Article 154

LONDON – Europe is now haunted by the spectre of debt. All European leaders quail before it. To exorcise the demon, they are putting their economies through the wringer.

Negotiating the details of the „Fiscal Compact“ Treaty: Much ado about nothing -

Before S&P dropped the bomb on Friday that France and Austria were losing their Triple-A-rating, most of the crisis reporting last week had been concerned with the different drafts for the new “Fiscal Compact” Treaty to be signed at the euro summit at the end of January.

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Article 154

1. The Commission shall have the task of promoting the consultation of management and labour at Union level and shall take any relevant measure to facilitate their dialogue by ensuring balanced support for the parties.

2. To this end, before submitting proposals in the social policy field, the Commission shall consult management and labour on the possible direction of Union action.

3. If, after such consultation, the Commission considers Union action advisable, it shall consult management and labour on the content of the envisaged proposal. Management and labour shall forward to the Commission an opinion or, where appropriate, a recommendation.

4. On the occasion of such consultations set out in paragraphs 2 and 3, management and labour may inform the Commission of their wish to initiate the process provided for in Article 155. The duration of this process shall not exceed nine months, unless the management and labour concerned and the Commission decide jointly to extend it.

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