No taxation without representation” is a fundamental principle of democracy, but this is not compatible with joint and several liability for other Eurozone countries’ debt unless Europe (or rather the Eurozone) becomes a political union. Holding taxpayers in thrifty countries fully and unconditionally liable for spending decisions taken in other countries would most likely turn into a poison pill for EMU. Political resistance against EMU would rise in the stronger countries, eventually leading to a probable break up of EMU.
Daniel Bell on voxeu.org thx @pratichesociali
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