Earlier this year, I, Fourthreichian Premier Durao Barroso, acted decisively when euro area members and the euro itself needed our help. Basil Venitis considers Fourth Reich(EU) null and void confederation, because Europeans did not vote for any constitutional treaty! Eurokleptocrats pulled off the biggest powergrab in history by imposing a camouflaged constitution, bypassing all nonos. The Nazi dream for Europe was finally fullfilled - ein Volk, ein Reich, ein Fuehrer - one people, one empire, one leader.
Venitis muses the Lisbon Treaty is Eurokleptocracy's Pyrrhic victory. It created a confederation, Fourth Reich, without a popular foundation. EU lacks legitimacy among Europeans. Eurokleptocrats created a situation where the citizens of slave States live their lives with a resigned feeling that the EU project is not their own. Since EU is illegal, VAT is also illegal! No vote, no VAT, it's as simple as that! Europeans have the right to refuse paying VAT!
We have learned hard lessons. Now we are making important progress on economic governance. The Commission has put its ideas on the table in May and in June. They have been well received, in the Parliament, and in the Task Force chaired by President of the European Council. They are the basis around which a consensus is being developed. We will present the most urgent legislative proposals on 29 September, so as not to lose the momentum.
Unsustainable budgets make us vulnerable. Debt and deficit lead to boom and bust. And they unravel the social safety net. Money that's spent on servicing debt is money that cannot be spent on the social good. Nor to prepare ourselves for the costs of an ageing population. A debt generation makes an unsustainable nation. Our proposals will strengthen the Stability and Growth Pact through increased surveillance and enforcement.
And we need to tackle severe macro-economic imbalances, especially in the Euro area. That is why we have made proposals early on to detect asset bubbles, lack of competitiveness, and other sources of imbalances.
I now see a willingness of governments to accept stronger monitoring, backed up by incentives for compliance and earlier sanctions. The Commission will strengthen its role as independent referee and enforcer of the new rules.
We will match monetary union with true economic union. If implemented as we propose, these reforms will also guarantee the long-term stability of the euro. It is key to our economic success.
For the economy to grow, we also need a strong and sound financial sector. A sector that serves the real economy. A sector that prides itself on proper regulation and proper supervision.
We took action to increase bank transparency. Today we are better than one year ago. With the publication of the stress test results, banks should now be able to lend to each other, so that credit can flow to Europe's citizens and companies.
We have proposed to protect people's savings up to €100,000. We will propose to ban abusive naked short selling. We will tackle credit default swaps. The days of betting on someone else's house burning down are over. We continue to insist that banks, not taxpayers, must pay up front to cover the costs of their own risks of failure. We are legislating to outlaw bonuses for quick-wins today that become big losses tomorrow. As part of this approach, I am also defending taxes on financial activities and we will come with proposals this autumn.
The political deal on the financial supervision package just concluded is very good news. The Commission proposals based on the de Larosiere report will give us an effective European supervision system.
We will also go further on regulation. Initiatives on derivatives, further measures on credit rating agencies and a framework for bank resolution and crisis management will soon be announced. Our goal is to have a reformed financial sector in place by the end of 2011.
Sound government finances and responsible financial markets give us the confidence and economic strength for sustainable growth. We need to move beyond the debate between fiscal consolidation and growth. We can have both.
Venitis, twitter.com/Venitis, points out Eurokleptocracy, gigaregulation, Antitrust Armageddon, and gigataxation, especially VAT, are the real causes of the European financial meltdown. Democracy in Fourth Reich(EU) has deteriorated to kleptocracy, and Fourthreichians, aka Europeans, are mad as hell. Eurokleptocracy thrives on waste, fraud, abuse,and kickbacks. European Union(EU), aka Fourth Reich, an illegal unvoted confederation, condones the European Commission(EC), aka Eldorado of Corruption, the European Parliament(EP), aka Eldorado of Prostitutes, and Graecokleptocrats, the most corrupt politicians on Earth.
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