The Euro Area Crisis
HL 260, Twenty-fifth Report of Session 2010-2012
- House of Lords - European Union Committee
- TSO (The Stationery Office)
The report 'The Euro Area Crisis (HL 260)' concludes that the optimum outcome from the December European Council meeting would have been for an agreement on a new treaty to be signed by all Member States, to deal with the crisis and to protect UK interests. As this did not happen the Government did not publish the safeguards which the Prime Minister sought. The Committee now calls upon them to do so.
The Committee warns that there is a risk of discussions shifting from the main European Union (EU) channels, to forums where the UK has no voice which could marginalise the UK's influence in Europe over time.
In the Committee's view the UK, the other Member States, and the EU institutions must find a way to secure fiscal integration for the Euro Area States, while at the same time protecting the integrity of the single market as an engine of economic growth for all 27 Member States of the EU.
The proposed treaty raises a number of legal issues which the Committee examines in detail. The Committee also considered the role of the European Central Bank following its role in refinancing European banks, and states that further intervention is likely to be necessary to preserve the functioning of credit markets within the EU.
The Committee calls upon Euro Area States to decide whether the introduction of 'Eurobonds' will be necessary.
|Format||Paperback||Published||14 Feb 2012|
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