euralmanac: Euro crisis summit: The night Europe changed In the long hours of a bitter Brussels night Europe changed. A major step was taken towards closer integration. It was not as a result of popular demand by Europe’s people. It came about because Europe’s leaders believed their project had “never been in such danger”. Last night most of Europe’s governments gave up a chunk of their sovereignty. In the future, tax and spending plans will be shown to European officials before national governments. There will be automatic sanctions against those countries that overspend. A monetary union has moved towards being also a fiscal union. As a result of the late-night negotiations, there is now a two-speed Europe. French President Nicolas Sarkozy accepted that. He said it was “the responsibility of those who opted out of the single currency”. Several countries outside the eurozone had argued passionately against a Europe of the “ins” and “outs”, of two categories of membership. That, however, is what happened. Europe’s leaders failed to agree a change to the EU treaties. Instead the new rules will be adopted and implemented through an inter-governmental treaty. This will be an agreement involving the 17 members of the eurozone and some other states that are willing to embrace the new rules. (via BBC News)

euralmanac:

Euro crisis summit: The night Europe changed

In the long hours of a bitter Brussels night Europe changed.

A major step was taken towards closer integration. It was not as a result of popular demand by Europe’s people. It came about because Europe’s leaders believed their project had “never been in such danger”.

Last night most of Europe’s governments gave up a chunk of their sovereignty. In the future, tax and spending plans will be shown to European officials before national governments.

There will be automatic sanctions against those countries that overspend. A monetary union has moved towards being also a fiscal union.

As a result of the late-night negotiations, there is now a two-speed Europe. French President Nicolas Sarkozy accepted that. He said it was “the responsibility of those who opted out of the single currency”.

Several countries outside the eurozone had argued passionately against a Europe of the “ins” and “outs”, of two categories of membership. That, however, is what happened.

Europe’s leaders failed to agree a change to the EU treaties. Instead the new rules will be adopted and implemented through an inter-governmental treaty.

This will be an agreement involving the 17 members of the eurozone and some other states that are willing to embrace the new rules. (via BBC News)