EU – Fiscal Union – Who’s In and Who’s Out?

EU Fiscal Union as proposed in December 2011. PaBaMapa CC-BY-SA 3.0.Base map by maix¿? CC-BY-SA-2.5 via Wikimedia Commons

The recent EU-summit produced some news, whether it produced results is not yet clear. The leading pair France and Germany were pushing for a fiscal Union of the EU. In the end, they got something similar to that. See this article by the EUObserver for some brief insight: (What did the EU agree at its ‘make-or-break’ summit?) The current 17 Euro Area members all seem to have agreed to the new rules. Although the fiscal union is considered to be primarily needed due to the common currency, some of the countries outside the Euro area, in particular Poland and other young members in fact pushed for being included as well, fearing that they might otherwise be left out in EU’s “second division”. Thus, the non-euro EU-members, nine in total, may take part as well. Three of those, Czech Republic, Sweden and Hungary specifically stated that their ratification is subject to the approval of their national parliaments. Their are at least two more Poland and Denmark where this ratification might prove problematic if it needs to be done using the tougher constitutional methods (2/3 or 5/6 majorities). The United Kingdom opted to stay out of the treaty, entirely. Some have considered this to be on of the first steps for UK leaving the EU. Time will tell if that’s the case. The Britons have not been to eager to take part in new EU-undertakings in the past decade, they are already opting out of the Euro, the Schengen treaty as well as the Charter of Fundamental Rights.