[OPE-L:4980] [GEERT] Re: Endorse EMU appeal: urgent

Gerald Levy (glevy@pratt.edu)
Mon, 12 May 1997 13:05:54 -0700 (PDT)

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Concerning an appeal to EU ministers and presidents Chai-on Lee
wrote [4974]:

> I am not among the EU but concern very much with the EMU. However, is
> it strategically correct socialist policy to oppose against the EMU? I
> personally hope it could go well. Then, some revolutionary change can
> happen, I imagine.

I agree that an EMU might in principle be favourable to a socialist
cause. However, the current regulations of the EMU are in fact a
monetarist framework that makes even starting a social economic
policy impossible. Gouvernments will be bound to very strict
budgetary norms. The European Central Bank will be completely
'independent'. In both cases the EU-countries in fact 'give away' the
possibility of democratic decision making and controle. Even Keynesian
type of policies are largely excluded. Only if you believe that
further dictatorial tendencies plus an increasing 'Lumpen-
proletariat' could be a 'strategy' towards socialism would is
make sense to favour THIS EMU.

Geert Reuten