I have been reading the lengthy documents on EU Economic Governance which the Uk administration invites Parliament to take note of . I do not think I can in any way support them.
The sheer audacity and ambition of them makes clear that many in the EU are now driving hard to complete an economic and moneatry union. The sheaf of Parliamentary papers begins with the statement “The main elements of the EU’s common economic policies are the Economic and Monetary Union, with the eventual aim that all member states will adopt the Euro, and the Stability and Growth Pact.”
The documents refer to the excessive deficit procedure under Article 126 of the latest Treaty, and the power to use the right to grant financial assiatnce to a member state facing ” severe difficulties caused by natural disasters or exceptional circumstances beyond its control”. To this is now added the Special Purpose Vehicle for mutual Eurozone support.
The economic surveillance goes well beyond deficits to include a “scoreboard of competitiveness indicators, including productivity, labour costs, employment, productivity, current accounts, foreign assets and real exchange rates”. Recommendations are the constructed for each member state based on how well or badly they are doing according to EU judgement.
“The Government believes there is some merit in the idea of the “EU semester”, which would allow the EU to consider each Member state’s fiscal position at the same time as analysing its performance on structural reform issues… this would also allow all Member states to be given recommendations under the Stability and Growth Pact at the same time of year”
The UK is exempted from the sanctions and enforcement measures, but is still part of this big increase in economic surveillance and common policy making. If it is all as harmless and unimportant as the governemnt says, why don’t we just exempt ourselves from the whole thing, and demand powers back in return for any assent to a new Treaty?