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07 October, 2017

The hopelessly corrupt structure of the Eurozone & the Eurogroup

by Ramin Mazaheri

Part 1

Part of the problem of criticizing the “pan-European project” is that you have multiple bodies which overlap. And you also have some nations which are part of one, but not another. Or which pay into one body, but abstain from another.

A clear analysis is needed of the most important part of the pan-European project: the Eurozone. The Eurozone is the most important because it controls the money in the world’s largest macro-economy.

By comparison, the European Union is mainly a regulatory body, and their extremely modest annual budget – about the size of Denmark’s – reflects that.

There is a relentless focus among Western media on the European Union over the Eurozone, but this article hopes to put the emphasis where it should be: follow the money. But to examine the Eurozone you have to bring up something which mainstream media likes to ignore – the Eurogroup.

The Eurogroup rules the Eurozone and its 19 member states. It also governs the “bailouts” to member nations like Greece.

Basically, if you find the EU to be undemocratic…well, you haven’t seen anything like the Eurogroup.

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