Thu Dec 6th, 2012 at 09:40:41 AM EST
This didn't get much play, as far as I've been able to see:
EUobserver.com / Institutional Affairs / EU leaders to consider eurozone budget, reform 'contracts'
BRUSSELS - EU leaders meeting later this month in Brussels will try to iron out disagreements on a new eurozone banking supervisor and consider further steps to deepen the economic union, such as a eurozone budget and binding "contracts" on reforms.
According to draft guidelines discussed on Wednesday (3 October) by EU ambassadors for the summit conclusions on 18-19 October, member states should consider "individual contractual arrangements with the European level on the reforms they commit to undertake and their implementation."
The idea, although controversial, is not new. Germany has long fought to have more supervision of national decisions on budgets, labour market reforms, pension schemes or retirement age in member states.
It sees this as a quid pro quo for its approval of the Greek, Portuguese, Irish and now Spanish bailouts, the setting up of a permanent bailout fund, and the tacit endorsement of a bond-buying scheme by the European Central Bank.
So, after the forced acceptance of the "golden rule", it'll be forced acceptance of labour market and pension reforms. These, as we've said here for years now, aim at one thing: reducing wages. And Germany wants this as a reward for being nice.
In other news, Germany is still standing in the way of a viable banking union for the Eurozone.