EU Fiscal Treaty
Two items of interest to Britan as an EU member, subject to the diktats of the ECJ and the terms of the TFEU but a non-signatory to this farcial document, are as follows:
Article 8 Section 2 Final sentence:
If the Court finds that the Contracting Party concerned has not complied with its judgment, it may impose on it a lump sum or a penalty payment appropriate in the circumstances and that shall not exceed 0,1 % of its gross domestic product. The amounts imposed on a Contracting Party whose currency is the euro shall be payable to the European Stability Mechanism. In other cases, payments shall be
made to the general budget of the European Union.
Within five years at most following the entry into force of this Treaty, on the basis of an assessment of the experience with its implementation, the necessary steps shall be taken, in compliance with the provisions of the Treaty on the European Union and the Treaty on the Functioning of the European Union, with the aim of incorporating the substance of this Treaty into the legal framework of the European Union.
Labels: EU Fiscal Treaty