New EC Thread
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Re: New EC Thread
fuzeta Wed 6 Feb - 22:17
Having a referendum in 2015 might as well be the 12th of never! If they do not get back in and Miliband does then we have no chance of a referendum. We need it now, get on with it Cameron NOW. Who knows what another two years of this EU shambles will do to our country, well we can guess.
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Re: New EC Thread
Panda Wed 6 Feb - 22:36
That's why Cameron is such a useless PM, he is not pro=active, he is re-active and is not taking the Party with him. Did he really have to bring in the Law on same sex marriages just now? It has proved so divisive. Now he is willing to help France out when Hollande said not long ago that he would put the red carpet down for Britain to leave the EU. Havn't our Army lost too many lives over the last 10 years, let's declare ourselves Neutral like Switzerland.fuzeta wrote:Having a referendum in 2015 might as well be the 12th of never! If they do not get back in and Miliband does then we have no chance of a referendum. We need it now, get on with it Cameron NOW. Who knows what another two years of this EU shambles will do to our country, well we can guess.
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Re: New EC Thread
Panda Thu 7 Feb - 9:08
7 February 2013 Last updated at 03:43
Share this page
EU leaders set for crucial budget summit
Angela Merkel and Francois
Hollande held a "short but intense" meeting on Wednesday
Continue reading the main story
Related Stories
European Union leaders are due to
begin a two-day summit in Brussels to try to strike a deal on the next seven
years of EU spending.
High EU expenditure at a time of cutbacks and austerity across the continent
is the main issue dividing the 27 member states.
They failed to reach a compromise at a similar summit last November.
The BBC's Europe editor Gavin Hewitt says the summit will almost certainly
demand cuts in EU administration.
However, whatever is agreed still has to go to the European Parliament and
MEPs are big backers of EU spending, he adds.
The EU Commission - the EU's executive body - had originally wanted a budget
ceiling of 1.025tn euros (£885bn; $1.4tn) for 2014-2020, a 5% increase. In
November that was trimmed back to 973bn euros and later revised down to 943bn
euros.
However, with other EU spending commitments included, that would still give
an overall budget of 1.011tn euros.
The UK, Germany and other northern European nations want to lower EU spending
to mirror the cuts being made by national governments across the continent.
Continue reading the main story
“Start Quote
Quote
Gavin
Hewitt Europe editor
Downing Street said on Wednesday that Prime Minister
David Cameron was intent on seeking an agreement to lower EU spending.
"The UK's position is unchanged since the November European Council -
spending needs to be reduced further than the proposals on the table," a
spokesman said.
"The prime minister said in the [House of] Commons that he thought a deal
would be difficult. That's not saying that it can't be done. The EU budget
negotiations are always traditionally fairly difficult."
Compromises
Another grouping, led by France and Italy, wants to maintain spending but
target it more at investment likely to create jobs.
French President Francois Hollande told reporters on Sunday that conditions
were "not yet in place" for a deal but also signalled that Paris was prepared to
make compromises.
He and German Chancellor Angela Merkel held talks in Paris on Wednesday
before attending a France-Germany football match.
Mrs Merkel's spokesman said she and President Hollande had had "a short but
intense meeting... to see what kind of agreement could be made".
David Cameron and Angela Merkel
want EU spending to mirror Europe's tough financial times
Mrs Merkel - seen as the powerbroker in the summit - has already acknowledged
that the talks will be "very difficult".
In Brussels, a European Parliament spokesman warned that more severe cuts
would leave the commission unable to do its job as the EU integrates more deeply
in response to the financial crisis.
"How can we imagine that an EU institution can ensure a proper banking union
with a budget that is cut by whatever billions in figures we hear, here and
there?" said spokesman Olivier Bailly.
"At the moment, there is a need for a reality check between the requests that
are sent to the commission, the council, the parliament, or the European Central
Bank, and the budget - the means - that are given to these institutions to
fulfil their commitments."
The split in the EU reflects the gap between richer European countries and
those that rely most on EU funding.
The argument for higher spending is supported by many countries that are net
beneficiaries, including Poland, Hungary and Spain.
