The eurozone has already turned into a debt union, with taxpayers in one country now liable for the economic mistakes of a government in a different country, think tank Open Europe has warned.

In a press release timed to coincide with today’s EU summit, the respected think tank added that “some European leaders now want to go even further and use the economic crisis to form an EU economic government by stealth — regardless of what voters and taxpayers think.

"The risk is that the UK gets caught in the crossfire and is pressured into an EU-wide economic government that is essentially supposed to solve the problems of the eurozone,” the think tank said.
According to Open Europe, the legality of the eurozone rescue packages is dubious since they are inconsistent with the 'no bailout' clauses in the EU Treaties.
“The €60 billion stabilisation fund, for which British taxpayers are liable for around €8 billion, is particularly questionable on legal grounds and would most likely not survive a test in a non-politicised court,” Open Europe said.

“Crucially, it transfers both powers and potentially more taxpayers' money to the EU — both of which the UK Coalition Government has said it opposes.”

At today’s summit, EU leaders will discuss the proposal requiring member states to submit their national budgets to the Commission and other finance ministers before sending them to national parliaments.

Although David Cameron has vowed to oppose this move, he knows that it is impossible to prevent because there is no veto power available in this instance.
In other words, like everything else Mr Cameron has said about the Lisbon Treaty, the Prime Minister is telling conscious and deliberate lies by saying he is going to prevent the latest Brussels power grab.

The only way to prevent the EU superstate from intervening in Britain’s national budgetary affairs is to withdraw from that body — and Mr Cameron will never do that.

On the contrary, his new Deputy Prime Minister, Nick Clegg, is in favour of even closer EU integration and the adoption of the euro in Britain.
Original article... HERE

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