ESM's Regling on the EU

  • We do not need a full fiscal union to make monetary union work
  • We do not need additional financial transfers between EU member states, EU budget already allows significant transfers
  • Use of EU budget funds to promote convergence could be improved
  • EU fiscal rules have become too complex
  • Limited Eurozone budget under discussion
  • Limited facility would not lead to permanent transfers or debt mutualization

This is some sensible stuff, which is refreshing after so much pie-in-the-sky talk about the United States of Europe.