Others, mostly the big net contributors, argue it is unacceptable at a time
of austerity.
Germany, the UK, France and Italy are the biggest net contributors to the
budget, which amounts to about 1% of the EU's overall GDP.
Analysts say failure to reach an agreement on its seven-year budget would
mean the EU falling back on more expensive annual budgets.
======================
The Euro has strengthened over the last few days and causing concern, Draghi may have to intervene.
Share this page
EU leaders set for crucial budget summit
Angela Merkel and Francois Hollande held a "short but intense" meeting on Wednesday
Continue reading the main story
Related Stories
European Union leaders are due to
begin a two-day summit in Brussels to try to strike a deal on the next seven
years of EU spending.
High EU expenditure at a time of cutbacks and austerity across the continent
is the main issue dividing the 27 member states.
They failed to reach a compromise at a similar summit last November.
The BBC's Europe editor Gavin Hewitt says the summit will almost certainly
demand cuts in EU administration.
However, whatever is agreed still has to go to the European Parliament and
MEPs are big backers of EU spending, he adds.
The EU Commission - the EU's executive body - had originally wanted a budget
ceiling of 1.025tn euros (£885bn; $1.4tn) for 2014-2020, a 5% increase. In
November that was trimmed back to 973bn euros and later revised down to 943bn
euros.
However, with other EU spending commitments included, that would still give
an overall budget of 1.011tn euros.
The UK, Germany and other northern European nations want to lower EU spending
to mirror the cuts being made by national governments across the continent.
Continue reading the main story
“Start Quote
End
The mood now remains cautiously optimistic but the Germans,
who like to downplay expectations ahead of summits, are saying the talks will be
"difficult and divisive". ”
Quote
Gavin
Hewitt Europe editor
Downing Street said on Wednesday that Prime Minister
David Cameron was intent on seeking an agreement to lower EU spending.
"The UK's position is unchanged since the November European Council -
spending needs to be reduced further than the proposals on the table," a
spokesman said.
"The prime minister said in the [House of] Commons that he thought a deal
would be difficult. That's not saying that it can't be done. The EU budget
negotiations are always traditionally fairly difficult."
Compromises
Another grouping, led by France and Italy, wants to maintain spending but
target it more at investment likely to create jobs.
French President Francois Hollande told reporters on Sunday that conditions
were "not yet in place" for a deal but also signalled that Paris was prepared to
make compromises.
He and German Chancellor Angela Merkel held talks in Paris on Wednesday
before attending a France-Germany football match.
Mrs Merkel's spokesman said she and President Hollande had had "a short but
intense meeting... to see what kind of agreement could be made".
David Cameron and Angela Merkel want EU spending to mirror Europe's tough financial times
Mrs Merkel - seen as the powerbroker in the summit - has already acknowledged
that the talks will be "very difficult".
In Brussels, a European Parliament spokesman warned that more severe cuts
would leave the commission unable to do its job as the EU integrates more deeply
in response to the financial crisis.
"How can we imagine that an EU institution can ensure a proper banking union
with a budget that is cut by whatever billions in figures we hear, here and
there?" said spokesman Olivier Bailly.
"At the moment, there is a need for a reality check between the requests that
are sent to the commission, the council, the parliament, or the European Central
Bank, and the budget - the means - that are given to these institutions to
fulfil their commitments."
The split in the EU reflects the gap between richer European countries and
those that rely most on EU funding.
The argument for higher spending is supported by many countries that are net
beneficiaries, including Poland, Hungary and Spain.
Others, mostly the big net contributors, argue it is unacceptable at a time
of austerity.
Germany, the UK, France and Italy are the biggest net contributors to the
budget, which amounts to about 1% of the EU's overall GDP.
Analysts say failure to reach an agreement on its seven-year budget would
mean the EU falling back on more expensive annual budgets.
======================
The Euro has strengthened over the last few days and causing concern, Draghi may have to intervene.
Panda- Platinum Poster
-
Number of posts : 30555
Age : 67
Location : Wales
Warning :
Registration date : 2010-03-27
Re: New EC Thread
Panda Thu 7 Feb - 22:14
7 February 2013 Last updated at 22:04
Share this page
Share
this page
EU budget summit wrestles over cuts
David Cameron says the EU "should not be immune" from spending
cuts
Continue reading the main story
Related Stories
EU leaders have begun budget
negotiations hours later than planned, amid deep divisions over spending
priorities for the next seven years.
