STOCKMARKET WATCH -- Wednesday, 11 July 2012

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57. AUSTRIA Why not let the people decide?

http://www.presseurop.eu/en/content/article/2324241-why-not-let-people-decide

He would not be Heinz Fischer if he didn’t have at least two opinions on the question of "more direct democracy?" In Pressestunde am Sonntag (“News Hour on Sunday)", yes, the President could well imagine the people getting more involved in important decisions in the future.

Just as he could well imagine being against such a thing, too. More emphasis on direct democracy, that is to say, must not lead to the elimination of the National Council. The President is also deeply concerned that in the wake of the increased use of referenda, issues might become sensationalised – “taken to the tabloids”. Complex issues such as the Fiscal Pact and the setting up of the permanent European Security Mechanism bailout fund would therefore also not be suitable matters for referenda. Explaining them to the public, you see, could just get too folksy.

Interesting, that. Almost simultaneously, Fischer’s counterpart in Germany, Joachim Gauck, has been urging Chancellor Angela Merkel to once again describe more precisely to the people the controversial measures to save the euro. It would also help the voters grasp what they’ll have to deal with. Mr. Gauck, of course, is absolutely right in that: a decision of this gravity should not be made behind the voters’ backs – at least not if one wants to keep the people from heading over in droves to the camp of those who bitterly oppose the EU.

Our neighbours in Switzerland

The Austrian people deserve such a declaration. And what exactly should be so hard about telling them in straightforward sentences that bringing in the ESM means that all the states become liable for all the debts of the other states? And what exactly could be “taking it to the tabloids" about explaining to the population that not only the debts of states will be pooled in the Community, but that money for public assistance will be used to bail out private banks – instead of letting the shareholders absorb the losses, which is what should happen.