Business Insider (Link) - Simone Foxman (August 18, 2011)
Jacques Delors -- one man responsible for ushering in the European Economic and Monetary Union -- told Swiss newspaper Le Temps that Europe and the euro risk falling from �the edge of a precipice.�
�To avoid falling, the choice looks straightforward to me: either member states accept the robust economic partnership I always demanded, or they transfer more powers to the Union,� said Delors, who served as European Commission president from 1985 to 1994.
His voice joins a chorus of experts and leaders who are calling for eurobonds and a more comprehensive economic and political EU.
Delors proposed a part-mutualization of European debt, with nations allowed to harmonize debts worth �up to 60 percent of GDP� and issue joint securities. This is, in his words, �the pump to extinguish the fire.�
Delors also trash-talked Merkel and Sarkozy for failing to articulate a comprehensive plan to fix the crisis. He also called the creation of a new European finance minister post a �wacky gadget.�
Economic Crisis ~ Europe ~ New World Order