Nowotny: „Fiscal Union Still Far Away“

People ♦ Published: September 17, 2012; 17:56 ♦ (Vindobona)

Ewald Nowotny, governor of OeNB (Austrain Central Bank) does not believe in a quick implementation of the fiscal union.

Nowotny: „Fiscal Union Still Far Away“ / Picture: © Wikipedia / Christian Wirth (Wirthi)

Regarding the fiscal union, Nowonty is rather pessimistic. “As convinced European I fear that we will not experience a real fiscal union.” For Nowotny, a common fiscal and economic policy would only be possible with a political union.

According to Nowotny, the European Central Bank acts in line with its competences. Even the basic structure of ESM would be “democratically…