Samstag, 4. Juli 2009

Short notice from MEUC

Artikel von Jenny Conrads und Caspar Sachs

Having adopted the draft on the implementation of new European financial supervision authorities, the member states of the EU are now in discussion about the threatening injunction of a deficit punishment procedure against Romania, Malta, Poland and Lithuania. This could result in punishment payments in the height of billions of ponds, which would be a devastating blast to the already shattered national budget of the countries in question.

Supported by some other mainly Eastern European countries they apply for adapting the deficit rules of the European treaty by suspending or easing the deficit guidelines, arguing they cannot overcome a crisis as heavy as the current one without exceeding the allowed budget. For the established Western European states the injunction seems to be mainly a matter of principal, although some of them have repeatedly violated the pact in the past themselves and almost certainly will do so again this year.

However, maybe we have reached a point where it is vital to rethink and to quit making exceptions. Future generations will thank us!

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