Ahead of Mark Carney’s speech tonight, the EU Commission has published a remarkable set of plans to hand further powers to the EU over Britain’s economy and to diminish Britain’s voice at a major international institution. The controversial plans that would affect all EU members are part of the EU’s drive for further integration set out in the Five President’s report.
Included in the document:
Greater EU supervision of the UK’s budget - The Commission today establishes an ‘advisory’ European Fiscal Board which will ‘provide an evaluation of the implementation of the EU fiscal framework’. The Board will ‘also cooperate with the national fiscal councils, aiming at exchanging best practices and facilitating common understandings.’ This will apply to the UK. The Board will advise the Commission on the ‘implementation of the Union Fiscal Framework, and ‘may also make suggestions for the future evolution of the Union fiscal framework’.
EU moves to take over the UK’s seat on the IMF and other key international bodies - The Five Presidents’ Report stated that ‘in the international financial institutions, the EU and the euro area are still not represented as one’, singling out the IMF as an example. Today, the Commission openly calls for the common external representation of the eurozone in the IMF. However, the draft Council Decision makes clear that Britain will be affected. The UK will not have a vote on whether or not this decision will be adopted. The UK will lose its autonomy in the IMF.
Use of single market legislation as a driver for integration - The Commission today makes clear that it will use single market legislation as a means of achieving integration in the Eurozone. The UK will not have an opt out and the Eurozone has an inbuilt majority in the Council of Ministers.
No treaty change before 2017 - The Five Presidents’ Report made clear a new EU treaty was coming, but not before 30 June 2017. The Commission today confirms this approach. This all but rules out a new treaty being agreed before the UK’s EU referendum, which must occur before the end of 2017, as a new treaty must be ratified by every member state in accordance with its constitutional requirements. Real reform of the EU ahead of the referendum is not on the cards.
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Robert Oxley, Head of Media for Vote Leave, said:
“This remarkable EU plan would give Brussels even more control over our economy. It is clear as daylight that the EU is seeking greater control over Britain’s budget and wants to control policies on tax and spending in the UK. The Commission’s agenda would diminish our voice at the IMF, a major international institution. It is increasingly clear that David Cameron’s renegotiation is a smoke screen that will not secure Treaty change. The EU is planning Treaty change after the referendum to further centralise power in its institutions. The only safe option is to vote to Leave.”
Head of Media, Vote Leave
Notes to Editors
For the full release from the EU commission click here