European Union

[Michael Scally MD]

Re: Contagion

Fiscal Compact Enters Into Force
http://www.consilium.europa.eu/uedocs/cms_Data/docs/pressdata/en/ecofin/134543.pdf

The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union – better known as the "fiscal compact" – will enter into force on 1 January 2013 after ratification by twelve member states of the euro area.

The treaty, which was signed on 2 March 2012 by the leaders of 25 EU member states, introduces strengthened fiscal discipline and stricter surveillance within the euro area, in particular by establishing a "balanced budget rule".

 

[Michael Scally MD]

Europe’s Crisis of Values
Europe’s Crisis of Values by George Soros - Project Syndicate

NEW YORK – Xenophobia and extremism are symptoms of societies in profound crisis. In 2012, the far-right Golden Dawn won 21 seats in Greece’s parliamentary election, the right-wing Jobbik gained ground in my native Hungary, and the National Front’s Marine Le Pen received strong backing in France’s presidential election. Growing support for similar forces across Europe points to an inescapable conclusion: the continent’s prolonged financial crisis is creating a crisis of values that is now threatening the European Union itself.

This is such a dismal prospect that it must not be allowed to happen. Originally, the EU was conceived as an instrument of solidarity and cooperation. Today, it is held together by grim necessity. That is not the Europe we want or need. We must reverse this intolerable transformation. We must find a way to recapture the spirit of solidarity and shared values that once inspired the European imagination.