The Brussels summit chair, Herman Van Rompuy, urged them to compromise and
keep the EU budget focused on growth, innovation and creating jobs.
The two-day summit aims to reach a deal that eluded the leaders last
November.
British Prime Minister David Cameron says he will not accept a deal unless
further cuts are made to the draft.
He said the figures being proposed for 2014-2020 "need to come down - and if
they don't... there won't be a deal".
Any one of the 27 member states can veto a budget deal - a fact which makes
the negotiations all the more difficult.
Continue reading the main story
“Start Quote
Gavin
Hewitt Europe editor
Earlier on Thursday leaders explored possible
compromises in small groups.
Clash of
priorities
The summit pits Mr Cameron and some northern European allies - who want EU
spending reined in tightly - against mostly eastern and southern European
countries who want to protect the big budget areas of agriculture and cohesion
funding for the poorest regions.
France's President Francois Hollande, a socialist, champions European
"solidarity" and opposes the deep cuts urged by Mr Cameron. Mr Hollande
signalled some readiness to compromise, but said he would not accept a budget
that "disregards agriculture and ignores growth".
France is the biggest beneficiary from the EU's Common Agricultural Policy,
which accounts for about one-third of the entire budget.
Mr Cameron met his counterparts from Denmark, the Netherlands and Sweden -
leaders who are potential allies in the tough negotiations.
Continue reading the main story
How does the EU spend its money?
Mr Cameron also had a separate meeting with German
Chancellor Angela Merkel, Mr Van Rompuy and EU Commission President Jose Manuel
Barroso. President Hollande failed to turn up for that meeting because of
"scheduling difficulties", UK officials said.
The Commission - the EU's executive body - had originally wanted a budget
ceiling of 1.025tn euros (£885bn; $1.4tn) for 2014-2020, a 5% increase. In
November that ceiling was trimmed back to 973bn euros, equivalent to 943bn euros
in actual payments.
But with other EU spending commitments included, that would still give an
overall budget of 1.011tn euros.
The UK, Germany and other northern European nations want to lower EU spending
to mirror the cuts being made by national governments.
An EU source told BBC News any extra cut would probably be made to
growth-related spending in areas such as energy, transport, the digital economy
and research.
The biggest spending areas - agriculture and regional development - are
largely ring-fenced because of strong national interests, the source said,
speaking on condition of anonymity.
The budget amounts to about 1% of the EU's overall GDP - it is dwarfed by the
combined national budgets.
Parliament's voice
The BBC's Europe editor Gavin Hewitt notes that whatever is agreed has still
to go to the European Parliament, and MEPs are big backers of EU spending.
Continue reading the main story
How far they can go
On Twitter the parliament's president, German socialist
Martin Schulz, warned that "funding for food banks is to be cut by half, even
though they are providing more and more people with their only meal of the
day".
And he warned the EU leaders that MEPs would reject an austerity budget that
cut "the investment which people now need more than ever".
The summit was to have begun at 14:00 GMT on Thursday, but the formal session
did not get under way until 19:45.
Mrs Merkel - seen as the main powerbroker in the summit - has already
acknowledged that the talks will be "very difficult".
A European Parliament spokesman warned that more staffing cuts would leave
the EU Commission unable to do its job, as EU institutions integrated further
and took on new responsibilities in response to the debt crisis.
"How can we imagine that an EU institution can ensure a proper banking union
with a budget that is cut by whatever billions in figures we hear, here and
there?" said spokesman Olivier Bailly.
The split in the EU reflects the gap between richer European countries and
those that rely most on EU funding.
The argument for higher spending is supported by many countries that are net
beneficiaries, including Poland, Hungary and Spain.
Others, mostly the big net contributors, argue it is unacceptable at a time
of austerity. Germany, the UK, France and Italy are the biggest net
contributors.
Failure to reach agreement on the seven-year budget would mean the EU rolling
over annual budgets - a method that would be more expensive and would complicate
long-term projects.
