tag:blogger.com,1999:blog-36227136.post882154740107850014..comments2024-01-16T08:40:53.682+00:00Comments on <a href="http://www.openeurope.org.uk">Open Europe</a>: The name's Bond....Stability bond....?!OEhttp://www.blogger.com/profile/00556463374230498875noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-36227136.post-38629877385121549262011-11-25T12:13:55.874+00:002011-11-25T12:13:55.874+00:00"... a substantial revision of the EU treati..."... a substantial revision of the EU treaties (though it could possibly be achieved through a separate eurozone Treaty)"<br /><br />How could it possibly be achieved through a separate eurozone treaty, without first amending the EU treaties to grant the eurozone states the legal right to do it?<br /><br />Without repeating the entire rigmarole, I refer you to my reply to Philip Porter yesterday, here:<br /><br />http://conservativehome.blogs.com/platform/2011/11/mats-persson-camerons-alleged-deal-on-treaty-change-for-working-time-changes-would-be-a-strategic-mi.html<br /><br />which starts:<br /><br />"Even if Mats Persson has put it forward, the argument that "the UK ... cannot prevent the EMU Member States concluding a totally separate (at least from the legal standpoint) treaty in addition to the main EU treaties" is incorrect in general terms."<br /><br />My caveat is that the radical EU treaty change ALREADY AGREED by EU leaders on March 25th:<br /><br />http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2011:091:0001:0002:EN:PDF<br /><br />could be construed by the eurozone states as a licence to do much more than conclude their intra-eurozone ESM treaty signed on July 11th:<br /><br />http://consilium.europa.eu/media/1216793/esm%20treaty%20en.pdf<br /><br />If that EU treaty change is allowed to come into force then the 17 eurozone states could subsequently argue that the 27 EU member states had thereby agreed to a wide range of eurozone measures "to safeguard the stability of the euro area" and that eurozone bonds were an essential component of an overall "stability mechanism".<br /><br />Along with a eurozone Tobin tax, and the use of the ECJ to impose fiscal discipline in the eurozone, and a procedure for the orderly bankruptcy of a eurozone state, etc.<br /><br />It beggars belief that Cameron could have been so reckless as to assent to that dangerous EU treaty change, without insisting on any safeguards to protect the UK's national interests.Denis Coopernoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-1086085483724029662011-11-25T12:10:24.224+00:002011-11-25T12:10:24.224+00:00Well, I think it will only buy time and increase c...Well, I think it will only buy time and increase costs. The Euro countries are much too diverse and everybody (at least the economists) knew that and blew the whistle when it was decided to go for it. But, as they were told, politics rules economics and not the other way around. Now they will be reached to wake up slowly that they can't act against the markets - not even the politicians. Therefor the Euro has to go into the dust bin of history and the Euro countries will have to struggle on which a substantial price tag attached to the experience.Philipnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-62794586174847764482011-11-25T12:08:18.255+00:002011-11-25T12:08:18.255+00:00Stability bond my bottom!The euro nations have run...Stability bond my bottom!The euro nations have run out of money. So they agree to borrow some more. But the some more is not enough. So they agree to use the money they have a greed to borrow will be leveraged to be a guarantee that they will pay back lots more mopney that they will be forced to borrow. Borrowed money as the guarantee that they will pay back the original debt; and the debt borrowed to be the guarantee; and the debt the guarantee is to secure? Stability my bottom: they will be junk before they come to auction.Rollohttps://www.blogger.com/profile/18255460090580758354noreply@blogger.com