We are looking for Europeans of different nationalities that can speak about the refugee invasion in your country and how this REALLY is affecting you. Are you in Hungary, Greece, Germany, France, Italy, Austria or another country being heavily invaded? Please reach out: views@redicecreations.com or @rediceradio We want to speak with you!

Van Rompuy tipped to chair new ’economic government’
2011-08-18 0:00

From: EUObserver.com

Twice-yearly meetings of the leaders of the 17 single currency states are to become the "cornerstone" of the new economic government of the eurozone, the leaders of France and Germany have said.

In a five-page letter to European Council President Herman Van Rompuy following their meeting on Tuesday (16 August) in Paris, Nicolas Sarkozy and Angela Merkel say the summits "will take place twice a year and, if necessary, extraordinary meetings will be called."

Herman Van Rompuy (left) pictured with French president Nicolas Sarkozy (consilium.europa.eu)

The gatherings should be used to make sure the euro’s Stability Pact is being adhered to, "discuss any difficulties encountered by certain member states and take the necessary decisions to prevent crises."

The formalisation of the top-level meetings - initially opposed by Berlin - is likely to reignite debate about the merits of deepening the political gap between those sharing the euro and the 10 member states outside the eurozone.

It may also raise questions about the fragile balance of power between the European Commission and member states when it comes to overseeing economic governance, normally a prerogative of Brussels.

More of President Van Rompuy?
Van Rompuy, the former Belgian premier currently in charge of the regular meetings of all 27 leaders, is also put forward as a candidate to be the first elected "president" of the economic government on a two and a half year mandate.

"We have expressed the wish that you could assume this post," the French and German leaders wrote.

The letter, which has been criticised for putting forward long term proposals rather than tackling the eurozone debt crisis with immediate solutions, underlines that the euro is the "foundation of our economic success and the symbol of the political unification of our continent."

Among its concrete points, the letter calls on eurozone countries to ratify "by the end of the month of September" rules that would give new bond-buying powers to the euro area’s bailout fund.

The timetable, already questioned by leading German politicians, is being pushed by the European Central Bank, which stepped into the breach last week with €22 billion to buy Italian and Spanish bonds in a bid to drive down borrowing costs.

Berlin and Paris also recommend that in future countries that do not take steps to correct their excessive deficits should have funds from the EU’s structural and cohesion funds suspended.

Reactions mixed
While Germany and France presented a united front and said it is their “historic mission” to protect the euro, reactions to their emergency meeting have been mixed.

Many have expressed disappointment that there was no pledge to create a eurobond - a move to mutualise the eurozone’s debt that would lower the borrowing cost for struggling euro countries but which Germany fears will lead to a rise in the price of its own government debt.

"The two leaders have finally woken up to some good ideas, such as a tax on financial transactions. But they have ignored solutions that offer real hope, such as the introduction of eurobonds," said Martin Schulz, leader of the socialists in the European Parliament.

He condemned the idea of holding just two meetings of eurozone leaders a year as "wholly inadequate".

Guy Verhofstadt, head of the liberals in the parliament, said it was "too little too late." He added: "It is a quantum step towards a federal union that is needed if the euro is to be saved. [Tuesday’s] announcements are sadly well short of the mark."

Read the full article at: euobserver.com

Related Articles
Van Rompuy: Europeans too depressed to be innovative (resign and make them happy, Herman ;P )
Nigel Farage: Van Rompuy Cozied with Gaddafi in December
Herman Van Rompuy announces a new "reverse majority rule" to get around the national veto
EU President Herman Van Rompuy called Clown by Sister Christine
Herman Van Rompuy: today the EU, tomorrow the world!
Herman Van Rompuy Named EU President
Nigel Farage: "Bombings, bailouts - what on earth are we doing?"
Nigel Farage: "Just who the hell do you think you are?" (Video)
Nigel Farage : EU Must Die (Video)

Latest News from our Front Page

Muslim Rape Gang in Rhode Island
2015-10-10 2:47
2 Mohammeds, a Yazeed, & a Tareq accused of raping two 18 year old female Johnson & Wales students: By Amanda Milkovits, Lynn Arditi, Providence Journal, Oct 7, 2015 (thanks to Andy Bostom) PROVIDENCE, R.I. — Four male Johnson & Wales University students have been arrested in connection with a reported sexual assault and alleged drugging of two female students at the university. The ...
South Carolina city to pay $6.5 million over police shooting of black man
2015-10-10 1:18
The family of an unarmed black man shot in the back by a white police officer will get a $6.5 million settlement from North Charleston in South Carolina, city officials said on Thursday. The man, Walter Scott, 50, was shot after fleeing a traffic stop in April. The shooting was caught on a bystander's video and reignited a national outcry over ...
Finally, The CIA Admits Covering Up JFK Assassination
2015-10-09 23:56
Suspicions that the CIA covered up JFK’s murder have finally been confirmed, according to an explosive Politico report out this week.  Fifty-two years after the President’s death, declassified documents show that the CIA were in communication with alleged assassin Lee Harvey Oswald before JFK’s murder in 1963, and they were monitoring his mail since 1959. Not only that but John McCone, who was Chief of the ...
More Great Media Moments in Muslim Achievement: Headscarf Lady Wins Bakeoff In Britain
2015-10-09 23:18
Last month, America rejoiced when a 14-year-old Muslim lad in Irving, Texas discovered time, thus solving the universe’s ongoing problem that everything happens at once. This month, Britain is exulting that a Muslim lady can cook better than most Brits. From the New York Times: Muslim Winner of Baking Contest Defies Prejudice in Britain By Dan Bilefsky, OCT. 8, 2015 LONDON — Prime Minister ...
Israelis Declare Carrying Firearms Helpful in Preventing 'Lone Wolf' Attacks
2015-10-09 22:39
In the wake of several “lone wolf” attacks, the Israeli government is encouraging citizens to carry personal firearms with them at all times while in public. The attacks have been conducted by Palestinians wielding nothing more than knives, but have struck terror into the heart of Israel. During the attacks, which are being conducted in reprisal for a long series of ...
More News »