Thursday, 29 November 2012

Andrew Duff Calls For Urgent Clarification Of Barroso Blueprint

In a statement today (Thursday) reacting to the publication of the Commission's Blueprint for a Deep and Genuine EMU, UEF President Andrew DUFF said:

"I strongly welcome the fact that President Barroso has spelled out his thinking in advance of the December European Council. He is right to insist on rapid completion both of the two pack laws and the setting up of the single supervisory mechanism for Europe's banking sector.

"It is also good that the Commission has resurrected key elements of the banking and fiscal union which were in danger of being submerged by the antipathy of certain member states - the redemption fund, euro T-bills, the resolution mechanism and fund. The pooled deposit guarantee fund also needs its firm place on the Commission's agenda.

"However, in respect of treaty change I am not alone in being confused about the Commission's intentions. Mr Barroso appeared to be talking about two separate treaty revision exercises, which is surely a luxury Europe cannot afford.

"And the two phase timetable of 18 months and five years is distinctly odd. In 18 months both Parliament and Commission will close down for re-election. And if we have not already established a federal economic government for a fiscal union in five years time, the euro will be dead.

I am writing to President Barroso to seek further clarification on this matter, as well as to offer him and his colleagues the collaboration of the European federalist movement in bringing his blueprint to fruition."