Rumpy Pumpy - Our Next Chancellor of the Exchequer
The plan will put Herman Van Rompuy, the new permanent European Council President from Belgium, in charge of “the economic governance of Europe”.
The next government in London may also face a tough fight in Europe because the German Chancellor suggested yesterday that a new treaty would be needed to give the EU extra economic powers — despite the pledge from EU leaders last year that the Lisbon treaty would be good for a decade.
President Sarkozy last night added: “The economic government of Europe is the European Council, which has been taken up by the 16 . It is still a subject for debate among the 27 members because our English friends are not on the same line. But we are making progress.”
Mr Van Rompuy, who has made no secret of his desire for more central control in Brussels over Europe’s economic planning, has been asked to lead a task force of member states, and the European Central Bank to look at “all options” for EU economic governance.
Interpretations of economic governance means vary widely and the devil will be in the detail. It could be interpreted as handing to the European Council of EU leaders the ability to tell any country how to manage its national debt or to invest more in EU priority areas such as education or poverty reduction.
It won't matter if it Darling or the other one who is No 11, the real power will be elsewhere.