Share this page
Share
this page
EU budget summit wrestles over cuts
David Cameron says the EU "should not be immune" from spending
cuts
Continue reading the main story
Related Stories
EU leaders have begun budget
negotiations hours later than planned, amid deep divisions over spending
priorities for the next seven years.
The Brussels summit chair, Herman Van Rompuy, urged them to compromise and
keep the EU budget focused on growth, innovation and creating jobs.
The two-day summit aims to reach a deal that eluded the leaders last
November.
British Prime Minister David Cameron says he will not accept a deal unless
further cuts are made to the draft.
He said the figures being proposed for 2014-2020 "need to come down - and if
they don't... there won't be a deal".
Any one of the 27 member states can veto a budget deal - a fact which makes
the negotiations all the more difficult.
Continue reading the main story
“Start Quote
End Quote
The mood now remains cautiously optimistic but the Germans,
who like to downplay expectations ahead of summits, are saying the talks will be
'difficult and divisive'”
Gavin
Hewitt Europe editor
Earlier on Thursday leaders explored possible
compromises in small groups.
Clash of
priorities
The summit pits Mr Cameron and some northern European allies - who want EU
spending reined in tightly - against mostly eastern and southern European
countries who want to protect the big budget areas of agriculture and cohesion
funding for the poorest regions.
France's President Francois Hollande, a socialist, champions European
"solidarity" and opposes the deep cuts urged by Mr Cameron. Mr Hollande
signalled some readiness to compromise, but said he would not accept a budget
that "disregards agriculture and ignores growth".
France is the biggest beneficiary from the EU's Common Agricultural Policy,
which accounts for about one-third of the entire budget.
Mr Cameron met his counterparts from Denmark, the Netherlands and Sweden -
leaders who are potential allies in the tough negotiations.
Continue reading the main story
How does the EU spend its money?
Mr Cameron also had a separate meeting with German
Chancellor Angela Merkel, Mr Van Rompuy and EU Commission President Jose Manuel
Barroso. President Hollande failed to turn up for that meeting because of
"scheduling difficulties", UK officials said.
The Commission - the EU's executive body - had originally wanted a budget
ceiling of 1.025tn euros (£885bn; $1.4tn) for 2014-2020, a 5% increase. In
November that ceiling was trimmed back to 973bn euros, equivalent to 943bn euros
in actual payments.
But with other EU spending commitments included, that would still give an
overall budget of 1.011tn euros.
The UK, Germany and other northern European nations want to lower EU spending
to mirror the cuts being made by national governments.
An EU source told BBC News any extra cut would probably be made to
growth-related spending in areas such as energy, transport, the digital economy
and research.
The biggest spending areas - agriculture and regional development - are
largely ring-fenced because of strong national interests, the source said,
speaking on condition of anonymity.
The budget amounts to about 1% of the EU's overall GDP - it is dwarfed by the
combined national budgets.
Parliament's voice
The BBC's Europe editor Gavin Hewitt notes that whatever is agreed has still
to go to the European Parliament, and MEPs are big backers of EU spending.
Continue reading the main story
How far they can go
- The European Commission's original proposal for a budget ceiling of 1.025tn
euros was whittled down to 973bn at the November summit - An EU source has told BBC News that a further cut is now likely, which could
bring the budget down to about 920bn in actual payments - The UK has argued for a figure as low as 886bn and its calls for restraint
are echoed by Germany, the Netherlands and Sweden - France and Italy favour the November figure but want spending refocused on
investment for growth - Poland, the biggest of the new member-states which benefit significantly
from EU subsidies, has said further deep cuts to the budget are
"inconceivable" - The European Parliament, which can vote down the budget, is likely to oppose
any deep cuts - If the new seven-year budget is blocked, the 2013 budget will be rolled over
into 2014, creating uncertainty over future EU spending
On Twitter the parliament's president, German socialist
Martin Schulz, warned that "funding for food banks is to be cut by half, even
though they are providing more and more people with their only meal of the
day".
And he warned the EU leaders that MEPs would reject an austerity budget that
cut "the investment which people now need more than ever".
