The Failygraph is adding to detail offered by Spiegel last week. It confirms that, at the European Council at the end of June, the quartet will set out a "roadmap" to a banking union, pooling debt via some kind of eurobonds and political union via EU treaty change over the next 10 years.
This, we
knew already, but it is nice to have the confirmation, even if the current report isn't as "exclusive" as the paper would like to think.
However, Bruno Waterfield has done a good job getting hold of the
original document, which refers to a "Euro Plus Pact", which will "further deepen" the co-ordination of eurozone economic policies.
The stated objective is to improve competitiveness, "thereby leading to a higher degree of convergence reinforcing the social market economy". Participating member states will agree to "identify common concrete political objectives and subscribe to additional concrete commitments".
Together with the other elements of this Compact, says the document, "the Treaty on Stability, Coordination and Governance" will further strengthen economic and fiscal coordination. And, we are told, the signatories of the Treaty underline their determination quickly to ratify it.
So, the enemy now has a working name: the "Euro Pact Plus" - the lot that are planning this new treaty. Is this the name of nemesis or do we have to wait for the real title to emerge? I'm getting lost in this cornucopia of titles.
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