MP EU FISCAL TREATY CONCERNS
03 Apr, 2012
A group of MPs has expressed concern over the UK’s approach towards the EU Fiscal treaty that was signed by all but two of the 27 EU member states last year.
The European Scrutiny Committee said that the Government is being ‘profoundly unwise’ regarding the Treaty and are clearly concerned about the legality of the pact.
The Stability, Co-ordination and Governance Treaty aims to integrate budget policy across the EU in order to attempt to stop the build up of huge debt.
The Treaty was not signed by the UK or the Czech Republic. UK Prime Minister, David Cameron, expressed concerns about how the European Court of Justice and the European Commission will be used, suggested that it should remain in use for the benefit of all the member states, and not simply the 25 who signed the treaty. According to the BBC, Mr Cameron has said that he will ‘watch closely’ the Court’s usage and that he would embark upon legal action should the UK’s national interests be ‘threatened by the misuse of the EU institutions’.
The Committee clearly has doubts as to the effectiveness of the Treaty, and according to the BBC it said that it believes the Treaty ‘does little towards solving the Eurozone crisis, other than perhaps providing some comfort to international markets’.