11 January 2012

The weekly Commission meeting

In today's college meeting that will start in two hours, we will have to discuss about the budgetary situation in a number of EU member states as well as the outlook for the future intergovernmental agreement that is mostly referred to as "Fiscal Compact". I have seen a copy of the draft text from yesterday evening and I must say that in its current version the developments are quite worrying. I hope the European Council will correct these steps back that concern for example the exclusion of non-Eurozone members from being invited to Eurozone summits. I is also important that the President of the European Parliament will be allowed to take the floor in such meetings. It is also problematic that the "golden rule" of 0.5% national deficit goes well beyond the 1% we have agreed in the "six pack" economic governance package. I am also a bit surprised that some member states would want to connect the Fiscal Compact with the European Stability Mechanism. These non-consensual issues show the risk that an intergovernmental Europe faces - and that it is best to work under the uniting umbrella of the Community method.

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