Yesterday in Parliament several weighty EU documents were considered by the Commons. It was a timely reminder of the huge scope and breadth of the EU project. It underlined how much power has already gone to Brussels, and how much more they need and want to complete their Euro union. We had just 90 minutes to consder 294 pages of documentation on the financial and economic matters alone. It meant some of us were unable to speak in detail on these issues.
Bill Cash, the Chairman of the European Scrutiny Committee, highlighted how the EU is now seeking to assert the primacy of the European Parliament over the UK and other national Parliaments. I supported him in objecting to this development. The Minister confirmed that the government is well aware of this attempt and are themselves seeking to prevent any such claim becoming established.
The central documents related to the Financial Transaction Tax, where the UK is refusing to join, and the enhanced economic and banking integration for the Eurozone which the Uk is not part of . It is becoming increasingly clear that the UK needs a new relationship soon. The growing tentacles of the Euro project are forcing the Euro members to surrender more power and pool more of their decisions.
Belonging to a single currency is like sharing a bank account with the neighbours. The countries that pay most money into the common bank account at the ECB are wanting more central control over the ones who draw money out. They understandably want controls over banks to prevent weak banks undermining the system, and controls over states to stop them borrowing and spending too much. There is in effect one overdraft, and the prudent do not want it to expand at their expense.
I sought assurances that UK banks would still be regulated here and not by the common banking regulators of the Euro system. It is becoming more difficult to keep control of UK matters within the UK, given the all embracing plans and the relentless pressures, often mounted under cover of the so called single market.