Skip to comments.UK sounds alarm on (EU) banking union
Posted on 06/15/2012 1:14:27 AM PDT by Olog-hai
The UK has signaled that it accepts that a eurozone banking union will go ahead and that it will not be on board, but warned it will seek "safeguards" to protect its financial sector and the single market.
"A banking union for the euro area is likely to prove necessary. But it is not essential for a single market. we are clear that Britain will not take part," says finance minister George Osborne in an article published in EUobserver and several other European media.
He warns of London's concern that the euro area, having an "automatic qualified majority", will be "able to set rules for the EU as a whole."
"There may be decisions the euro are has to take to protect its financial stability, which could be detrimental to the rest of the EU if imposed on them. For a country such as the UK with a large financial sector, there may be decisions we have to take to protect our taxpayers and our financial stability that may not be possible if we are constrained by rules set only for the single currency area."
This makes it "entirely reasonable" for countries not in the banking union to "seek safeguards that protect their taxpayers and preserve the single market for all EU members."
The likely further integration of the 17-nation eurozone puts London in an odd position. While it's calling for further euro integration to stave off a possible single currency collapsewhich it acknowledges it has a "strong interest" in avoidingit is also hinting it will veto changes it does not like. It is unclear how many friends the UK has in this battle.
(Excerpt) Read more at euobserver.com ...
And even votes by the people had no affect on these socialist tyrants. They just kept repeating the vote to join the socialist dystopia until they got the desired result, if memory serves me right.
“. . . and this is going to be one doozy of a battle. The so-called veto at the European Council level has proven to have no effect if it goes against the fanatical vision of the Eurocrats.”
Indeed, but on the other hand the Pound may well be the only solid currency left in the EU in a few months. . . . .
The vast majority of EU countries signed their gold reserves over to the ECB, but that bank never backed the currency with those reserves nor was a treasury set up to do so. That could turn around at the whim of certain Eurocrats though . . .
Not without rewriting the EU constitution which specifically prohibits the ECB from acting as lender of last resort to eurozone countries.
Not like they haven’t gone around their “Constitution” already.
Indeed, but it would require a vote and a referendum in Ireland at the very least, something I doubt even that bastion of un-democracy, the EU, would risk right now.