A new chapter in world history is being made, yet very little attention is brought to it. Not one article. When the readership gets past the friendly, politically polite terminology found within, one can see that this further subjugates EU members and that the economic sovereignty of all EU members is now gone. The United States of Europe, or European Project as some would put it, is well underway.
Since this is not necessarily an article, but a press release, the entire document will be posted.
Reference: MEMO/13/457 Event Date: 27/05/2013
Since the launch of the euro, clear rules to ensure sound public finances have been in place in the form of the Stability and Growth Pact (SGP), which sets the well-known limits for budget deficits and public debt of 3% and 60% of GDP, respectively. However, the global economic and financial crises exposed shortcomings in economic governance and budgetary surveillance at the EU level. These shortcomings were effectively addressed with the creation in 2010-2011 of the European Semester of economic policy coordination and the six legislative proposals known as the ‘Six-Pack’, which strengthened the SGP in a number of ways.
However, given the higher potential for spillover effects of budgetary policies in a common currency area, there is a clear need for still stronger mechanisms specifically for the euro area. To address this need, in November 2011 the Commission proposed two further Regulations to strengthen euro area budgetary surveillance. Continue reading
Eurozone countries would lose the right to set their own budgets and end up surrendering economic sovereignty to Brussels under a blueprint to “complete” the European Union’s single currency.
A masterplan for “completion of economic and monetary union” has been set out in a confidential document to be discussed by EU leaders at a Brussels summit next week.
In the nine-page paper, seen by The Daily Telegraph, Herman Van Rompuy, the president of the European Council – the monthly summits of EU leaders – charts a series of steps from ongoing financial reforms to overall political union for the eurozone. “The general objective will be to aim for a progressive pooling of economic sovereignty at the European level,” the paper states. Continue reading
While it’s true that further integration (and also the introduction of Eurobonds) will help stem the tide, it is not a permanent solution and is only kicking the proverbial can down the road. In addition, all roads continue to lead to Germany as the main benefactor of the crisis.
European Commission President Jose Manuel Barroso called for EU nations to sign a new treaty as he called for “greater unity” within EU, during his first major speech after the summer break, September 1.
His speech comes after reports that Germany has been quietly making the same proposal despite it being opposed by most EU nations.
Speaking at a convention of supreme court judges in The Hague, Barroso said that power at “the European level has yet to be consolidated to such a degree” that the EU can effectively solve its problems.
“We are experiencing a situation in which we need greater unity and coherence between our policies, as well as greater legislative harmonization,” he said. “And, to achieve all this, we need greater institutional integration.”
“The crisis has made it clear that we must not only complete the economic and monetary union, but also pursue greater economic integration and deeper political and democratic union with appropriate mechanisms of accountability,” he explained.
Barroso also brought up one of the great contradictions in this crisis. “We need more integration, and the corollary of more integration has to be more democracy,” he said. This is a common sentiment from Eurocrats. But more integration and more democracy are mutually exclusive: The people of Europe want less integration. To Barroso and his ilk, integration comes first; the people don’t get a say about that. The EU remains a fundamentally undemocratic project.
Some, probably many, will opt out of this integration. But Barosso is right, the crisis is forcing Europe to unify, which is exactly what Europe elites designed the crisis to do.
Full article: Barroso: EU Needs New Treaty (The Trumpet)
LONDON (MarketWatch) — A nightmare for France, Italy and Spain. A godsend for far-right nationalist parties across Europe. As the result of the Friday the 13th downgrades, everything gets much more difficult. The slow-motion train crash of economic and monetary union (EMU) has suddenly speeded up. The place in the film where the track breaks up and the railcars spill into the ravine cannot be far away.
The movie we’re watching is actually an old one. Each country is reverting to type. Standard & Poor’s removal of France and Austria from the AAA list, the downgrading of Spain, Italy and several other euro members, and the maintained top credit rating for Germany and the Netherlands confirms the “winner takes all” polarization within economic and monetary union.
The Germans become more self-righteous, because they fear that, if they stray from the path of orthodoxy, France’s fate will be theirs. The French become more fractious, the Italians more irritated, the Greeks more gruesome.
Continue reading article: From now on, in Europe, everything gets worse (MarketWatch)