It’s Just Not True….

The great Veto is passing, if not into history, at least into last week, so maybe it’s time to take stock.  It seems to have generated a great number of claims and misconceptions which, when examined, are just not true.  The Specky did a good piece by Mats Persson of Open Europe, “Ten Myths about the Veto”, which is well worth a read, and I apologise to him if I repeat a couple of his thoughts.  

It’s just not true that Cameron demanded special opt-outs for the UK.  As he said with great robustness in the House on Monday, he was looking for safeguards which would have covered the whole EU.

It’s just not true that the UK is “soft” on the financial services industry.  Again, as Cameron has said, in some respects the Vickers Report is tougher on the banks that the EU proposed to be.

It’s just not true that Europe wants fiscal union.  Either Merkel doesn’t understand what fiscal union is, or she’s telling porkies.  Fiscal union would require a centralised Treasury and tax policy, debt instruments backed centrally not by member-states, and above all, fiscal transfers on a large scale (as envisaged in the 1977 McDougall Report).  Merkel wants none of these things.  She simply wants to apply draconian regulations on national budget plans.

It’s just not true that  Britain stands alone.  Already several non-euro member states, notably Finland and the Czech Republic, have expressed serious concerns.  Petr Necas, Prime Minister of the Czech Republic, has said very reasonably that they can’t approve a Treaty in advance when they have no text and not even a title.  President Vaclav Klaus is said to be hopping mad at the proposal.

It’s not even true that all the eurozone members are on-side.  In particular there are strong hints that Ireland would require a referendum, and you can guess how that would go down.  The German Bundesbank has put a block on using the IMF to circumvent the prohibition on the ECB from bailing out sovereigns — and the IMF itself has ruled it out.

It’s just not true that this is “a new and comprehensive solution”.  Strip away the spin, and it’s little more than the old Maastricht Criteria re-heated.  Didn’t work first time round.  Won’t work this time.

It’s just not true that the latest eurozone plan would solve the €uro’s problems.  Even if fully implemented, the proposed austerity measures would simply push Greece and other countries into bankruptcy a bit quicker.  They will reach the limits of democratic acceptability rather quickly.

It’s just not true that the markets will be reassured by the measures.  The financial services industry can see through flim-flam as well as you or I can (which is perhaps why a recent survey showed that 69% of financial managers approved of the Veto).  Last time I looked, Italian ten-year bunds were again over 7% — well beyond the limits of sustainability.

It is, however, true that our EU partners are furious, and determined to wreak revenge on the City and on the UK generally.  I believe that the time will soon come when we will have to defy QMV and refuse to accept regulatory proposals from Brussels.  And when we do that, we’re well on the way to the exit door.  Freedom beckons.  Let’s look forward to Independence Day.

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9 Responses to It’s Just Not True….

  1. Mike says:

    I take the Spectator, but have not yet got round to reading this excellent article.
    Thank you for a very clear and concise post which I found really helpful.
    Labour List is all over the place on this one. It seems to adopt a very simplistic position on stuff – the cuts are a good example – and then plug it even when it is found to be false.
    I am now off to poor little Switzerland where everyone is starving, cold and very poor because they are outside the EU!

  2. Mike Wood says:

    All absolutely right Roger.
    However, I’m fairly sure that Finland is in the eurozone

  3. Mike Spilligan says:

    If only the outcome could be as your last paragraph. Unfortunately, as proved by revelations in some of yesterday’s MSM, the enemy within is still to powerful and will do its utmost to prevent it.
    I do hope that Mike (6:52) will give generous succour to as many as possible of the benighted Swiss.

    • Andrew Shakespeare says:

      Or, at least, I fear for just how much damage our vacillating politicians will permit the EU to do to us before they find the guts to get out.

  4. Phil H says:

    I wish I could share your optimism Roger. I dont think you are factoring in the BBC.
    Only today they are reporting a positive story on fish quotas from the EU when our fisherman are incandescent with rage over it.
    Until the BBC is put in its place and we have a real Conservative PM and not this lying Europhile quisling then nothing is going to happen!

  5. Phil H says:

    p.s Using whatever influence you have to removing Cameron would also be a massive step in the right direction. The 1922 committee need to wake up and stop trusting this imposter!
    David Davies as leader – election called – referendum promised – majority secured.

  6. I think that Graham Brady and the ’22 are pretty sound folk.

    • scottspeig says:

      They are – its just that the front bench, and the ones in charge aren’t. In fact, they should be locked in a mental institution as no rational person can countenance their choices on a variety of policies!

  7. Jon says:

    Roger – I think a lot of people, myself included, had a problem not only with the jingoistic noises from certain parts of the Tory backbench, but with the fact that our relations were poor and became poorer with important allies across the continent. It’s never good to end up with bad relations. It was the manner in which Cameron and his clique conducted themselves over the past 12 months that caused the problem, not necessarily what he want to the table with. Major and Thatcher had better relations after european summits. The UK does not enjoy the same rosy relationship with the US it once did, and does not have close links with China (compared to Germany for instance) and other major trading partners. We need to be on speaking terms.

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