Wednesday, November 30, 2011

Ambitions writ large

My friend and your Herman Van Rompuy has been letting his ambition show again. This time to a collection of the EU diplomatic corps in Brussels,
Firstly, as regards economic convergence, we need to examine for instance whether to go beyond the so-called "sixpack" in terms of further macroeconomic surveillance, and how to strengthen the Euro Plus Pact.

Secondly, in terms of fiscal discipline, should we go further in terms of the automaticity of the sanctions provided for under the Excessive Deficit Procedure? Should we provide, in extreme cases, for further sanctions (such as a suspension of voting rights or structural funds) or power for a central authority to intervene in national budgetary procedures?

Thirdly and finally, in terms of economic union, is there a need for harmonisation in certain areas such as taxation or even some social fields? Should there be a form ofmutualisation of public debt? What further regulations are needed for the financial sector?
Make no bones about it, this is the way that the EU is thinking. Common Tax, common debt, more financial regulation and common social policies.

All this in order to achieve something with the language that takes Banker jargon to a new level,
"We have come a long way from the empty or de-credibilised tool-box I discovered when I took office two years ago"

Errr, a de-credibilised tool box?

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