Secret EU summit document shows first step to Banking Union

On June 17, 2012 by stratagem

A classified draft of next week’s EU summit conclusions is the first step on an emerging “roadmap” to a banking union, pooling debt via eurobonds and political union via EU treaty change over the next 10 years.

The “limite” text – published exclusively by The Daily Telegraph, is secret, restricted for the “eyes only” of diplomats and officials preparing for the 28 and 29 June European Council in Brussels.

Most of the text, the annexed “Compact for Growth and Jobs”, are deals on project bonds and other small scale EU initiatives that FranCois Hollande is trumpeting as a €120bn “growth pact”.

The first draft is relatively uncontroversial because the eurobond and “banking union” issues are currently all too sensitive to be committed to paper for officials.

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The separate text will set out a “roadmap” to a banking union, polling debt via some kind of eurobonds and political union via EU treaty change over the next 10 years.

Read More: Telegraph

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