The consequences of not creating a fiscal

Soros said ray ban sunglasses mens discount 2012 without a full-fledged European fiscal union to address these issues, "the euro system will not work." And he said in the Bloomberg TV interview and in a Monday op-ed in the Financial Times that Germany, as the most powerful eurozone country, must lead the creation of such a European Fiscal Authority and debt reduction fund. An EFA fund would allow troubled eurozone countries to borrow at a fraction of the interest they now are paying, in the form of European Treasury Bills backed by the fund, in exchange for implementing structural economic reforms. The fund would be able to penalize countries that did not meet their commitments through fines and other means. The consequences of not creating a fiscal union would be dire, Soros said."Even if a fatal accident can be avoided, the division between creditor and debtor countries will be reinforced and the 'periphery' countries will have no ray ban sunglasses fashion outlet chance to regain competitiveness because the playing field is tilted against them," Soros wrote in the Financial Times. "This may serve Germany’s narrow self-interest but it will create a very different Europe from the open society that fired people’s imagination. It will make Germany the centre of an empire and put the 'periphery' into a permanently subordinated position." Soros said on Bloomberg TV that the fund he is proposing would be only the first step toward a European fiscal union. A proposed full-fledged European Treasury Department "would come into being gradually," he said. Soros has been calling for more urgent action by European leaders to address the eurozone crisis for months. He gave the same warning of the possibility ray ban sunglasses cheap sale of a German empire against a peripheral "hinterland" in a speech earlier this month.