"The Commission loves the idea of what it calls a beneficial crisis" says Roger Helmer

Is the so-called "two-pack" economic governance for strengthening the European Commission's powers to vet Member States' budgets a good new for economy or for technocracy ? MEP Roger Helmer (EFD Group) has no doubts :"the Commission loves the idea of what it calls a beneficial crisis".

The financial and economic turbulence created by the euro's almost inevitable collapse will hit Europe. A year ago 100bn€ would have settled the markets for months on end; this week, the panacea lasted a mere four or five hours. Spanish, Italian and other bond spreads merely hiccupped on their way towards new highs. Yesterday, Germany has warned it cannot save the eurozone alone, as Spain's borrowing costs soared and the UK announced bank funding plans ahead of Greece's fraught election this weekend. Roger Helmer explains worries in Britain on the impact of the eurocrisis and the incoming eurozone implosion.