Monday, December 05, 2011

Merkozy propose new EU Treaty will require only 85% involvement!

The joint Merkel/Sarkozy press conference in Paris had little new, other than the main point in this post's headline.

The EU Council on Thursday/Friday will decide whether the new treaty will consist of 27 or 17 former nation states. It will mainly involve a Golden Rule for signatories setting  a 3% deficit maximum in their national constitutions, enforced by this new treaty as overseen by the European Court of Justice.(Pretty much a re-run of the former Growth and Stability Pact, laughingly scrapped, without penalty, on the sole decision of France and Germany).

Sarkozy recognised in questions that France would be unable to pass such a Golden Rule, given the rejection by the existing Upper House in France, he therefore accepted that no progress could be made until after the French Presidential and General Elections in May 2012. Therefore the leaders talk of haste seemed mere widow dressing!

Further details will be posted on this blog as they become available.



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