Economic and Monetary Union of the European Union

Mm

... and can really expand its economy, its money supply, out of these problems in a way that France, as a member of the European Monetary Union, can't do.

So the US has a freedom of maneuvering that France does not have, and that then leads you to these discussions of France being bailed out by its neighbors.

Right.

And, um, I think that one of the big issues which we have not still completely solved with the euro is that at the beginning, the European currency, the euro, is part of a so-called European currency or monetary and economic union.

Economic and Monetary Union, EMU is the title of, in the treaty.

And the monetary part of it has been realized with the European Central Bank in Frankfurt, with the euro, which has resisted, which is there, which is, uh, important.

But the economic part of the Economic and Monetary Union in terms of, uh, coordination, uh, harmonization of economic policies has not been completely, uh, realized, or we are still far from, uh, from what we should.

I wanna go back to something you were talking about, about European military independence.

And Europe is now kind of planning for a NATO that might have to function without the US.

I, I sold Euro Swiss into that event, um, at the end of last week, and I think it's gonna be my primary position going forward until this resolves.

Because, uh, they've given you a good entry level, and it has that feel to it, that, um, you know, EMU crisis feel to it, where they've done e- they've pulled every lever at their disposal to keep kicking the can down the road.

But these are just, like, fundamental policy changes that they need.

They, they need more than the Draghi report implemented now.

Yeah, the circuit...

It's really hard to identify the circuit breaker, and that's why I made those comments to you about, uh, Euro sterling, because very often UK would swoop in and provide that vision- That they needed at a critical moment.

They play, you know, Tony Blair played that role very much during the EMU crisis, you know, flying in to, to, to Frankfurt and Paris constantly trying to come up with a European solution, et cetera.

But I don't, I don't see anybody...

They care about their digital euro.

They care about the European Monetary Union and the digital solution, and I would point people to the recent project that has been announced.

The European Central Bank is moving toward the digital euro, and this crisis could be the perfect opportunity to roll that type of project out.

So let's keep our eye on that.

They're not political.

And for me, the ECB and the Euro and Economic and Monetary Union is one of the most successful projects.

And one of the reasons is this one.

We are sitting there, we're debating how the monetary policy stand should look like.