Tyskland skal være på glid i spørsmålet om å innføre euro-obligasjoner. Men betingelsen er at det innføres en skattepolitisk union.

Tyskland har hittil ikke villet høre på ønsker om euro-obligasjoner, som i realiteten betyr at fellesskapet hefter for alle gjeld innen EU og garanterer for den. Da må det samme fellesskapet ha full kontroll over nasjonale budsjetter, forlanger Tyskland, det vil si at underskudd, låneopptak, og skatter må sentraliseres. Den nasjonale selvråderetten forsvinner.

Det kan være prisen for å løse den stadig dypere eurokrisen.

Nå er man i det minste i ferd med å bli enig om å diskutere betingelsene i sammenheng.

Det store spørsmål er Frankrike som gjerne vil ha euro-obligasjoner, men ikke overdra budsjettkontroll til Brussel.

Germany is sending strong signals that it would eventually be willing to lift its objections to ideas such as common euro-zone bonds or mutual support for European banks if other European governments were to agree to transfer further powers to Europe.

If embraced, the move would deepen in fundamental ways Europe’s political and fiscal union and represent one of the boldest steps taken by the bloc since the euro was launched. Germany has never before been willing to discuss the conditions it believes necessary to move toward assuming common risks within the euro zone. Now, although the end may be a long way off, it appears willing to discuss those conditions.

«The more that other member states get involved with this development and are prepared to give up sovereign rights to get European institutions more involved, the more we will be prepared to play an active role in developing things like a banking union,» a German official familiar with the discussions told The Wall Street Journal. «You can’t have one without the other.»

Germany, say a further economic integration requires a common fiscal policy and transfer of national sovereignty over budgets to Europe. Berlin wants all of these issues to be put into a broader discussion about the future of Europe and the structure of the euro zone. Germany believes the parts of any master plan for Europe can only be introduced together, not in isolation.

Behind the scenes, Europeans are working to pull together a «grand plan» as proposed at May’s EU summit, a senior European Union official said. He said Germany was «willing to play ball in a grand design but at the obvious price of more transfer of sovereignty on fiscal matters.» That, he said, was a tough requirement in almost all member states and may also require changes to EU treaties. He said governments were seeking to influence the approach to be taken at the next EU summit on June 28-29.

Germany Signals Crisis Shift
Berlin Begins Outlining Conditions for Sharing More Risk With Other Countries in the Euro Zone