The summit was to have begun at 14:00 GMT on Thursday, but the formal session
did not get under way until 19:45.
Mrs Merkel - seen as the main powerbroker in the summit - has already
acknowledged that the talks will be "very difficult".
A European Parliament spokesman warned that more staffing cuts would leave
the EU Commission unable to do its job, as EU institutions integrated further
and took on new responsibilities in response to the debt crisis.
"How can we imagine that an EU institution can ensure a proper banking union
with a budget that is cut by whatever billions in figures we hear, here and
there?" said spokesman Olivier Bailly.
The split in the EU reflects the gap between richer European countries and
those that rely most on EU funding.
The argument for higher spending is supported by many countries that are net
beneficiaries, including Poland, Hungary and Spain.
Others, mostly the big net contributors, argue it is unacceptable at a time
of austerity. Germany, the UK, France and Italy are the biggest net
contributors.
Failure to reach agreement on the seven-year budget would mean the EU rolling
over annual budgets - a method that would be more expensive and would complicate
long-term projects.
Panda- Platinum Poster
-
Number of posts : 30555
Age : 67
Location : Wales
Warning :
Registration date : 2010-03-27
Re: New EC Thread
Panda Fri 8 Feb - 7:15
Victory for David Cameron as EU budget is cut for first time in history
Europe's leaders are poised this morning to cut the European Union's budget
for the first time in its 56 year history following a major victory for David
Cameron.
Prime Minister Cameron during a
news conference in Brussels Photo: REUTERS/Philippe
Wojazer
By Bruno Waterfield and James
Kirkup, Brussels
6:33AM GMT 08 Feb 2013
20 Comments
Proposals tabled early on Friday morning for Brussels budgets for the period
2014 to 2020 would slash the EU's spending by £30 billion between 2014 and 2020
compared to current levels of spending.
The historic cuts package tabled by Herman Van Rompuy, the EU president,
after a bitter battle between the Prime Minister and François Hollande, the
French President, could save the British taxpayer up to £500 million a year.
A "negotiating box" was tabled at 6.30am on Friday morning and the first ever
that reduces EU expenditure was close to agreement after Angela Merkel, the
German Chancellor, threw Germany's weight behind Britain during almost 20 hours
of gruelling talks.
"For the first time in the EU's history there will be a real budget cut,"
said Dalia Grybauskaite, Lithuania's President and former EU budget commissioner
during the last seven year Brussels spending round in 2005.
The cuts include a £1.7 billion reduction in the size of the EU's
administrative budget.
Related Articles
But the deal could be blocked by MEPs after Martin Schulz, the speaker of the
European Parliament, threatened to use new powers under the Lisbon Treaty to
veto any cuts in the size of the EU budget.
"As President of the European Parliament, whose signature is required for the
definitive adoption of the budget, I cannot, will not and, indeed, may not
accept what amounts to deficit budgets," he said.
"Savings made in the EU budget are savings made in the wrong place, because
the EU budget is one of the most powerful sources of investment in Europe, a
source of investment which people now need more than ever. We are talking about
massive real cuts. I don't know if this can be described as realistic financial
planning."
In a dig at Mr Cameron's pledge to hold a referendum on EU membership, Mr
Schulz pointed out that the seven-year budget will cover "a time span during
which at least one member state has said that it may leave the European Union".
Talks began acrimoniously on Thursday afternoon when President Hollande
snubbed a meeting with Mr Cameron and the German Chancellor.
The French president failed to attend a scheduled meeting in Brussels with
the Prime Minister and Angela Merkel of Germany, who are trying to overcome
French resistance to cuts in EU spending.
Over almost 20 hours of negotiations, France was the major obstacle to a deal
that would squeeze the EU budget and cut billions from the pay and perks for
European bureaucrats.
Before the formal summit talks, Mr Cameron had been due to meet Mr Hollande,
Mrs Merkel and Mr Van Rompuy. However, the French leader did not attend the
hour-long meeting, refusing to answer frantic telephone calls form the EU
president.
Diplomats confirmed that France was the cause of "difficulties" at the
summit, as the French president forged an alliance with Italy, Spain and Poland,
countries that benefit from EU spending.
