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STRUCTURAL FLAWS COMPARISON EURO ZONE/SINGLE CURRENCY MLA Government spending is more than 50 per cent of GDP in the euro zone, while government revenues are about 44 per cent of GDP. A one stop shop corporation with a $170 million dollar budget and $50 million dollars in reserves duties with a self appointing board selection process and with duties to its members under Corporations Law to be directed on key issues by three Peak Councils (CCA - SMC and ALFA) and to be managed generally through RMAC by five different Peak Councils (CCA - SMC - ALFA - ALEC AMIC) representing cattle and sheep producers, lot feeders, live exporters, processors and butchers with: This deficit spending has been exacerbated by a great structural flaw, the power grab by the bureaucratic class and social democrats when they expanded their reach via the introduction of a single currency, to be managed by 17 different central banks, responsible to 17 different parliaments, reflecting 17 different cultures. To keep this flawed edifice going, the entire euro zone ignored its own basic premise when the euro was set up in 1999: that a member state's budget deficit should not exceed 3 per cent of GDP and total public debt not exceed 60 per cent of GDP. (In 2007 Australia's budget was in surplus, with zero public debt Australian budget deficit is now just over 3% of a GDP and public debt has risen from zero to about 25% of GDP). The result Today, the combined budget deficit of the euro zone is about 6 per cent, twice the accepted maximum limit set down by the euro agreement. The combined public debt is 85 per cent of GDP, more than 40 per cent higher than the safety threshold the euro members set for themselves. The Problem The disconnect between the sovereign power of each of the 17 European states with respect to policy, economic management and a single European currency. The Solution To resolve the crisis, members of the euro zone will have to give up basic rights of sovereignty to a centralised European technocracy with much greater monetary powers. Or some members will withdraw from the euro zone, with the certainty a deep recession will accompany the process. Structural Flaws Comparisons conflicting commercial interests; different board election structures (CCA - SMC based on electoral college style, state farm organisations and the others based on direct election); vastly different numbers of members and budgets; different commercial cultures; funding problems. The result The result is an undemocratic well funded structure to be managed under the MOU by underfunded Peak Councils including CCA and SMC whose boards are also not directly elected. Half of the top fourteen MLA levy payers are abattoirs but the abattoirs, Peak Council, AMIC has no direct role in the management of MLA or its board selection. The Problem The disconnect between the sovereign role of policy direction, funding and service delivery. The Solution Combined policy direction, funding and service delivery under one sovereign entity for each of the sectoral Peak Councils.