Press Release – It is in UK’s interest for fiscal pact to be part of EU Treaty
The euro+ treaty should be incorporated into the EU treaties as soon as possible.
Following Monday’s meeting of European Liberal leaders in London, BNE fully supports the aim for the new euro+ treaty to eventually be incorporated into the European Union treaties.
Phillip Souta, Director of BNE said, “We still need to see the final shape of the euro+ agreement, but the latest draft contains obligations that would only apply to members of the euro. As it is in our interest for the eurozone to resolve its problems as soon as possible, and given that the fiscal pact in the treaty is a step towards that aim, we should aim to have it incorporated into the EU treaties as soon as possible, so that the Commission and Court of Justice, which are there for all the EU’s members, can fully police its provisions.”
He went on to say that “The fiscal pact, whilst a necessary step, is not sufficient to resolve the eurozone crisis. We are still going to have to see the European Central Bank getting more fully involved as lender of last resort and some sort of mutualisation of debt, as Olli Rehn, the EU’s economic affairs Commissioner, has set out today.”
Notes to Editors
- Business for New Europe is a coalition of pro European British business leaders who articulate a positive case for reform in Europe. We comment on European issues that have an impact on the UK. For a list of our members, please follow this link http://www.bnegroup.org/about/people/
- For media enquiries, please contact Paul O’Hagan on paul.ohagan@bnegroup.org or contact +44 (0)7944 572 351. Phillip Souta can be contacted directly on +44 (0)78 8788 6437.