Forex News – EU Summit highlights

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The following are highlights of comments by EU leaders and other senior officials at teh EU Summit on Brussels on Friday December 9.

 

FRENCH PRESIDENT NICOLAS SARKOZY

“This is a summit that will go down in history … We would have preferred a reform of the treaties among 27 (nations). That wasn’t possible, given the position of our British friends. And so it will be through an intergovernmental treaty of 17, but open to others.”

GERMAN CHANCELLOR ANGELA MERKEL

ON TREATY CHANGE:

“We have designed the treaty so that it’s not just related to the 17 euro states, but so that all who want to take part can do so. That will be many countries beyond the 17 member states. Some still have to check.”

 

EUROPEAN COMMISSION PRESIDENT JOSE MANUEL BARROSO

ON AGREEMENT OF EURO ZONE AND OTHERS:

“We would have preferred of course a unanimous agreement, in fact, in the interim report presented by President Van Rompuy, also with my contribution and full agreement, we have put other proposals.”

“This was not possible, because this required unanimity, so I think the only alternative that was left was to do it through this kind of intergovernmental treaty.”

 

BRITISH PRIME MINISTER DAVID CAMERON

ON INTERGOVERNMENTAL TREATY:

“I said before I came to Brussels that if I couldn’t get adequate safeguards for Britain in a new European treaty, then I wouldn’t agree to it. What is on offer isn’t in Britain’s interests, so I didn’t agree to it.”

 

EU COUNCIL PRESIDENT HERMAN VAN ROMPUY

ON ‘NEW FISCAL COMPACT’:

“For the short term, we agreed on immediate action to overcome the current difficulties, and for the longer term, we agreed on a new fiscal compact for the euro zone.”

“An inter-governmental treaty can be approved and ratified much more rapidly than a full-fledged treaty change, and I think speed is also very important to enhance credibility.”

 

ON GIVING THE ESM A BANKING LICENCE:

“There was no agreement on that.”

ON FUNDS FOR THE IMF:

“Euro area and other member states will aim to make available additional resources of up to 200 billion euro to the IMF.”

ON BRINGING THE PERMANENT ESM BAILOUT FUND INTO FORCE:

“The EFSF leverage will be rapidly deployed, and we also agreed on the acceleration of the entry into force of the ESM rescue fund. It should enter into force in July 2012.”