The Italian state has had its credit rating downgraded from an A+ to A according to BBC News 24 today. Before there is global currency speculation and stock exchange speculation against what have been termed by economists the 'PIGS' (Portugal, Italy / Ireland, Greece & Spain) that could cause porblems to the entire Eurozone, lets pause and think.
If third world states can default on what they can't pay back and pay back what they can (termed sovereign debt restructuring) as set out at Gleneagles. Then why not the same for each state within teh Eurozone as set out by the ECB. As their economies contain real people it would make an imporatnt case study to get right and a precedent for the UK to federate its fiscal authority to its devolved primary law making legislatures on the basis of their recent election results and to aid cohesion in the implementation of federal policy as occurs in the USA, Canada and Australia. It would prepare the state for a codified written constitution and teh right of secession by democratic means like occurred with Czechoslovakia. That way Federal Unionism and democratic secessionism could debate under a constitutional monarchy and parliamentary and presidential commonwealth (allowing for co-operation with The irish Republic to develop).
No comments:
Post a Comment