Joint with the 'Spanish veto', the budget deficit is the most overemphasised and misinterpreted aspect of Scotland joining the EU under independence. Short version: No, Scotland's notional budget deficit does not put EU membership in doubt. A thread. thetimes.co.uk/article/scotla…
All EU members sign up to the Stability and Growth Pact and other rules designed to promote sound public finances and therefore ensure the economic and fiscal sustainability of individual Member States and the Union as a whole. These rules apply to members, not just candidates
As we all must know by now, given this is one of the only aspects of EU membership ever discussed (and poorly at that) in Scotland, these rules include a target of achieving a national budget deficit with a reference value of 3% of GDP or less. The Commission monitors compliance
The budget deficit target is therefore a feature of membership, which all members should work to meet. It is not an iron-clad rule which must be satisfied or else your EU membership or application is over, which is how the target is regularly presented in Scotland and the UK
Put another way, Scotland's national budget deficit would not make or break its application to join the EU. It could apply regardless of its budget deficit at the time. Scotland would emphatically not have to wait to apply to join the EU until or unless its deficit was at 3%
Indeed, nearly every EU member has at one time or another not met the 3% target and thus been in the Excessive Deficit Procedure, including Germany and the Netherlands, the regular top economic performers in the EU & eurozone. A manageable phenomenon then ec.europa.eu/info/business-…
In March 2020, the EU activated the 'general escape clause' of the Stability and Growth Pact to provide all Member States with flexibility on the 3% target and other rules to respond to the pandemic consilium.europa.eu/en/press/press…
The EU will surely take pandemic-related fiscal circumstances, for members and candidates, into account on rules and policies for years to come. However, regardless of prevailing views in Brussels and EU capitals on the budget deficit target, Scotland's EU prospects remain strong
In the course of accession negotiations, it is highly probable that Scotland and the EU would find a reasonable and mutually-acceptable arrangement related to the Scottish budget deficit and fiscal trajectory, taking into account Scotland's particular circumstances as a new state
Prospective Scottish EU membership would not hinge on Scotland's budget deficit. Instead of recycling the same arguments on deficit, it would be far better to have a serious and substantive debate on wider EU membership & Scotland's role in the EU – FIN – bit.ly/36kYAK0

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Anthony Salamone

Anthony Salamone Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @AMSalamone

23 Apr
#SP2021 | Analysis of the Scottish Labour manifesto: European and international affairs elements. A brief selection. Brexit happened somewhere (else) #SP21 scottishlabour.org.uk/where-we-stand…
EU | Scottish Labour says that Scotland and the UK should have 'as close a relationship with the EU as possible'. Which means what? Keeping the Trade and Cooperation Agreement (which is not close)? Rejoining the EU? Something else? Some measure of vision and detail would be good
BREXIT | Scottish Labour opposes using Brexit to weaken environmental standards and the 'chaos' for fisheries from the 'botched EU deal'. Yet, it proposes nothing on how it would approach the EU relationship instead. Brexit and EU relations are presented as a passive exercise
Read 10 tweets
2 Mar
What was that? You are looking for a comprehensive, independent and realistic plan for how Scotland could join the EU? I am glad you asked... #indyref2 thetimes.co.uk/article/snp-mu…
Why not try Scotland's EU Blueprint, the 136-page, 47,000-word report from @euromerchants? It covers every aspect of how an independent Scotland could join the EU and become a successful EU Member State bit.ly/SC-EU
The blueprint is available in full online and it will shortly be available in print. While we are here, let's address some of the questions and 'interesting' arguments raised in this article
Read 20 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!