A story is making the rounds that suggests leaders are going to get together and hammer out a “fiscal union”.
The story appears to have originated on the Welt Online, a German tabloid. The article mentions a Secret Plan for a New Europe.
EU institutions should design the master plan
At their informal meeting on 23 May had given the leaders a work order to the EU Council President Herman Van Rompuy, Commission President Jose Manuel Barroso, on the Euro Group President Jean-Claude Juncker and the head of the European Central Bank (ECB), Mario Draghi.
The four are to design a roadmap “for the EU to a new level” can be lifted. “Three or four conversations,” President of the round was planned in the coming weeks, there will be conference calls, the institutions were in close contact.
Van Rompuy will present key elements of the plan at the summit in late June. They should be included in the final declaration. By the end of the year, the Heads of State and Government of the “roadmap” and decide then officially in black and white. It could be a revolutionary document.
More Holes Than Swiss Cheese
One look at the nannycrat participants led by Van Rompuy and Jean-Claude “lie when it’s serious” Juncker, is all you need to do to know the plan has far more holes than Swiss Lorraine cheese.
I would have thought that no one could possibly take this seriously, even if such a meeting were agreed to.
Note that the Financial Times, New York Times, and Wall Street Journal did not bite on this story, but Libre Mercado came out with its version: The German ‘Die Welt’ reveals a “Secret Plan for a New Europe”.
El Economista says EU, ECB and Eurogroup working on a comprehensive plan for a new Europe.
To show you how rumors spread, Reuters has picked up on this silly story in Europe mulls major step towards “fiscal union”
After falling short with her “fiscal compact” on budget discipline, German Chancellor Angela Merkel is pressing for much more ambitious measures, including a central authority to manage euro area finances, and major new powers for the European Commission, European Parliament and European Court of Justice.
The goal is for EU leaders to agree to develop a road map to “fiscal union” at a June 28-29 EU summit, where top European officials including European Council President Herman Van Rompuy will present a set of initial proposals.
European countries would then put the meat on the bones of the plan in the second half of 2012, several European sources have told Reuters, including a timetable for overhauling EU treaties, a step Berlin sees as vital for setting closer integration in stone.
Nothing But Hot Air
The “meat on the bones will come in the second half of 2012”. The plan is “so secret” that no one has any details now other than an alleged proposal to agree to agree sometime down the road.
This is what it boils down to: The secret plan is to develop a secret plan at the already scheduled June summit. Yeah right.
Mike “Mish” Shedlock
http://www.globaleconomicanalysis.blogspot.comlink to original article