Fiscal Compact Vital Necessity- Andrew Duff MEP

EU states should get the fiscal compact treaty in place as fast as possible. This is the message of Andrew Duff, President of the Union of European Federalists, on Europe Day.

In his statement, Andrew Duff MEP said:-

"It is too easy for electioneering hot-heads to destroy the new treaty. But what would they put in its place? The British will veto a general revision of the EU treaties at this stage. So the fiscal compact treaty is a necessary expedient. It adds to the pressure of market discipline and peer pressure to which all European governments are now subjected.

"The new treaty is the vital tool to trigger the European Stability Mechanism without which market confidence will be wrecked. But the treaty is not the lasting solution to Europe's political and economic problems. It is in any case a confederal treaty, whose utility will pass once Europe returns to fiscal rectitude and regains the political confidence to move forward to federal union.

"The election of François Hollande opens new perspectives for Europe, as has the appointment of Mario Monti in Italy. But this is a delicate moment. Unless the EU's reform programme takes hold, structural reform will falter and faster economic growth will remain elusive. In the circumstances of a debt deflationary spiral, the risk to democracy would grow and the European project, which we celebrate today, will be in grave danger.

"I have no doubt that Robert Schuman and Jean Monnet would be saying Yes to the fiscal compact treaty as a vital step in managingEurope's present crisis. But they would then be moving on to real fiscal union, with solidarity expressed through joint and several liability of sovereign debt and a democratically accountable federal government making a common economic policy.

"That remains the goal of the UEF this Schuman Day. We urge voters, especially in Greece and Ireland, to deliver what must be done now to put the task of building a united European democracy back on track. There's no point blaming 'Europe'. We make Europe together ‑ 'Europe' is us."