The Eurogroup held a teleconference this evening to take stock of the situation in Cyprus.
The eurozone's decision-making institution on the euro is an informal committee of finance ministers. The committee has no official name. It has no official power. It is not voted into office.
In the Lisbon Treaty, which went into effect on January 1, 2009, this no-name informal committee at last got its legal status.
Article 1: The Ministers of the Member States whose currency is the euro shall meet informally. Such meetings shall take place, when necessary, to discuss questions related to the specific responsibilities they share with regard to the single currency. The Commission shall take part in the meetings. The European Central Bank shall be invited to take part in such meetings, which shall be prepared by the representatives of the Ministers with responsibility for finance of the Member States whose currency is the euro and of the Commission.
Article 2: The Ministers of the Member States whose currency is the euro shall elect a president for two and a half years, by a majority of those Member States.
So, it meets informally. It discusses questions. The Commission takes part. (How? With what authority? With how many votes?) The ECB is invited. It does not have a vote.
The president of the no-name committee has a name no one can pronounce unless he is Dutch, Jeroen Dijsselbloem.
Yet this no-name Committee promised Cyprus banks $13 billion worth of euros over the weekend, on its own authority, and answerable to no one in any European parliament, including the European Union. Full story...
Related posts:
The eurozone's decision-making institution on the euro is an informal committee of finance ministers. The committee has no official name. It has no official power. It is not voted into office.
In the Lisbon Treaty, which went into effect on January 1, 2009, this no-name informal committee at last got its legal status.
Article 1: The Ministers of the Member States whose currency is the euro shall meet informally. Such meetings shall take place, when necessary, to discuss questions related to the specific responsibilities they share with regard to the single currency. The Commission shall take part in the meetings. The European Central Bank shall be invited to take part in such meetings, which shall be prepared by the representatives of the Ministers with responsibility for finance of the Member States whose currency is the euro and of the Commission.
Article 2: The Ministers of the Member States whose currency is the euro shall elect a president for two and a half years, by a majority of those Member States.
So, it meets informally. It discusses questions. The Commission takes part. (How? With what authority? With how many votes?) The ECB is invited. It does not have a vote.
The president of the no-name committee has a name no one can pronounce unless he is Dutch, Jeroen Dijsselbloem.
Yet this no-name Committee promised Cyprus banks $13 billion worth of euros over the weekend, on its own authority, and answerable to no one in any European parliament, including the European Union. Full story...
Related posts:
- Farage: EU wants to steal money from Cypriots bank accounts...
- Expats in Cyprus furious at 'legalised theft' of their savings...
- The Great Cyprus Bank Robbery by financial terrorists...
- Nigel Farage: Leaders utterly unplugged from thoughts & hopes of ordinary people...
- Nigel Farage: the Eurozone is a ponzi scheme run by communists...
- With every hour that passes, we need the EU less and less...
- Only a lunatic would join the EU, says Swiss minister...
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