Yippee! Hague And Clegg United Against EU Economic Supervision

Two items in Open Europe’s European Press Report today stand out. One is that the Euro $1 trillion bail-out is not nearly big enough to cover the size of the problem.

The front page of FT Deutschland carries the headline: “the EU is getting ready for a Spanish bankruptcy”. According to information obtained by the newspaper, eurozone member states are calculating the cost of emergency aid to Spain if problems in the country’s banking sector escalate. European Council President Herman Van Rompuy has also fuelled speculation that the cost of eurozone bailouts may rise further, saying yesterday that one could “of course imagine it exceeding the €750 billion” already outlined.

The other is that the Coalition is finding no difficulty in standing aside from the EU’s proposals for economic supervision, and the EU’s attempts to get Britain to contribute to saving the Euro.

Hague and Clegg “united” in opposing EU plans for national budget oversight
On his BBC blog, Gavin Hewitt reports that, on their joint visit to Berlin, William Hague and Nick Clegg both rejected the EU proposal to submit budget assumptions to EU officials before they were presented to the UK Parliament. Hague said, “Our budget will be presented first to our national Parliament.”

Clegg added, “We are completely united on this.” The Guardian notes that Clegg also warned against knee-jerk financial regulation, saying, “Regulatory overreaction…may unwittingly penalise part of the financial services system which was not responsible.”

In the Times, Roger Boyes comments that Nick Clegg’s German language skills impressed German Foreign Minister Guido Westerwelle.

With Merkel and Sarkozy barely on speaking terms, the PIIGS on the point of economic collapse, and a united front from the Liberatories, Sterling hasn’t felt so safe in decades.

The election victory by Cameron in 2010 is going to prove one of history’s miracles. At a quarter to midnight, Britain at last voted in a eurosceptic government. Remember Blair and Brown rushing to make concessions to the EU each time they were asked. It’s still early days, but it looks as if we’re at last safe from the sucking and gurgling sounds coming from over the channel as the Euro starts its inevitable journey down the plughole.

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6 Responses to “Yippee! Hague And Clegg United Against EU Economic Supervision”

  1. Anonymous says:

    I am afraid that this will be decided by QMV. I hope that Cameron and Hague tell the EU, politely, firmly and without possibility of misunderstand that the UK will not give up any more sovereignty.

    What a bloody cheek! If the Eurozone want to have economic governance, by all means let them. There is no reason why the UK should be part of this.

    In one way, this is a good issue to arise so early in the coalition’s life. It is obviously outrageous and has now made the EU very definitely centre stage in UK politics. The more the EU tries to grab power, the greater the resistance will become.

  2. tapestry says:

    The EU has to get a new treaty to establish economic government of the EU, or it will try to browbeat Britain to comply with their plans.

    Cameron is indicating that he will not be browbeaten, and that he will veto any Treaty.

  3. Grahnlaw says:


    Getting into their stride, the coalition leaders may soon be ready to repeal the lend-lease act, an affront to sovereignty if there ever was one.

  4. tapestry says:

    Ralph you’re really getting the hang of this independence idea, I can see. To be honest Labour have left Britain’s finances in an appalling state, and there is nothing to lend, lease, give or anything.

    The eurozone will be more likely to survive if the effective bankruptcy of the weaker members is accepted and dealt with by declaring default and relaunch of national currency.

    It seems pointless to pour good money after bad, when the result is so predictable. The debts are ten times bigger than the current rescue package, which is already ten times more than Europe can afford.

    China does not seek default yet, but even the Chinese will soon come to see that it is better for the PIIGS to declare the losses and default, than to get a much bigger bankruptcy later.

    Greece and so on could afford to offer parity with the new currency on Euro debts if they default partially now, and relaunch their currencies. After another year, they might have to offer only 75%, and less as each year goes by.

    Speed saves money with bankruptcy.

  5. I’ll wait to see what happens first before relying on Cameron’s rhetoric. Remember ‘cast iron?’

    We’ve been here so many times before with the Tories: talk tough, come back from Brussels with ‘a great deal for Britain’ and it turns out to be nothing of the sort.

  6. tapestry says:

    I agree Boiling Frog. Play our options. If Cameron comes up trumps, full support. If he flops, go for him from the back benches. But don’t discount Cameron until he’s definitely failed. That’s where the UKIP fraternity get it wrong in my opinion. UKIP is a very long shot.

    Internal Conservative Party are where it’s at, especially now they are in office after thirteen long years, and really lost since the day Thatcher went. It’s twenty years. I agree with ‘let’s see’ but not only let’s see if he fails. Let’s also see whether he succeeds.

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