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"Germans are quite allergic when you mention a transfer union," Dullien agrees.
"The euro zone has moved away from a monetary union and towards a transfer union".
Debt mutualisation can be devised to stop short of a permanent transfer union.
The Germans have repeatedly denounced the idea of a "transfer union" on these grounds.
There will be no E-bonds; there will be no transfer union.
For Germany, especially, the idea of a "transfer union" is anathema.
But the perceived costs of a transfer union may go up over time.
Bavaria is the victim of what Mr. Scharnagl calls "a double transfer union".
It is a matter of deep conviction there that the euro must never be a "transfer union".
The US is also a large transfer union, in which richer states permanently subsidise the poorer ones.
Just as Germany doesn't want a "transfer union" in Europe, so Swabians dislike the notion in Germany itself.
Related(20)
movement union
transportation union
transfer fund
transfer membership
transit union
transfer state
transfer assistance
credit union
transfer government
transfer connection
transfer bridge
surrender union
transfer states
payments union
pass through union
transfer national
transfer student
transfer cost
transfer fee
transfer transfer
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