4 chapters across the catalog
European Stability Mechanism, New Fiscal Treaty
The hosts discuss the "informal" meeting where a new European treaty was fast-tracked to enforce fiscal discipline. Herman Van Rompuy explains the "debt break" and "automatic correction mechanisms" that will be integrated into national constitutions to ensure irrevocable economic integration.
Nigel Farage and the UK Veto of the EU Fiscal Treaty
The hosts review Nigel Farage's reaction to David Cameron's veto of the EU fiscal treaty. Farage uses a "Titanic" metaphor to describe the Eurozone's economic trajectory, while the Chinese news media provides a unique perspective on the growing isolation of Britain within the 27-nation bloc.
European Fiscal Compact, ESM, and British Defiance
The "European Stability Mechanism" (ESM) and a new "fiscal compact" are introduced to enforce financial discipline across the Eurozone. The hosts explain that the term "compact" is used to bypass the need for public referendums required for treaties. Britain's refusal to join is attributed to a desire to protect the City of London and a potential US-UK tandem effort to undermine the Euro.
IMF Bailouts and Angela Merkel's Fiscal Union
Angela Merkel is calling for a tighter fiscal union and EU treaty changes to address the Eurozone crisis, rejecting the idea of collective Eurobonds. Meanwhile, a complex bailout mechanism is proposed where the Federal Reserve lends money to the IMF, which then distributes it to European banks to bypass Lisbon Treaty restrictions on direct ECB bailouts.
