Friday, June 18, 2010

Secret Pan-European Governance in action!

The Conclusions of yesterday's European Council at which Britain's Prime Minister surrendered to what is now clearly totalitarianism may be read here. I will restrict myself to pointing out the following clear pieces of nonsense and secretiveness: 1. The European Council today has finalised the European Union's new strategy for jobs and smart, sustainable and inclusive growth. The strategy will help Europe recover from the crisis and come out stronger, both internally and at the international level, by boosting competitiveness, productivity, growth potential, social cohesion and economic convergence. 10. The European Council welcomes the progress report of the President of the Task Force on economic governance and agrees on a first set of orientations. 15. In particular, the European Council: a) calls on the Council and the European Parliament to rapidly adopt the legislative proposals on financial supervision to ensure that the European Systemic Risk Board and the three European Supervisory Authorities can begin working from the beginning of 2011; 16. The European Council agrees that Member States should introduce systems of levies and taxes on financial institutions to ensure fair burden-sharing and to set incentives to contain systemic risk.1 Such levies or taxes should be part of a credible resolution framework. Further work is urgently required on their main features and issues of level playing field and cumulative impacts of various regulatory measures should be carefully assessed. The European Council invites the Council and the Commission to take this work forward and report back in October 2010. 1 The Czech Republic reserves its right not to introduce these measures. I have posted on Teetering Tories my views on the clear treachery of David Cameron in attending and agreeing these conclusions;

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