CONTENTS
Terms of Reference
Summary
Chapter 1: Introduction
The March 2011 report on The future of economic governance in the EU
Background to this report
Chapter 2: The Unfolding Crisis
Ireland
Portugal
Spain
Italy
The wider euro area and beyond
Chapter 3: Implementation of the 26 October 2011 Agreement
i) A writedown of Greek debt
b) Implementation and analysis
ii) Bank recapitalisation
b) Implementation and analysis
iii) Rescue funds
Box 1: The European rescue funds
b) Implementation and analysis
iv) Assessment of the 26 October agreement
Chapter 4: Other policy responses
An expanded role for the ECB
'Eurobonds'
Chapter 5: The December 2011 European Council and the Proposals for Treaty Change
Background: developments during 2011
The emergence of the new treaty
Box 2: Summary of the draft treaty on stability, coordination and governance in the economic and monetary union
Box 3: Which treaty?
Legal and related issues
Can the treaty confer new functions on EU institutions, and does it try to do so?
EU Court of Justice and the European Commission under Article 8
Transparency
Democratic accountability
Does the Treaty impose any new obligations on Member States?
Will the treaty help in the short-term?
Will the treaty help in the long term?
Conclusion
Implications for the United Kingdom
The approach to the December 2011 European Council
Why did the UK refuse to participate?
Safeguards
The future
Chapter 6: Beyond the Short Term
Economic growth
Chapter 7: Summary of Conclusions and Recommendations
Appendix 1: Membership and Interests
Appendix 2: List of Witnesses
Appendix 3: Glossary
NOTE:
Evidence is published online at www.parliament.uk/hleu
and available for inspection at the Parliamentary Archives (020
7219 5314)
References in footnotes to the Report are as follows:
Q # (Sub-Committee) refers to a question in oral
evidence heard by the Sub-Committee on Economic and Financial
Affairs and International Trade;
Q # (Select) refers to a question in oral evidence
heard by the Select Committee;
Witness names without a question reference refer
to written evidence.
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