According to draft regulations drawn up by Rehn's agency, countries with chronic current account surpluses or deficits (in other words, countries that export far more than they import, or vice versa) are to pay an annual fine amounting to 0.1 percent of their gross domestic product (GDP), because they threaten the stability of the euro zone.
Eh? Run that past me again.
Better still is that these rules apply of course to all the EU, not just those in the Euro zone. And yes, I know that it is unlikely that the UK would get into the situation that it would have a 'Chronic current account surplus' but you never know.
According to Rehn's plans, all EU countries will have to introduce binding medium-term financial planning along with financial policy rules that are modeled after Germany's so-called debt brake (an amendment to Germany's constitution that requires the government to virtually eliminate the structural deficit by 2016). Rehn says that the objectives of the Stability and Growth Pact now have to be "adopted as national legislation."
What's that? The British Government is going to veto these plans. Really, show me how.