sally cinnamon wrote:
... That's true but the reason is because those governments are running budget deficits and so are having to rely on borrowing as well as taxation, to meet their spending commitments. If they weren't borrowing they wouldn't have to worry about what the markets thought of their long term solvency.
It's only like saying if you were reliant on the bank lending you cash every month to pay your rent and bills, the bank manager would probably have a big say on your lifestyle...
It's anti-democratic – simple as.
And combine that with what Merkel and Sarkozy were proposing, which would have, in essence, outlawed stimulus/Keynesianism and, entirely undemocratically, effectively told the people of the EU that they could vote for anyone they wanted in future, but no party would legally be able to step outside a neo-liberal economic approach.
The UK would not, for instance, have been able to embark on the investment programme that lifted us from a massive deficit in 1945 to the wealth of the 1950s.