Writing in the New York Times Gordon Brown, ex prime minister and chancellor of the UK, lays out his road map for the salvation of the Euro zone.
In his opinion piece in the International Tribune, Gordon Brown seems to call for nothing short of an acceleration into a fully fledged European super-state.
He asks how can a small country like Greece have brought the Euro zone to the brink of collapse and what should now be done to save the day.
He claims that he saw the terminal flaws in the Euro zone project ‘some time ago’ and that there was now no saving it without fundamental reform. The choice was either change or collapse. And that ‘After the events of the last few days I know for sure there is not even a chance of a middle way’.
Accusing the Euro zone of ‘remaining doggedly behind the curve’ Gordon Brown says basically that a crunch time had arrived. They must now agree a pan European undertaking to undergo a massive bank recapitalisation, a total reforming of the Euro with co-ordinated fiscal and monetary union including transfers of wealth from rich countries to poor countries as well as a common ‘European’ debt facility.
This will also he says ‘…require right across Europe the kind of radical capital product and labour market reforms only a few countries have tried’.
This all sounds like one way street to a totally federal Europe to me, for which the big rich countries like Germany and France will have to pay.