ESM: The Final Ruin of Europe

More+Comment ♦ Published: May 2, 2012; 21:09 ♦ (Vindobona)

Solidarity with financially stricken EU countries cannot justify the irrevocable loss of national sovereignty. The transfer union will only work until the financial collapse of Germany and Austria.

ESM: The Final Ruin of Europe / Picture: © Wikimedia Commons / Blackfish [CC BY-SA 3.0 (]

In May, the Austrian government plans to vote for the European Stability Mechanism (ESM). Most Austrians do neither know the content nor the economic and political consequences of this instrument. The government parties SPÖ and ÖVP explain that the ESM would act as a financial firewall in order to protect the common currency. The common fund of € 700bn should enable the EU to…