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Four presidents propose power of eurozone authorities over national governments

Posted By admin On June 26, 2012 @ 8:39 am In Featured Stories | Comments Disabled

Ian Traynor
London Guardian [1]
June 26, 2012

European leaders have drafted a radical plan to turn the 17 countries of the eurozone into a full-fledged political federation within a decade in an attempt to placate the financial markets by demonstrating a political will to save the single currency in the medium-term.

The incendiary proposals for a banking, fiscal, and economic unions resulting in a “political union” are to be debated at an EU summit on Thursday and Friday. Following two bad-tempered meetings of European leaders in Mexico and Rome over the past week, the Brussels summit looks likely to see major clashes over the future of Europe as well as the immediate crisis surrounding sovereign debt, bad banks, and the euro’s survival.

The crisis has shifted from the periphery of the EU to its very heart, with Berlin and Paris seriously at odds for the first time since the Greek drama started 30 months ago. The logic of the draft proposals will also pose major dilemmas for David Cameron, perhaps putting Britain at a crossroads in its relationship with the continent.

The seven-page document [2], obtained by the Guardian, has been drafted by the “gang of four” — a quartet of European presidents: Herman Van Rompuy of the European Council, Mario Draghi of the European Central Bank, José Manuel Barroso of the European commission, and Jean-Claude Juncker of the 17-country Eurogroup.

Full article here [1]


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URLs in this post:

[1] London Guardian: http://www.rawstory.com/rs/2012/06/26/four-presidents-propose-power-of-eurozone-authorities-over-national-governments/

[2] seven-page document: http://consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/131201.pdf

[3] G8 leaders end summit with pledge to keep Greece in eurozone: http://www.prisonplanet.com/g8-leaders-end-summit-with-pledge-to-keep-greece-in-eurozone.html

[4] EU budget: As crisis bites, EU grabs for power: http://www.prisonplanet.com/eu-budget-as-crisis-bites-eu-grabs-for-power.html

[5] G20 summit: Barroso blames eurozone crisis on US banks: http://www.prisonplanet.com/g20-summit-barroso-blames-eurozone-crisis-on-us-banks.html

[6] ‘Time short’ for eurozone, says Cameron: http://www.prisonplanet.com/%e2%80%98time-short%e2%80%99-for-eurozone-says-cameron.html

[7] Eurozone split ‘would destroy single market’: http://www.prisonplanet.com/eurozone-split-would-destroy-single-market%e2%80%99.html

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