With the ongoing ,euro crisis the dithering of our supposed leaders, and failures to grasp the scale of the problems inherent to the project. The saga goes on sabotaging the economic prospects of most nations signed up to the eurozone, whilst continuing the pretence that they actually do anything at the numerous  summits held, other than rehearse the same arguments over and over without any sufficient conclusions. this weekends summit is no different, vague proposals which are to be set out when leaders meet again Wednesday, look set to disrupt the markets once again. In the end it will be the markets  that put an end to the crisis, while eurozone leaders are still talking about merkels diet.

Recently George Osborne speaking to the FT  for the government said it is the “remorseless logic” for those in the eurozone to proceed with deeper fiscal integration, in order to solve the crisis, maybe, but this is another example of the government making grand statements for a few headlines without thinking of the consequences;

Now, there is to be a euro empire creating fiscal union within the eurozone with a central european finance ministry of some sort, a finance minister and treaty change is now on the cards for this to come into being,

Chancellor Merkel has been pushing for treaty change for some time, pressing for this centralisation of economic policy in order to bring profligate nations into line.

For the UK such an outcome, is likely to see our own economic governance come under pressure to converge with what the eurozone nations agree, QMV  ensure that Britain will be outvoted on any measures undertaken.

According to the coalition the treaty change needed for the ‘euro empire’ would not trigger the ‘referendum lock’, as though a core of euro countries set apart from the remaining outside the euro would not be a ‘major’ change in Britain’s relationship with the EU.

On Tuesday Bill Cash is proposing an  amendment to the European Act in a ten minute rule bill


“Apply the terms of the European Union Act 2011 such as to require approval
by Act of Parliament and by referendum of provisions for creating a fiscal
union or economic governance within the Eurozone”

requiring a change to the European Act if  the situation where a  euro core emerges and  Britain remains out a referendum would be required. No doubt the government will impose the whip against this too.


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