On the table is what even the EU commission calls an "important package" of draft legislation, which it tells us "significantly strengthen the supervision of the financial sector in Europe."This is standard operating procedure for the EUnion. It isn't an outright take-over. It sets up regulatory entities that have a final say over national (formerly sovereign) institutions. And it does so in language and detail that, in the words of Mr. North 'so technical and arcane' that 'few people will understand their significance and they will thus pass into our legislative system with little comment and no political controversy'. And thus we will have delivered yet more of our sovereignty to our (unwanted, unelected) overlord EUnion bureaucrats. And although the working is still a mystery, the outcome is depressingly predictable:
The legislation will create a raft new EU institutions, comprising a European Systemic Risk Board (ESRB), which will "detect risks to the financial system as a whole with a critical function to issue early risk warnings to be rapidly acted on", a European System of Financial Supervisors (ESFS), composed of national supervisors, and three new European Supervisory Authorities for the banking, securities and insurance and occupational pensions sectors.
At this stage no one can even begin to assess the long-term effect of these institutions on our financial sector, but what is very clear is that they do involve a substantial transfer of power from national authorities to the EU – the results of which, as history tells us, are bound to be malign.Of course, we can't expect anything from this government in the way of defence of our national sovereignty. Our intrepid PM, Jan-Peter Balkenende (p) bought his next job (a EUnion job) with the Dutch ratification of
Lately rumours as to the ambitions of our PM towards a high level EU job have become rather persistent, which would mean that he will do everything in his power to rescue his career prospects.Lately, the rumours have become so loud, that our intrepid PM felt obliged to come out and openly deny it (NL). And as the cliché goes: In politics a fact isn't a fact until somebody denies it.
But where is our MSM? Where are our parliamentarians? Does anybody have the common decency to do the job for which they were hired anymore? The whole political class, including its purported watchdogs seem to be in collusion to let the EUnion devour us whole. In the words of Mr. North: 'The only thing certain, we said, is that we will pay, directly and indirectly, and keep on paying ... until such time as we are forced to leave the EU or go bankrupt'.
[Instant Update] That'll be a sign to watch out for: If our intrepid PM ends up as commissar in the EU Commission or (God forbid) as EUnion president (NL), we'll know why the Turnip was ratified. That would be a good signal to start a general (and violent) insurrection against all (cabinet members former and current, journalists, parliamentarians) who conspired in this treachery.
[UPDATE001] And the hits just keep on coming. French minister of European affairs, Pierre Lellouche, is now suggesting the EUnion should set up a common defence budget similar to the the Common Agricultural Policy, usurping yet another area that by rights is strictly within the purview of sovereign nation states. And thus the EUnion keeps on eating its way through Europe, untill there is nothing left...