In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘european monetary fund’

Europe’s sovereignty crisis

Posted by seumasach on August 20, 2011

Merkel has embraced the ‘new EU’ – better late than never, says Joschka Fischer

Joschka Fischer

New Europe

16th Augiust, 2011

Finally, German Chancellor Angela Merkel has accepted a new form of ‘European Union’. More than ever, the EU must combine greater stability, financial transfers and mutual solidarity if the entire European project is to be prevented from collapsing under the weight of the ongoing sovereign-debt crisis.

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‘A New Epoch Has Begun in the History of the Euro’

Posted by seumasach on July 24, 2011


22nd July, 2011

Left-leaning daily Die Tageszeitung writes:

“A new epoch has begun in the history of the euro. There were three remarkable developments at the EU summit in Brussels. First, the European Central Bank (ECB) was deprived of its power. Second, no more respect will be paid to the ratings agencies. Third, it is only a matter of time until euro bonds are used across the board. All three developments are worthy of embrace. They are also unavoidable if the euro is to survive.”

“In the long term, this means that the euro zone is declaring independence from the financial markets. That is a historic step.”

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Britain says it will not back European bailout fund

Posted by seumasach on May 9, 2010

Surprise, surprise!!

“Now that Europe is asserting itself the double game will lie exposed. The bluff will be called. Will Britain veto the EMF and ultimately freeze itself out of Europe? On form, that is what one would expect.”

The battle for Europe

9th May, 2010

Britain said on Sunday that it will refuse to underwrite a European Union bailout fund worth some 60 billion euros that finance ministers want to agree at emergency talks in Brussels.

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EU shapes up for battle with Tories over new treaty

Posted by seumasach on March 28, 2010

This is becoming very interesting indeed as things come to a head between the UK and the Eurozone. Britain is the living proof of the absurdity of the notion that being outside the Eurozone allows the economy to flourish; that allowing the currency to fall is some kind of automatic compensation for massive indebtedness. It is most striking that europe has actually benefitted from the fall in the euro, with a surge in exports. This illustrates the underlying strength of Europe, at least, vis-a-vis the UK where the trade deficit has only worsened with the fall in sterling. Britain is a parasitic financier based economy; Europe still has substantial productive capacity, it has a real economy. Let’s see where this takes us as the hedge funds start shorting the pound and the illusory foundations of UK prosperity disintegrate.


25th March, 2010

Foreign leaders believe a Tory win in the general election could prove to be the biggest obstacle to French and German plans to give Brussels sweeping new powers to police national economies.

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A new EU treaty? I see trouble ahead

Posted by seumasach on March 12, 2010

This is what I referred to when writing about Britain’s double game on Europe being exposed.

“A European Monetary Fund must create no financial or legal obligations on

This quote from Tory shadow minister seems to confirm that Britain will break with Europe over this. After all, it is Gordon Brown who champions the IMF as the instrument of global governance i.e. world domination by Wall Street and the City. EMF is a step too far for the British oligarchy.

James Kirkup


9th March, 2010

So, Angela Merkel says a new European Union bailout fund would require changes to existing EU treaties.

Now, I might be getting a bit excitable here, but I think this could be cause serious headaches for both Labour and Conservatives alike.

Start with the technical stuff. The reason Mrs Merkel is talking about treaty change is that the Treaty on the European Union (Maastricht, to you and me) both allows the creation of a single European currency, and forbids one member-state bailing out another. So if the EU is create its own European Monetary Fund to save Greece (and whichever member goes bad after Greece) then the treaty must change. So far, so good.

But hang on: when the Lisbon Treaty was ratified by the UK (yes, without a referendum), the Prime Minister promised that there would be no more institutional changes in Europe for up to a decade.

He made the pledge several times, including in the Commons.

For instance, Gordon Brown told MPs:

I can confirm that, not just for this Parliament but also for the next, it is the position of the Government to oppose any further institutional change in the relationship between the EU and its member states. [Hansard, 22 October 2007]

So, if there is to be a proposed change to the Maastricht rules (meaning a new “amending treaty”), will the Prime Minister stick to that line and oppose it? Or is he prepared to accept “further institutional change”? As I write this, I don’t know, because Downing Street doesn’t seem to know the answer. I’ll update this as soon as I get some clarity.

UPDATE: No 10 has confirmed that the policy is unchanged. UK opposes further institutional change in this parliament or the next. As for Mrs Merkel’s remarks, Mr Brown’s spokesman says: “We don’t actually expect further institutional change.”

(For the sake of completeness, I should report that, asked about the UK position on an EMF, the PM’s spokesman said: “I don’t think the Government has a position on that.”)

And what about the Conservatives? Well, they’ve given an almost categorical promise that any new treaty would automatically mean a referendum.

A Conservative Government would change the law so that never again would a government be able to agree to a Treaty that hands over areas of power from Britain to the EU without a referendum. [CCHQ website]

Now, a lot of people (including, I suspect, many who read this) would heartily welcome any EU referendum in the UK.

But Europe isn’t part of the Tory election grid. Being seen to make dire threats of referenda is not part of the image CCHQ wants to construct. So on this side of the election at least, Mrs Merkel’s talk of a new treaty could cause some Conservative discomfort too.

UPDATE: Yup, the Tories are rather tight-lipped on this. I have some comments from Mark Francois, the shadow Europe minister, saying “A European Monetary Fund must create no financial or legal obligations on
But there’s no comment on a referendum. The Conservatives are not, it seems, keen to pick a European fight right now.

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Europe bars Wall Street banks from government bond sales

Posted by seumasach on March 10, 2010

The EU is also trying to curb US financial power by creating its own monetary fund – a replica of the Washington-based IMF.The need of a European fund has emerged during the Greek crisis, as European politicians have insisted financial troubles should be resolved at home.

This is pretty sensational news and confirms that Europe is fighting back- Britain’s role as PIGGY in the middle will be interesting.


8th March, 2010

European countries are blocking Wall Street banks from lucrative deals to sell government debt worth hundreds of billions of euros in retaliation for their role in the credit crunch.

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