political direction to the eurozone.

Glos’ immediate and firm rebuttal illustrates that eurozone members — and most significantly, Germany — are not ready to sacrifice national sovereignty over economic policy. The development is unsurprising, as EU member states repeatedly have resisted calls for supranational oversight.


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