|26 EU states agree compact on 'fiscal union'|
|Written by Chris Perver|
|Monday, 12 December 2011 12:48|
Twenty six of the twenty seven member states of the European Union agreed an inter-governmental compact over the weekend, as the financial crisis in the EuroZone deepens. The debt crisis that now engulfs around half a dozen members of the EuroZone is stoking fears that the European single currency is tottering on the brink of collapse. The governments of Greece and Italy collapsed after the European Commission imposed severe 'austerity measures' on the two nations, designed to rein in their massive debts and prop up the flailing currency. Technocratic governments were subsequently installed by the European Commission to oversee the implementation of EU reforms which are proving to be very unpopular among the people. Most people now believe that the crisis in the EuroZone is systemic, that a single currency cannot possibly function across a dozen or more countries that have divergent economies and fiscal policies. But the European project must never be allowed to fail, and so EU leaders have rushed to the aid of the single currency, proposing a raft of new measures aimed at improving financial accountability. The leaders of France and Germany, two of the biggest economies in Europe, were attempting to have the EU Constitution (otherwise known as the Lisbon Treaty) amended in order to avert the crisis. Control of the budgets of sovereign nations would be handed over to the European Commission, which would approve or disapprove them even before their democratically elected parliaments got a glimpse. A tax on financial transactions would be imposed by the EU to provide a bailout fund for bankrupt states. And governments which do not comply with the rules would automatically face punitive measures.
It was all too much for the UK to swallow. Eighty percent of the EU's financial transactions take place in the City of London, and Britain feared that they would come off much worse if Brussels started imposing regulations on trading. The Conservative government had also promised to hold a referendum if any more British sovereignty was handed over to unelected EU commissioners, and the British Prime Minister knew that if he caved in to the pressure, his political career would be over. So he rightly vetoed the EU proposals, which would have essentially created a superstate at the very heart of Europe. But even though an amended Lisbon Treaty is now off the cards, twenty six of the twenty seven member states are now planning to push through laws in their own parliaments which will give the European Commission even more control over their budgets. But it doesn't look like the race towards ever closer integration in Europe will end there. A six page memo published by the German foreign office raises fears that the current financial crisis will be used to drive further political integration in Europe. The memo entitled, The Future of the EU: Required Integration Policy Improvements for the Creation of a Stability Union, states that the establishment of a 'stability union' will be “immediately followed by moves on the way towards a political union”. In other words, in order for a single currency to work, the European Commission must have total control over the economies and policies of state governments. It's a natural progression. Either that or the Euro collapses. British Prime Minister David Cameron's veto may have thrown a spanner in the works for now. But despite all the fuss made over the UK refusal, you can bet that European leaders will be quietly planning their next moves.
Personally I would prefer that Britain was out of the European Union completely. But even though we despair at times of what is going on in the world, we must recognize that God is sovereign. It is still the Most High that rules in the kingdom of men, and gives it to whomsoever He will (Daniel 4:17). We recognize that prophecy is being fulfilled in our day, that the revived Roman Empire is coming to the fore. And just as Daniel prophesied, this final empire is indeed proving to be partly strong and partly weak. As French President Nicolas Sarkozy remarked in a recent interview, there now seem to be two Europes emerging...
Quote: “"We did everything, the chancellor and I, to allow the British to take part in the agreement. But there are now clearly two Europes," Sarkozy said in an interview with the French daily Le Monde. "One wants more solidarity between its members and more regulation. The other is attached only to the logic of the single market," he said.
The Bible predicts that during the tribulation period, the leaders of a ten-nation alliance will pledge their allegiance to the Beast (Revelation 17:13), and shall receive power to reign with him one hour. We have already seen how individual nations may be coerced into forfeiting their own sovereignty for the sake of a 'greater good', in this case financial stability. Perhaps what we are seeing now is just a token of what is to take place in a future day. Clearly what the Bible says would happen in the last days is coming to pass. That can only mean one thing, that the Lord Jesus Christ is coming back soon. Daniel's prophecy goes on to state that “in the days of these kings shall the God of heaven set up a kingdom, which shall never be destroyed”. The question is, are you part of His kingdom? Have your sins been forgiven? Have you trusted in the Lord Jesus Christ for salvation? Don't wait until it is too late. Believe on the Lord Jesus Christ for salvation today.