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Nigel Farage: ‘Germany is dominating Europe’

The well known eurosceptic Nigel Farage is having a field day over the sovereign debt crisis in the euro zone. Farage says that the EU lacks democratic legitimacy, a complaint heard ever more often during this crisis. He goes further, saying political puppets are being put into place right across the euro zone. He sees this as a demonstration of a "German-dominated Europe", something he believes the euro was supposed to prevent.

Video below (hat tip Bob)

My only comment in presenting this video is that this view will gain currency if German-sponsored plans for fiscal austerity in the periphery, followed by fiscal integration and penalties or exclusion are adopted going forward. And nationalism will be the central issue driving this view forward.

About 

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College. Edward also writes a premium financial newsletter. Sign up here for a free trial.

7 Comments

  1. Anonymous says:

    UKIP are an anachronism in UK politics. They only want the UK to leave the EU and yet their only seats are in the EU parliament. They are unable to get any credible support in the national parliament.
     I am pro European, but do agree with him on the complete lack of accountability of the leaders and the treatment of Greece and Italy. Will the French tolerate their leader being replaced by a technocrat like Greece? 

  2. Anonymous says:

    UKIP are an anachronism in UK politics. They only want the UK to leave the EU and yet their only seats are in the EU parliament. They are unable to get any credible support in the national parliament.
     I am pro European, but do agree with him on the complete lack of accountability of the leaders and the treatment of Greece and Italy. Will the French tolerate their leader being replaced by a technocrat like Greece? 

  3. David Lazarus says:

    UKIP are an anachronism in UK politics. They only want the UK to leave the EU and yet their only seats are in the EU parliament. They are unable to get any credible support in the national parliament.
     I am pro European, but do agree with him on the complete lack of accountability of the leaders and the treatment of Greece and Italy. Will the French tolerate their leader being replaced by a technocrat like Greece? 

  4. Stevie b. says:

    David – like you, I can see why we need the EU, but in it’s present form it wont work. I’m not sure about UKIP, but I do love Nigel – he is charismatic and often his logic is undeniable – as in this typical little cameo.

  5. Stevie b. says:

    David – like you, I can see why we need the EU, but in it’s present form it wont work. I’m not sure about UKIP, but I do love Nigel – he is charismatic and often his logic is undeniable – as in this typical little cameo.

  6. Now that speech was quite refreshing!

  7. Tyler Eepper says:

    David is right, UKIP are not a credible party or voice; although Nigel is always good value.

    Its actually quite interesting that UKIP have not featured in much (if at all) in any media coverage over here; despite this being their pet subject.

  8. Tyler Eepper says:

    David is right, UKIP are not a credible party or voice; although Nigel is always good value.

    Its actually quite interesting that UKIP have not featured in much (if at all) in any media coverage over here; despite this being their pet subject.

  9. Anonymous says:

    Yes he is remarkably entertaining. Even a stopped clock is right twice a day. Yes he can be accurate occasionally but I do like the general direction of Europe before the crisis. So consequently I find UKIP a wasted vote. 

    • Matt Stiles says:

      The general direction of Europe before the crisis was… cascading toward inevitable crisis!  Was it not? 

      I think it was Daniel Hannan that nailed it when he said, roughly, “the only beneficial parts of the EU required no treaties or special government bodies like the EC.  They could have been accomplished with the simple removal of existing restrictions on trade, movement of people and labour.” 

      It was the German demand for maintaining their productivity advantage, Club Med desire for FDI, and universal ambition for a currency to challenge dollar hegemony that required all of the rigid treaties and loss of democratic principles.

  10. David Lazarus says:

    Yes he is remarkably entertaining. Even a stopped clock is right twice a day. Yes he can be accurate occasionally but I do like the general direction of Europe before the crisis. So consequently I find UKIP a wasted vote. 

    • Matt Stiles says:

      The general direction of Europe before the crisis was… cascading toward inevitable crisis!  Was it not? 

      I think it was Daniel Hannan that nailed it when he said, roughly, “the only beneficial parts of the EU required no treaties or special government bodies like the EC.  They could have been accomplished with the simple removal of existing restrictions on trade, movement of people and labour.” 

      It was the German demand for maintaining their productivity advantage, Club Med desire for FDI, and universal ambition for a currency to challenge dollar hegemony that required all of the rigid treaties and loss of democratic principles.