tag:blogger.com,1999:blog-36227136.post5265638301194068439..comments2024-01-16T08:40:53.682+00:00Comments on <a href="http://www.openeurope.org.uk">Open Europe</a>: The UK and banking union: could the Coalition go for a 'single market lock'?OEhttp://www.blogger.com/profile/00556463374230498875noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-36227136.post-18253731478879696702012-08-21T23:56:52.356+01:002012-08-21T23:56:52.356+01:00In a Titanic context, Open Europe's long, conv...In a Titanic context, Open Europe's long, convoluted, hopelessly optimistic and unrealistic analysis of how to avoid cataastrophe woud read:<br /><br /><br />1/ Install intercomms between all areas of the ship that do not have them.<br /><br />2/Strip down, examine and re-assemble the bilge pumps.<br /><br />3/ Assemble all crew members in the dining room for a 3 day course in megaphone use, foreign languages, ladder safety, ropes and knots.<br /><br />4/ Plan menues for next 3 weeks.<br /><br />5/ Requisition from the Promenade Deck shop prizes for the bridge and poker players.<br /><br />In other words, too little, too late, in a situation that should never have been allowed to happen, brought about by incompetence and ego and forgetting completely that any moment now everything is going to go belly-up.<br /><br />There is instead only one rational decision to take - get off the sinking ship while we still can,<br /><br /><br /><br /><br /><br /><br />Idris Francisnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-4181413817294711022012-08-21T15:38:21.312+01:002012-08-21T15:38:21.312+01:00"... Britain also needs to think creatively a..."... Britain also needs to think creatively about new institutional arrangements with Europe ... to create a space in Europe for those countries not intent on joining the single currency, and also for those that may choose to leave."<br /><br />Two years too late for that: Cameron should have insisted on a package of such EU treaty changes in return for agreeing to Merkel's demand for a radical EU treaty change to permit the establishment of the ESM, back in 2010.<br /><br />But he didn't; he simply agreed to what she wanted, formalised through European Council Decision 2011/199/EU of March 25th 2011.<br /><br />He could have insisted that there must be a mechanism for a country to make an orderly withdrawal from the euro, while staying in the EU, but he didn't. <br /><br />And he could have insisted that the non-euro EU member states must be relieved of their current legal obligation to join the euro at the earliest opportunity - only the UK and Denmark have treaty "opt-outs".<br /><br />And he could have insisted that new countries would no longer be required to commit themselves to joining the euro as a condition for their accession to the EU, but he didn't, and last December he agreed to that obligation being imposed on Croatia.<br /><br />And there's maybe half a dozen other EU treaty changes he should have demanded to protect the UK's long term national interests, but he didn't.<br /><br />The Bill to approve that radical EU treaty change to which Cameron far too readily assented on March 25th 2011, getting nothing substantive in return, has already been through the Lords and will have its second reading in the Commons on September 3rd; an e-petition calling for a referendum is here:<br /><br />http://epetitions.direct.gov.uk/petitions/33825Denis Coopernoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-88548034692341856272012-08-21T14:58:01.283+01:002012-08-21T14:58:01.283+01:00Two anonymous above (not me!) after the usual bloc...Two anonymous above (not me!) after the usual blockbusters from Rik. Unless he can be persuaded to temper his verbosity I'll not bother coming on here at all. <br />---------------<br /><br />This article however has overlooked that elephant over there except for a tiny nod in its direction - British opinion.!! [--financial supervision "with zero chance of it being accepted domestically"). Meanwhile the febrile state of opinion has total withdrawal well in the lead NOW, and Cameron would be crucified if he gave anything away at all on this without a referendum. Even that europhile Clegg would be scared of trying it on! <br /><br />Why is Open Europe so wishy-washy in its solutions. Our price for not OT beting the banking union should be a full opt-out option on all EU decisions together with a restoration of our Veto on all areas from which it was withdrawn by Lisbon. Simpler just to get out but we should veto the banking union first. christina Speightnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-45843506893263458782012-08-21T12:41:29.344+01:002012-08-21T12:41:29.344+01:00The City an entry point to the Single Market? Ther...The City an entry point to the Single Market? There isn't really a single market in financial services, and EU membership is not needed for New York, Tokyo etc to deal in foreign currencies.<br /><br />The EU treaty also commits to free movement of capital, so a post-EU City would not lose out.<br /><br />'True Blue'Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-24497554023511556132012-08-21T12:39:33.409+01:002012-08-21T12:39:33.409+01:00Again, more Pro-EUSSR, pro-political elitism disgu...Again, more Pro-EUSSR, pro-political elitism disguised as Euro-realism from Open Europe.<br /><br />Disgraceful.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-40478947797175439192012-08-21T11:16:44.477+01:002012-08-21T11:16:44.477+01:00However much we enjoy knocking the banks, it would...However much we enjoy knocking the banks, it would be wise to remember that the finacial sector and the City is about the only part of the EU economy which actually pays for itself, makes a profit, pays substantial taxes. It is immensely valuable and is the target of jealousy and hatred throughout Europe. Paris and Frankfurt/Bonn etc would dearly like to wear London's crown, and the EU will do all it can to translate the centre of the financial world to Germany. This banking union must be resisted. We are already seeing a drain of London jobs to New York.Rollohttps://www.blogger.com/profile/18255460090580758354noreply@blogger.comtag:blogger.com,1999:blog-36227136.post-65404738533987901102012-08-20T13:26:12.878+01:002012-08-20T13:26:12.878+01:00A point I donot see in your post.
Of course there...A point I donot see in your post.<br /><br />Of course there is a political issue, however when it is not EU law (like a EZ solution), it is simply legally from a lower order. Any collision with common market (EU law) has to be decided in favour of the EU law (which doesnot change). <br />Of course showing again what a legal mess this is and we will end up with (simply not stable).Riknoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-89354240238410538632012-08-20T13:21:12.861+01:002012-08-20T13:21:12.861+01:00Imho totally unlikely hat an EU bankingunion can b...Imho totally unlikely hat an EU bankingunion can be created fast when the UK will have to be part of it. And fast is required when it has to play a role in the Euro-rescue.<br />The UK has no incentive like saving its currency and very likely completely different interests than the EZ countries.<br />Who have enough points to clear between themselves, combined with the fact that Barosso's boys want more power but donot have any apparatus to run the show effectively the only one that can relatively quickly is the ECB.<br /><br />Simply waisting precious time imho, like so many times before.<br />It is simply go fast go EZ (well even then it would be difficult)and go ECB. All other things will give massive delays.Riknoreply@blogger.com