Strasbourg Troika joined change EU and create United Federated States of Europe.
Europe Security News.- Left to right in Strasbourg German Chancellor Angela Merkel, French President Nicolas Sarkozy and Italian Prime Minister Mario Monti. Photo Credit REUTERS
Heads of the three largest economies of the EU – Chancellor Merkel, President Sarkozy and Prime Minister Monty (Italy) – met on Thursday in Strasbourg and agreed they would pull together the European Union out of the debt hole.
The Summit was held in order to calm the markets. To show that Germany and France will do everything to save Italy from the dangerous Greek way.
After the meeting it was announced that in order to stabilize the euro two major donors – France and Germany – during the next EU Summit of December 9th, are going to announce proposals to change the fundamental provisions of the EU.
Sarkozy and Merkel, are going to use the situation to make a decisive step towards the creation of a similar union as the one in the U.S. , a federation of states with a solid central finantial and economic government. Specifically, this means that the european governments will create a financial Europe with a tight fiscal policy defined by the EU with sovereignity concessions from each member of the EU.
This is the root of the reforms, which offers the Germans and French. The new finantial authorities shall oversee the national budgets of all countries of the euro zone and also european countries outside the euro like England or Poland.
The new proposals could go so far as abolishing the EU principle of consensus. These are tough times and needs an efficient decision making process. Therefore, France and Germany are in favor of decisions to be taken by majority vote, because this is the only way the EU can effectively manage the crisis.
The situation in the European Union has reached a point of no return to the ancient regime.
Everyone starts to openly acknowledge that cosmetic measures do not work. The EU, according to France and Germany -specially the germans- need a fundamental reform of the model integration.
EU in times of crisis can no longer afford the luxury of six months to achieve the “correct voting” in Ireland, Denmark and Slovakia. Therefore, the EU will likely have to abandon the principles of consensus, and impose the decission making by the votes of the majority of the countries of the EU.
Merkel and Sarkozy are also going to push the point of an automatic punishment of violators of the Stability Pact.Stability and Growth Pact was signed in 1997 and is based on Articles 99 and 104 of the Treaty establishing the European Community . It suggests the criteria that all EU members must comply with .
Article by Victor Bjorgan .- Publisher of Europe Security News & The Americas Post.
In particular, the pact stipulated that the annual budget deficit should not exceed 3% of GDP and national debt must be less than 60% of GDP. It is these requirements that have been violated by a large number of EU countries who are now in big debts.
Merkel and Sarkozy are using every opportunity to “tighten the screws” in the EU – first and foremost to improve the financial discipline of individual members of the association.