By Tim Shipman and This Is Money Reporter
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European leaders confirmed they will press ahead with plans for a single currency superstate, ahead of a Brussels summit next week they declared will be a ‘defining moment’ in EU history.
German Chancellor Angela Merkel told the meeting in Rome: ‘The lesson from the crisis is not less Europe but more Europe.’ Spanish PM Mariana Rajoy said the leaders had agreed on the need for ‘a political, banking and fiscal union’.
Italian prime minister Mario Monti warned that leaders may have just one week to save the euro with Spanish banks teetering on the brink of collapse.
Superstate: From left, Spanish Premier Mariano Rajoy, French President Francois Hollande, German Chancellor Angela Merkel and Italian Premier Mario Monti all agreed on making a stronger union
Roundtable: Germany, France, Italy and Spain drew up plans for eurozone countries to invest £100billion to boost growth
He declared that a rescue package was ‘absolutely necessary’ and pledged that concrete measures would be forthcoming next week. ‘We expect the conclusions of the EU summit to be more solid and credible compared with previous summits as far as growth is concerned,’ Mr Monti said.
The Italian premier said that meeting should ‘put at ease the financial markets expectations’, before delivering a pointed message in English: ‘The euro is here to stay and we all mean it.’
Chancellor George Osborne attended a separate summit to discuss the the financial transactions tax
Germany, France, Italy and Spain drew up plans for eurozone countries to invest £100billion â€" 1 per cent of their GDP in infrastructure projects to boost growth. But it quickly emerged that the pledge was not backed up by new hard cash.
Meanwhile George Osborne attended a separate summit of EU finance ministers in Luxembourg where nine countries agreed to press ahead with the financial transactions tax.
Nine European leaders vowed to plough on with a new tax on City transactions â€" but Britain will be spared from the swingeing tax as demands for all 27 EU nations to be included were dropped.
A Treasury spokesman said: ‘A lot of eurozone countries want to go on their own. That’s up to them but we think it would be damaging.’
Mrs Merkel said: ‘We can imagine introducing a financial transaction tax in our countries’, while French president Francois Hollande confirmed he wanted to introduce the tax ‘as quickly as possible’.
Mrs Merkel continued to resist calls for the eurozone bailout fund to invest money directly in Spanish banks, which many think would resolve the immediate threat.
Asked why Germany would not act to help, she said: ‘There can be no responsibility without control’ â€" a signal that Mrs Merkel wants effective control of European banks before agreeing to help them.
But the four leaders worked in secret on plans aimed to stop the spread of financial contagion while satisfying German demands that spendthrift countries are made to be more responsible before they get help.
Fiscal union: George Osborne greets Danish Economy Minister Margrethe Vestager during the European Union finance ministers meeting in Luxembourg
Seeing the funny side: Margrethe Vestager and George Osborne share a joke at the meeting
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- frankie mcgill, manchester AND Simon, Barnstaple Excellent posts.OUR COUNTRY NEEDS YOU.And come to think of it some non/il informed Europeans!.TERRIFYING.I can think of my dad's last words before he died 'IM GLAD I'M ON MY WAY OUT,that's someone who FOUGHT (war) FOR DEMOCRACY!.The ancient philosophers/law makers must be turning in their graves.
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With MORE BAILOUTS we can do it !!!
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defining moment’ in EU history.Merkel told the meeting in Rome: not less Europe but more Europe.’a political, banking and fiscal union’ ALL going according to 'THEIR' plan then.A DESPICABLE experiment on the SLAVES that NO SLAVE WANTS! SAY NO! TO DICTATORSHIP!! VERY CUNNINGLY DONE THIS SCHEME! SICKENING.IN CERTAIN CIRCLES IT'S CALLED CAUSE AND EFFECT,CAUSE THE PROBS AND WE PUT IN EFFECT OUR LAWS! SELF GOVERNING TOERAGS ARE ANSWERING TO NO ONE.Power and FREEDOM to the SLAVES/PEOPLE!when will 'THEY' be seeing/hearing from us,we'll make even a bigger gang than 'THEIRS'.
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Land assets power control, The paper tokens used to create the debts were just a means to an end. The british government are already preparing for when its our turn for economic crisis. Not to help you but to control you........The reset is coming and the public are going to be fooled into accepting a new way of life that is a whole lot worse than the one they have got now unless they inform themslves on how this ponzi scheme we live in really works.
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'The real danger to the UK is not so much that they fail, but if they succeed. A Euro superstate would put huge pressure on those countries outside the eurozone to join the single currency. If 26 joined where would that leave us?' - Riff, London, 23/6/2012 12:08. == Which is precisely why EU puppet and Brussels mouthpiece Cameron is pushing for fiscal union in the eurozone, while at the same time claiming that the UK will not be part of it or the euro. What this faker isn't saying though is that in 2014 the full implications of the illegal Lisbon 'treaty' are due to come into 'force'. Amongst many other nasty little surprises imposition of the euro 'currency' on the remaining 'member states', fiscal union for all 'member states', the banning of anti-EU parties, full transfer of any remaining sovereignty to Brussels and it will become 'illegal' to criticise the EU. Hollande is busy with the task of completely collapsing the French economy in preparation , ditto Cameron here.
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JR, Weymouth ---------- Well that was quick, it only seem's like yesterday.
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Anyone noticed the Democracy here. Conversation here goes a bit like this ;- Merkel - "You two, (Spain and Italy) need bailing out"......Lots of dosh needed. Merkel - " France, you may want bailing out"......Lots more dosh needed. Hollande - "But........" Merkel - "Be quiet Hollande" Merkel - "Now we (Germany) have the dosh so you will do as we say, and don't forget, this meeting is secret so don't say anything to the other Eurozone countries because we will be able to stitch them up, and they don't matter, they will do as we tell them. If you don't believe me, look at Greece" This Ladies and Gents is how democracy works for some.
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"leaders may have just one week to save the euro".....That's even less than the 10 days they had last year!
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Good grief! Here we go again. This is starting to sound like a stuck record. Riff, London : the answer is simple . . . .'Well out of it !"
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Riff, London.------- Hopefully, out of the EU.
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