Secret EU summit document shows first step to banking union
2012-06-21 0:00

By Bruno Waterfield | Telegraph.co.uk

A classified draft of next week’s EU summit conclusions is the first step on an emerging “roadmap” to a banking union, pooling debt via eurobonds and political union via EU treaty change over the next 10 years.


The “limite” text - published exclusively by The Daily Telegraph, is secret, restricted for the "eyes only" of diplomats and officials preparing for the 28 and 29 June European Council in Brussels.

Most of the text, the annexed “Compact for Growth and Jobs”, are deals on project bonds and other small scale EU initiatives that FranCois Hollande is trumpeting as a €120bn “growth pact”.

The first draft is relatively uncontroversial because the eurobond and "banking union" issues are currently all too sensitive to be committed to paper for officials.

Other so-called "non-papers" are circulating at a top secret level between national capitals and Brussels.

The difficult issues not included in the draft are the “p.m” items in the draft: “other financial stability measures” and “PEC report on EMU”.




The UK – which has no veto under current proposals on deepening EU banking regulation – faces the ECB becoming Europe’s main banking regulator. Photo: Reuters


Translated from the Brussels jargon, the PEC – president of the European Council – report will be Herman Van Rompuy’s preliminary text of the future of “Economic and Monetary Union”. This will be circulated in sealed envelopes next week.

The separate text will set out a “roadmap” to a banking union, polling debt via some kind of eurobonds and political union via EU treaty change over the next 10 years.

Also important and controversial is will the “other financial stability measures” paper, including financial transition tax proposal and moves towards a banking union that can be taken by the EU before the end of the year.

[...]


Read the full article at: telegraph.co.uk







Related Articles
EU Economy Debacle: How Germans Botched the Spanish Bank Bailout
Bilderberg Demands Internet ID for all EU Citizens
Greek election: Syriza ’to tear up EU austerity deal’
Eurocrats’ secret plan to abolish EU sovereignty with "super president"
Acta: EU court to rule on anti-piracy agreement
CrossTalk: Banking Mafia
What the West Can Learn From Islamic Banking
UBS Quantifies Costs Of Euro Break Up, Warns Of Collapse Of Banking System And Civil War


Latest News from our Front Page

ABC Is Hiding Details of Killer Vester Flanagan's Manifesto ...(Must Be Littered With Liberal Propaganda)
2015-08-29 3:45
Killer Vester Flanagan was a big Obama supporter. But, you’d never know it from the liberal media. The media is hiding Flanagan’s political leanings from the American public. ABC has yet to release Flanagan’s manifesto. It must be littered with embarrassing liberal propaganda. The Tatler reported, via Instapundit: Two days ago, ABC News reported that Vester Flanagan, the murderer of two WDBJ employees, sent a 23-page ...
Austria, Libya count dead as number of migrants crossing Mediterranean soars
2015-08-29 1:37
Austria said on Friday 71 refugees including a baby girl were found dead in an abandoned freezer truck, while Libya recovered the bodies of 82 migrants washed ashore after their overcrowded boat sank on its way to Europe and scores more were feared dead. The U.N. refugee agency said the number of refugees and migrants crossing the Mediterranean to reach Europe ...
Financial Times Calls For Abolishing Cash
2015-08-29 1:07
liminating physical currency necessary to give central banks more power The Financial Times has published an anonymous article which calls for the abolition of cash in order to give central banks and governments more power. Entitled The case for retiring another ‘barbarous relic’, the article laments the fact that people are stockpiling cash in anticipation of another economic collapse, a factor which ...
Serbian government bans anti-mass immigration protests, and plans ahead for mass immigration
2015-08-29 1:52
Nebojsa Stefanovic, Serbia’s Interior Minister said protesters who are concerned about “an EU plan” to settle thousands of illegal immigrants into the country, will not be allowed to voice their concerns in a protest march on Monday, 31st of August. “We will not allow the expression of intolerance and hatred to be something that is characteristic of Serbia” said Stefanovic. “The Ministry ...
Germany asks Facebook to remove 'racist' anti-migrant posts
2015-08-28 20:32
Heiko Maas, Germany's justice minister, says social network should remove xenophobic posts in the same way it deals with nudity Germany is calling on Facebook to remove “xenophobic and racist” anti-migrant posts from its website and apps. Heiko Maas, the German justice minister, has written to the company to demand an urgent review of its policy over hate messages. “Photos of certain ...
More News »