Via Note from Her Majesty’s Treasury on EMU (Novembre 1989): The European Council agreed at its meeting in Madrid in June to launch the first Stage of economic and monetary union (EMU) on 1 July 1990. The Council also confirmed the objective of the progressive realisation of EMU but did not specify how that objective was to be realised. By common consent the next steps in economic and monetary integration of the twelve Member States will be crucial to the future […]
Tag Archives: euro
Via Cameron tells Merkel he would veto transfer of budget powers to EU – Times Online: David Cameron gave a blunt warning to Angela Merkel today that he would veto any attempt to reopen the Lisbon treaty to give the EU more power over national budgets. Standing alongside the German Chancellor, Mr Cameron insisted that he wanted to see a strong single European currency but pledged to block moves to prop it up that involved a transfer of power from Westminster […]
Via British taxpayers ordered to bail out euro – Telegraph: All 27 EU finance ministers have been summoned to Brussels on Sunday to sign up to a “European stabilisation mechanism. Britain will be unable to veto this as it will be put through under the “qualified majority voting” system. And the mandate for a Labour Chancellor to sign up to this is what? Interested readers may wish to see The Cobden Centre’s posts on Greece and my serialisation of The Theory […]
Excessively dramatic? Mr Fischer now thinks monetary union is beyond saving. A massive rescue will be needed. It will not be forthcoming. German-French relations are the worst since the war, he said. The European insitutions have lost virtually all authority in this crisis. The half-century Project is collapsing. .. or words to that effect, from what I hear. via Are Germans giving up on the euro :: Ambrose Evans-Pritchard.
Via Britain’s bankers plumb new depths – Times Online : Jon Moulton, the private equity chief, warned a City lunch this week that he feared serious civil unrest. There was, he said, a 25 per cent chance of one of the 15 member countries of the eurozone pulling out of the currency club. That, he said, would be a catastrophic shock leading to a “far greater financial crisis” than the current one. But thinking is established in this area: we are not […]
Ambrose Evans-Pritchard on the prospects for the European Union as the crisis develops: The euro fathers did not dispute that the euro might not survive a crisis, but they saw EMU as an instrument to force the pace of political union. They welcomed the idea of a “beneficial crisis”. As ex-Commission chief Romano Prodi remarked, it would allow Brussels to break taboos and accelerate the move to a full-fledged EU economic government. What a horrifying thought. read more | digg […]