Graham Bishop's blog: ECOFIN finally sees sense and agrees "six pack" with Parliament - good omen for a grand economic/political bargain soon

Key is that Commission recommendation on policy and sanctions is automatically implemented unless overturned by a simple majority of the Member States. Ideally this should have required a stronger majority to overturn the Commission but this will do!

A major stumbling block to moving towards a political union of the eurozone has now been removed, so that is a good omen for a "grand bargain" at the October 18/19 Summit.

Graham Bishop, 16 September 2011