Tag Archives: Article 104

The Chains of the Maastricht Treaty

Who has benefitted from the United Kingdom agreeing to Article 104 of the Maastricht Treaty?

A German TV program on the financial crisis suggested that there are 500 lobbyists from the banking industry for every lobbyist from the real economy.

The Treasury spelled it out in a letter to Alexander Baron, publisher of Financial Reform: Article 104 expressly forbids credit facilities for national governments. That means, governments are expected to borrow in the free market, while the EU overlooks their deficits, i.e. needs for borrowing. What a claim to supra-national control!