"If the euro breaks up because its members have to move clumsily and slowly outside the formal EU treaties and institutions because of Cameron's veto, the resulting series of bank collapses and consequent depression will hurt Britain badly.", writes Will Hutton in today's Observer.
Consider, though, the view expressed by the draftsman of the Lisbon Treaty, from this morning's Sole 24 Ore:
"The fact is that to reinforce the eurozone it is not actually necessary to change the Treaty, it is enough to apply the clauses on the eurozone and, further, the clause on flexibility. The final communique' of Friday's Council specified among the things to be done as a priority, the reinforcing of procedures and sanctions for all the eurozone countries with excessive deficits under Article 26 of the Treaty. It is precisely that which is already permitted under Article 136 of the same Treaty." *
The ntergovernmental accords that Hutton fears are too slow are sought, not imposed upon the 26, by Germany. Why? because Germany must convince its voters that something more than the low-level language of the Lisbon Treaty is reinforcing a more disciplined and integrated fiscal stance throughout the eurozone and indeed throughout the EU ( bearing in mind that all except two of the 27 - shortly to be 28 - member-states are necessarily candidates for entry to the Euro) and all are bound by Stability and Growth Pact requirements, euro-users or not.
Has the UK Prime Minister vetoed parts of the Lisbon Treaty signed so gracelessly by his predecessor? And if he has what other international treaties to which the United Kingdom is a signatory might the Coalition government be tempted to repudiate?
* 'Il fatto si è che per rafforzare la zona euro non era affatto necessario modificare il Trattato, bastava applicarne le clausole che riguardano la stessa zona euro, più, eventualmente, la clausola di flessibilità. Il comunicato conclusivo del Consiglio di venerdì indica tra le cose da fare con priorità il rafforzamento per i paesi dell'euro delle procedure e delle sanzioni previste dall'art.126 del Trattato per i disavanzi eccessivi di tutti gli Stati membri. È esattamente ciò che già consente di fare l'art.136 dello stesso Trattato.'
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