Well, it appears that a little US pressure still performs miracles over here in Europe. Our dear government ministers were assembled in the Council today - in its EPSCO configuration. As today is the last day before the entry into force of the Lisbon Treaty, this was the last opportunity to get a politically explosive deal with the US on bank data surveillance through. Tomorrow, the European Parliament would have had a say, and practically, that meant US access to international bank data would have lapsed for at least a few months. Unacceptable! In fact, there were even worried voices saying that the US would simply pressure the Belgians or the Swiss, who now host the SWIFT servers, into handing the data over without any protections if there was no agreement.

You can understand as much. The Swiss are too busy worrying about Muslims these days to also square off with the US. The Belgians just managed to put a new Prime Minister in place now that they've sent Van Rompuy to the other Brussels. And their new PM is the same as the old PM whose divisiveness necessitated the Van Rompuy government in the first place. They'd be even bigger pushovers. So, the Council duly bowed, with Austria and Germany 'abstaining'.

The SWIFT (or TFTP) agreement is unseemly in representing a one-sided arrangement made in fear of having a one-sided arrangement without even notional protections. A good reflection on where the EU sees itself with regard to the US on security matters. But on the bright side, it's only valid for 9 months and the European Parliament will have the right to vote on an extension.

Also see ARGeezer's diary The long SWIFT arm of the US IRS