The word is that Brown has got what he wanted: words written into the agreement on a new financial watchdog that give an assurance it can't commit national governments to spend money. But he loses the row about who gets to chair another new body which acts as an early warning system: it is going to be the head of the ECB, which rules out a Brit.
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I’m Mark Mardell, the BBC's North America editor. These are my reflections on American politics, some thoughts on being a Brit living in the USA, and who knows what else? My previous blog, as the BBC’s man in Europe, taught me one thing at least: your comments are key. I read them all, so please have your say.
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Good news! He can file the ECB warnings in the same place he puts all those 'blue letters' about running up more that 3 per cent per annum debt.
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Good news! The last person I would trust to run a bank is a Brit or an American. The German government is passing a law to restrict deficits to a percentage of GDP - can't see Gordon doing that, he doesn't support Eddie George's call for greater power for the Bank of England to regulate the banks. We need tough EU regulation as banks are multi-national.
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If it's as iron clad as the so called red line EU opt outs were, it isn't worth the paper it's printed on. OK mister Prime Minister, how about something in writing so that lawyers can read it in full and tell the citizens of the UK what it really says, or doesn't that fit with your plan?
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An "early warning system"?
A what?
Early warning of what? The disaster that had been brewing for fifteen years because bankers were making money selling phoney debt? Early warning of the thing the politicians did not even understand before the banks said "Hey, we're broke and we need ALL YER MONEY... or we shut down the economy."?
The idea that politicians are capable of understanding early warning signs is beyond credulity. If there is one thing that is absolutely indisputable about this financial crisis, it is that politicians from every state in the EU, and beyond, HAD NO IDEA IT WAS COMING. UNTIL IT ARRIVED. UNTIL WAY AFTER IT HAPPENED.
But now they are going to be the ones to manage an "early warning system".
Talk about the blind robbing the blind, and then leading them off a cliff.
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Gordon Brown may be assured. The question is if the rest of the EU is.
The country that builds a nuclear power plant at the border can expect to get enquiries from the neighbour re the security. It is the same here. Brown has so far achieved that the alarm in case of a new emergency will go to directly to the PM.
National interests have a high value as news criteria, so I'm glad you didn't write, "Mr. Brown has got what we wanted". Taking the role of the media into consideration, they should keep a critical eye on power, I think serious journalists should be careful with subjects.
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#5 - Mathiasen
There is a difference between legitimate concern over the effect of one country1s performance may impact on another partner and direct oversight or regulation. If and when the UK joins the Euro, it will have to expect the primacy of the ECB. Until then, Brown is probably - for once - right.
As the global economy recovers, the investors will decide where to put their money and, if the perception is that the Brisish system is not well regulated, they will go elsewhere. Standard and Poors double A rating is important, especially when an economy is so dependent on borrowed money to kick start the economy. The UK is not going to jeopardise this if possible. So long as the pound remains a major currency, it is right that those who issue it should regulate the system.
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Threnodio,
In this blog some have voiced a considerable mistrust about what the agenda at the summit really is. Isn't it interesting that Euro sceptics in the Union, which by no means are British only, agree on one thing: You cannot trust the partners in the Union.
Contrary to this the British PM has been clear about the agenda, and concerning the finance sector it is actually what he also on the G20 said is necessary.
But what are we discussing? I am not sure if it is the same.
The member states agree on the principle: Tax paying is a national matter. If Brown has won anything here everybody has won since everybody has the same position. So far I regard the heroic defence of principles everybody agrees on a smokescreen.
The issue is not to change the distribution of powers within the EU, and I understand that a paper circulated among the leaders already before the summit repeats this a couple of dozens of times.
It is too early to evaluate the control system, which is the real subject here, and because of the dangers involved something, which can be compared to the control with nuclear power plants. Brown apparently wants this control on the political level instead of an administrative. Why has the international community established a nuclear control above the level of nation states? Well, actually mistrust is an essential part of the answer.
It is my understanding that Brown maintains the goal he stated at the G20. That is always helpful when it comes to the pinning down of details.
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Dear Sir,
Your article on Euroblog is superb.Full of materials for further discussions.
One sincere doubt,with these European leaders,especially with British Prime Minister,Mr.Gardon Brown! of running government.
What happened ex-reserve treasury revenues.
How did they allowed many existing companies go wrong in production,supply,finance of day to day function.and their declared ,continuous companys profits,mode of profits for further investments in which sectors.
These are all economic queries,commerce answers are expecting from you and from concerned governments.
Whereas, Idia,China,Russia and Brazil have not suffered much inspite of their own social ,tax problems.
Expecting scientific replies from you Sir.
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For my comments,till today, i have not received any correct reply from this editor or from any team members from BBC.
Expecting replies at the earliest.
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mdspatsy, the "editor," does not usually reply to comments, and other BBC "team members" never do.
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this is exactly what england needs more rules more regulation,the communists finaly took the the last of the dry land ??????????
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Isn't the time to be worried about national governments having to put up money *before* you've already done it in spades?
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Every news regulation is not such mature one. Athough there are many things need to do, we need appreciate this steps
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All communists are sinister. And they smell.
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All communists are sinister? not sure i'd agree, red ken is a top bloke
colon cleanse tablets
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