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Thread: EU budget vetting agreed

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    Default EU budget vetting agreed

    FINANCE ministers have resolved to submit draft budgets for the approval of their counterparts and the EU Commission before unveiling them in national parliaments.

    EU review of budgets agreed by ministers - The Irish Times - Tue, Jun 08, 2010
    "It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair.

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    Dear oh dear. "approval".

    How many times a week do these clowns meet at this stage?
    “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” - Friedrich A. Hayek

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    Politics.ie Member sondagefaux's Avatar
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    They also approved Estonia's joining of the euro from next January. Seems the Estonians are a bit more confident about the euro's future than others...

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    Quote Originally Posted by sondagefaux View Post
    They also approved Estonia's joining of the euro from next January. Seems the Estonians are a bit more confident about the euro's future than others...
    Is that wise? Estonia economy shrank by 15%, its offical unemplyment rate is over 14%.

    Its budget deficit is over 10% of GDP. But its National Debt is only 7.5%. Total debt appears to be just over 100%, which is excellent these days.

    It has deflation of 0.4% in 2009 after inflation of 10% in 2008.

    Despite this the Central bank rate is 8.55%. Now will the savers in that country not go ape over their deposits when the new ECB rate is imposed? The rates they had would ensure that they have a tasty pension from merely saving.

    Its low debt levels may also be the effect of high interest rates.

    Interesting to see what happens over the next couple of months woth Estonia.
    “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” - Friedrich A. Hayek

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    Quote Originally Posted by He3 View Post
    FINANCE ministers have resolved to submit draft budgets for the approval of their counterparts and the EU Commission before unveiling them in national parliaments.

    EU review of budgets agreed by ministers - The Irish Times - Tue, Jun 08, 2010
    Excellent.

    Now that our budgets are going to get the once over by people who can do basic maths, we might actually have a chance.
    A demagogue is someone who will preach doctrines he knows to be untrue to men he knows to be idiots.

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    Quote Originally Posted by goosebump View Post
    Excellent.

    Now that our budgets are going to get the once over by people who can do basic maths, we might actually have a chance.
    I don't think it was maths that was lacking, just backbone.
    If once the people become inattentive to the public affairs, you and I, and Congress and Assemblies, Judges and Governors, shall all become wolves. It seems to be the law of our general nature, in spite of individual exceptions.

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    I wonder.. since no sitting government wants to go through the embarrassment of having its budget 'Rejected', if there will be backdoor back and forth give and take of 'suggested' budgets by the EU.. I could see the process in a few decades formalizing into 'allocated budgets for the members states' to be rubber stamped by each member state.

    It could easily be justified by the EU by stating that each member state lacks the information and resources to foresee the interactions between each member state's budget, and that of course the rational course of action would be to allocate budgets from the centralized government (I'm not saying I agree with it, I oppose it, just pointing out how easily it could come to be).

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    Politics.ie Member FutureTaoiseach's Avatar
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    This is an absolute outrage. For the first time in Irish history, our national parliament will be reduced to the status of rubber-stamp for the decision of foreign govts. Foreign govts will be deciding our tax-rates. An absolute outrage which proves the tax-guarantees are a fraud on the Irish people. They still haven't been inserted into the Treaties. The Irish people have been sold down the river and the promises made to them in the referendum have been broken. A craven betrayal by sell-out merchants.
    Quote Originally Posted by goosebump
    Now that our budgets are going to get the once over by people who can do basic maths,
    Yes like the Greeks, the Spaniards and the Portuguese.

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    Quote Originally Posted by goosebump View Post
    Excellent.

    Now that our budgets are going to get the once over by people who can do basic maths, we might actually have a chance.
    Our budgets are currently being produced by the same high achievers in Frankfurt.

    The problem is, that their interpretation of a successful Irish budget is higher taxes, a reduced service capacity and lower wages.

    But the German Banks are happy, so happy days.

    You might be happy to hand over yet another important part of your sovereignty, I am not.

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    Quote Originally Posted by goosebump View Post
    Excellent.

    Now that our budgets are going to get the once over by people who can do basic maths, we might actually have a chance.
    This is all about politics. The politics will dictate the maths.
    "It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair.

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