EU Press Release, José Barroso 29 June 2012: The President of the European Council presented in a very detailed way our decisions. I will not repeat of course its comments. Let me just underline that this is indeed a very important set of conclusions because it shows substantial commitment to further action. As you know before this European Council and this euro area summit we mentioned that it would be important to have decisions on growth and we have taken these decisions today but also decisions for the future of the European Economic and Monetary Union and if possible also the possibility of some short term stabilization measures. And we have indeed achieved that. Because not only the leaders of the European Union Member States have generally agreed to pursue the work that has been prepared by the President of the European Council together with me, the President of the Eurogroup and the President of the ECB in terms of the genuine EMU but already today a fundamental decision was taken by the euro area. And this decision is no more than to have a single supervisory mechanism for the euro area. … as a matter of urgency. ….Of course this means that the ECB will be fully able to play its part in this euro area financial supervision. But not only we have taken this very important decision on the euro area level but also there are other measures that are now possible in terms of short term stabilization for some countries that are now feeling special pressure and there is concrete reference here to the case of Spain. A memorandum of understanding that we hope that will be now concluded as a matter of urgency for the financial support for the recapitalization of the Spanish banking sector with an important decision that is that when the ESM becomes available, this financial assistance that is now going to be provided by the EFSF will be transferred to the ESM, without gaining seniority status. This was in fact one of the main points in terms of market confidence in this operation and also some other decisions that are possible for other countries that are fully complying with the country specific recommendations and also the European Semester, the Stability and Growth Pact and the Macroeconomic Imbalances Procedure.

When we’ll have this European supervision reinforced it is stated that it will rely on appropriate conditionality, formalised in case of action through a Memorandum of Understanding. … So it means that not in the distant future direct recapitalization of banks will be possible under very strict conditions. …. So I think these are quite ambitious decisions and that shows once again the commitment of the Member States, namely those in the euro area, to the irreversibility of the euro and I think this will be recognized by all. Thank you.

The Daily Mail 29 June 2012: German Chancellor Angela Merkel forced into embarrassing U-turn after abandoning demands for tough reforms in exchange for rescue money
*It is agreed to lower borrowing costs of Italy and Spain
*Italian newspapers cannot hide their glee with anti-Merkel front pages
*Fears that Britain’s financial industry might be left isolated after it was also agreed to create a single supervisory body for euro area banks
*No confirmation on whether agreement includes sharing debt in the form of jointly issued eurobonds, which Germany is firmly opposed to.

They will also devote 120billion euros - taken from the European Stability Mechanism (ESM) - to stimulate jobs and growth after an apparent backdown by the austerity-conscious German Chancellor Angela Merkel.

There are fears that Britain’s financial industry might be left isolated by such a move.

The Express 29 June 2012: The leaders agreed on “the four building blocks” of a tighter European Union - but said they wouldn’t start pinning down details until a report in October. The building blocks were laid out in a sweeping document presented by Van Rompuy and colleagues earlier this week that included sharing debt in the form of jointly issued eurobonds.

Van Rompuy said the report expected in October would be “a specific and time-bound roadmap for the achievement of a genuine economic and monetary union.”
Mr Cameron is facing renewed pressure to hold a referendum on Britain’s membership of the EU. German finance minister Wolfgang Schaeuble said on Monday that closer integration in Europe could only go ahead with a ‘yes’ vote from the German people.

Comment: This means a European Economic and Monetary Union with an EU Finance minister to be developed in the coming years leading to a political Union. It confirms the European Stability and Competitiveness Pact and The European Semester dragging non-euro states into this way to communist leveling of wealth in the EU at the cost of North Europeans. Angela Merkel has once again given in and accepted debt about 60% of BIPs to be common to the euro countries – money to be paid by those who can within 7 days after a demand by the ECB and the ESM, until the last cent has been pulled out of the pockets of the EU savers and taxpayers. Purpose: to pay interest rates by the NWO owned banks to the big NWO banks who created the ongoing crisis and in fact owns the EU/World government Ltd.
Prime Minister Cameron´s worries that the British finance industry – Rothschild´s independent London City – is being isolated plays no greater role for the owner of the British finance industry: He owns the banks in Europe which will be bailed out for European taxpayers´money: He gains on the swings what is lost on the roundabouts. And who has to pay the money for the Growth fund (green energy) – if not the tax payers, since eurobonds have apparently not yet been accepted? And when they these bonds will be issued out of thin air they will be creating inflation at the cost of depositors.
A very heavy reaponsibility will load on the shoulders of the German electorate, if Schäuble really dares give them a referendum, which I strongly doubt.