An à la carte fiscal pact
(archives) Nicolas Sarkozy can be satisfied. European lawyers held to the 15-day deadline to transcribe into legal terms the “fiscal pact” adopted by Euro Zone leaders on 9 December. They worked fast. Barely a week, which is a record at European level, under the leadership of Hubert Legal, a magistrate from Nantes, now head of the legal service of the Council of the EU. The result is also unexpected. The text is short: 14 articles, 8 pages, in a rather understandable language, despite some technical provisions.
What does the agreement say? The text takes up the main commitments of the 17 heads of government of the Euro Zone. It thus indicates the “golden rule”: balance of revenues and public budgets, maximum deficit of 0,5% of GDP, automatic correction mechanism. This rule must be introduced in each Constitution. And the European Court of Justice will be responsible for verifying that this formality has been completed. However, it can only be seized by a State. This diminishes the scope...
When will it come into force? The “pact” is an international agreement. This makes it possible to take “some liberties” with the usual uses. This agreement thus requires only nine ratifications to enter into force (and not 17). A sacred life insurance against the "mishaps".
And for States that do not belong to the Euro zone? A specific provision is provided. These countries can choose to adhere to the pact completely, to accept only some of its provisions or not to adhere to it. An à la carte choice that could convince some States that are still reluctant (Hungary, Czech Republic, Sweden).
And now ? This text is only a draft. It was transmitted on Friday afternoon to the Member States. It will now be dissected and amended. An informal summit has been convened on February 3 to agree on the final text. He could be signed, if all goes well, then, if not in March. The ratification procedures will then begin, by parliamentary or referendum, depending on the choice of each country.
Nicolas GROS-VERHEYDE - published in Ouest-France
