The EuroZone is a monetary union of 19 of the 28 European Union (EU) member states which have adopted the euro (€) as their common currency.
The European Central Bank (ECB) sets the monetary policy of the zone. It is said that the principal task of the ECB is to keep inflation under control, but in recent years it has gone much further by orchestrating the purchasing of over a huge €2 trillion of bonds issued by Eurozone governments, banks and companies.
The ECB is headed by Mr. Draghi, an Italian, a former senior partner at Goldman Sachs and friend of the big banks.
Though there is no common representation, governance or fiscal policy for the currency union, important co-operation takes place through the Eurogroup, which makes political decisions regarding the eurozone and the euro.
The eurozone is represented politically by its finance ministers, known collectively as the Eurogroup, and is presided over by a president, currently Mr. Jeroen Dijsselbloem. He was until recently the Finance Minister in Holland, but has now lost that post and will step down from the Eurogroup.
There is talk of his replacement but so far the discussion has settled on 3 names – Mr. Pierre Gramegna, from Luxembourg, Latvia’s Dana Reizniece-Ozola, France’s Bruno Le Maire, and finally Germany’s Mr. Altmaier.
Some say that the candidate should be from a small country to ease compromises, and others say that a candidate from a big country should take the reins to guide members through the political minefield that we are facing.
The final appointment is of great importance for the whole area, to which Finland belongs, and the fact that the whole nomination process is soaked in intrigue and secrecy is a shocking situation for member states.
We are being faced with a huge bank risks in Italy, France, Germany, Greece, etc.; we are hearing talk of an ever closer Banking Union where taxpayers may be on the hook for the losses of banks in other countries; we are hearing about joint deposit insurance schemes, when we know that the rot is still widespread in many Eurozone member states; we can see France and Germany suggesting ever more control over national budgets within the Eurogroup without listening to smaller members.
It is totally unacceptable for Finland that a Luxembourg appointee be made when they are allowing tax evasion on a grand scale for multinational companies. They already have too many vested interests in Luxembourg…
The whole process needs to be aired and debated nationally and openly before any final decision.
Finnish taxpayers could suddenly be presented with a large invoice for banking losses from third countries because our representatives feel they have to go along with every Tom, Dick and Harry in the EU.
We have not heard any comments from our PM or Finance Minister on this topic…