Will David Cameron Reject Global Governance …. Can David Cameron Reject Global Governance?

OpenEurope relates that the Sun: Leader Spectator: Coffee House blog argues, “Sooner or later, the moment comes for every Prime Minister to stand up to the EU … Today it is David Cameron’s turn to confront Brussels.”

I believe that framework agreements will be announced in Europe providing for fiscal federalism giving a whole new meaning to the term European Economic Governance. Yes, I foresee a greater fiscal union. Fiscal federalism will result in the Eurozone evolving into a region of global governance where national sovereignty is a concept of a bygone era.

I envision that out of bank bond defaults like those of Anglo Irish Bank where some bond holders are not paid in whole by the national central bank, and out of a continuing falling, FXE,  from 138.17 which will cause further stock market deflation, seen in the European Shares, VGK, falling from 50.55,  that a stock financial market liquidity crisis will emerge, where there will not be enough buyers for sellers of bonds as well as stocks, causing small business failures and banks to become sorely decapitalized, resulting in the president of the ECB arising to be an “Eurozone credit seignior” and provider of liquidity to Europe.

The word Seignior comes from old English and means top dog banker who takes a cut. Many Europeans will come to trust in him, and conduct their economic affairs through him, as he will oversee all banking, lending, credit and investment throughout the entire Eurozone. The word, will and way of the Seignior will be the law of the Continent.

Although the UK has its own currency, the British Pound, FXB, it is nevertheless signatory to many Eurozone Treaties,  the UK may have already participated in European Economic Governance by a contribution to ECOFIN Council’s May 9, and 10, 2010, seigniorage financial aid to Greece, and by committing to the European Financial Stability Mechanism, EFSF. And if this be the case, then precedent has been set for adherence to Brussels mandates.

Marco Buti,  Directorate-General for Economic and Financial Affairs, and Martin Larch, Economic Adviser, DG Economic and Financial Affairs, European Commission, write in article VoxEU article The Commission Proposals For Stronger EU Economic Governance that on September 29, 2010, the European Commission adopted a comprehensive set of policy proposals to reform and to broaden European Economic Governance which include European Semester budgetary surveillance, which vets national budgets before they are presented to Legislatures, as part of six pieces of draft legislation which are  divided into two pillars, European Commission (2010c); “A new EU economic governance – a comprehensive Commission package of proposals”, 29 September.

The UK, under treaty law, may be required to participate in a number of fiscal federalism policies outlined in the September 29, 2010 Summit, which if approved, are to be announced by Leaders’ Framework Agreements later this year in 2010 and next year, in 2011.

Keywords: europeansemester, europeaneconomicgovernance, fiscalfederalism

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