Loss of Sovereignty, Fiscal Compact

Daniel Hannan in a short speech to the European Parliament in Strasbourg (Nov 16, 2011) Daniel Hannan is a writer and journalist, and has been Conservative MEP for South East England since 1999. He speaks French and Spanish and loves Europe, but believes that the European Union is making its constituent nations poorer, less democratic and less free. (blogs.telegraph.co.uk/news/author/danielhannan/) Hannan's main idea is the promotion of localism. He believes that local government independence is impossible without giving making local government self-financing. To that end, he supports replacing Value Added Tax with a local sales tax, set by local councils. (Brussels, January 30, 2012 -- Treaty finalized, Not Signed Yet) Fiscal Compact: Treaty on Stability, Coordination and Governance in the Economic and Monetary EU leaders embrace 'fiscal compact' demanded by central bank. The EU's new fiscal compact, which calls for tighter fiscal discipline and monitoring of budgets by the EU, is getting a bumpy ride from a number of quarters in member states, warning over loss of sovereignty and underlining concerns. The deal -- which is intended to stop participating countries from running up major budget deficits by limiting how much they can spend -- provides that countries will not be able to run a deficit greater than 0.5 per cent of the size of their economy. The provisions of the deal allow the European Court of Justice to enforce a lump sum penalty on any member state who has not adopted the terms of the deal into law within 12 months of it taking effect. Thanks for YouTube sharing: user/DanHannanMEP Uploaded on Nov 16, 2011 Google The Web: ECB Mario Draghi Mario Monti Lukas Papademos European Council Council of the European Union Fiscal Compact Treaty on Stability Lukas Papademos
Loss of Sovereignty, Fiscal Compact