Looks like #EUCO has reached the point of “last resort” where enhanced cooperation can kick in to “further the objectives of the Union, protect its interests and reinforce its integration process” (Art. 20 TEU). Merkel & Macron can easily corral the minimum 9 member states. 1/
The group will represent the majority of EU population and the great bulk of its GNI. @vonderleyen needs to make the proposal based on the Commission’s original plan to issue eurobonds at scale to fund an economic recovery programme run by itself subject only to reverse QMV. 2/
Eurobond-holders will be paid by direct taxes levied only from taxpayers in the participating states. Spending will be above and beyond the EU budget. Council unanimity is required to launch such enhanced cooperation and MEPs have to give their consent (Art. 329 TFEU). 3/
This is a federal initiative inside the EU’s confederal framework, consistent with the Treaties, pukka with the Court of Justice @EUCourtPress . The markets should maintain the AAA status of @EU_Commission . 4/
.@eucopresident should endorse this process and get on with the normal #MFF negotiations. Continuing to be strung out by nationalists and frugals is undignified for the Union and inadequate to present needs. Call their bluff. /END
ADDENDUM: As some have pointed out, Art. 329(1) implies simple QMV to trigger the enhanced cooperation. In practice, I believe there will have to be a broad, tacit consensus in order to proceed - *relaxed* unanimity. That's the challenge facing Charles Michel.
