A Bit Of Amendment
Recently, Germany announced itself for the amendment of some Treaty provisions for the EU governance and it seemed like noone is to back such a proposition. However, yesterday, 1st of November, Germany scored a fascinating victory over its opposition and most of the EU members agreed with Germany’s leader Angela Merkel who acomplished an impressive political victory within the EU.
Germany proposed the amendments in the Treaty of EU because of two reasons
- To reinforce the financial stability of the Union; this would mean that the countries that are potentially endangered by a Greek-style crisis would be able to access funds stored for ctitical occassions; thus the state in question would be more stable and would not infringe the financial stability of the Union itself.
- Secondly, such an amendment would be quite fruitful for the Euro Zone where the common currency is in force. The amendment would dramatically increase the financial potential of the Euro Zone and would enable the member states to have a sole basis of support by the European Bank.
The changes introduced by Germany were quite sceptically discussed among the member states (as if they were part of a huge anti fuel services plan) but no matter how hard the opposition, especially from the French leader Nicola Sarkozy and the Dutches, Angela Merkel succeeded in convincing the majority of voters to sign the amendment plan.
What is left now for the EU is to enforce the agreement and to bring the amendment into effect. The European Commission would be consuled on the matter and certain anti crisis mechanism within the EU would be established. Under the careful consideration of the decision making and supervising bodies in the EU, the legislative reform and the new features of the Treaty of the EU would be brought into effect probably next year.
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