A budget proposed last year would have set EU spending at £830 billion over
seven years. Mr Cameron said that was too high, declaring: "The numbers need to
come down."
Mr Hollande and his allies tried to block a deal to cut spending to £800
billion as talks dragged on into Friday morning.
Despite working closely together recently over military operations in Mali,
Mr Cameron and Mr Hollande have openly disagreed over EU issues, including Mr
Cameron's promise of a British referendum and his call for budget cuts.
Europe's leaders are poised this morning to cut the European Union's budget
for the first time in its 56 year history following a major victory for David
Cameron.
Prime Minister Cameron during a
news conference in Brussels Photo: REUTERS/Philippe
Wojazer
By Bruno Waterfield and James
Kirkup, Brussels
6:33AM GMT 08 Feb 2013
20 Comments Proposals tabled early on Friday morning for Brussels budgets for the period
2014 to 2020 would slash the EU's spending by £30 billion between 2014 and 2020
compared to current levels of spending.
The historic cuts package tabled by Herman Van Rompuy, the EU president,
after a bitter battle between the Prime Minister and François Hollande, the
French President, could save the British taxpayer up to £500 million a year.
A "negotiating box" was tabled at 6.30am on Friday morning and the first ever
that reduces EU expenditure was close to agreement after Angela Merkel, the
German Chancellor, threw Germany's weight behind Britain during almost 20 hours
of gruelling talks.
"For the first time in the EU's history there will be a real budget cut,"
said Dalia Grybauskaite, Lithuania's President and former EU budget commissioner
during the last seven year Brussels spending round in 2005.
The cuts include a £1.7 billion reduction in the size of the EU's
administrative budget.
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But the deal could be blocked by MEPs after Martin Schulz, the speaker of the
European Parliament, threatened to use new powers under the Lisbon Treaty to
veto any cuts in the size of the EU budget.
"As President of the European Parliament, whose signature is required for the
definitive adoption of the budget, I cannot, will not and, indeed, may not
accept what amounts to deficit budgets," he said.
"Savings made in the EU budget are savings made in the wrong place, because
the EU budget is one of the most powerful sources of investment in Europe, a
source of investment which people now need more than ever. We are talking about
massive real cuts. I don't know if this can be described as realistic financial
planning."
In a dig at Mr Cameron's pledge to hold a referendum on EU membership, Mr
Schulz pointed out that the seven-year budget will cover "a time span during
which at least one member state has said that it may leave the European Union".
Talks began acrimoniously on Thursday afternoon when President Hollande
snubbed a meeting with Mr Cameron and the German Chancellor.
The French president failed to attend a scheduled meeting in Brussels with
the Prime Minister and Angela Merkel of Germany, who are trying to overcome
French resistance to cuts in EU spending.
Over almost 20 hours of negotiations, France was the major obstacle to a deal
that would squeeze the EU budget and cut billions from the pay and perks for
European bureaucrats.
Before the formal summit talks, Mr Cameron had been due to meet Mr Hollande,
Mrs Merkel and Mr Van Rompuy. However, the French leader did not attend the
hour-long meeting, refusing to answer frantic telephone calls form the EU
president.
Diplomats confirmed that France was the cause of "difficulties" at the
summit, as the French president forged an alliance with Italy, Spain and Poland,
countries that benefit from EU spending.
A budget proposed last year would have set EU spending at £830 billion over
seven years. Mr Cameron said that was too high, declaring: "The numbers need to
come down."
Mr Hollande and his allies tried to block a deal to cut spending to £800
billion as talks dragged on into Friday morning.
Despite working closely together recently over military operations in Mali,
Mr Cameron and Mr Hollande have openly disagreed over EU issues, including Mr
Cameron's promise of a British referendum and his call for budget cuts.
Panda- Platinum Poster
-
Number of posts : 30555
Age : 67
Location : Wales
Warning :
Registration date : 2010-03-27
Re: New EC Thread
Panda Fri 8 Feb - 7:23
Some of the comments.... very funny bob3! It appears the cut is only 0.1 %
tunnelrat
25 seconds ago
If this is true then well done Dave. (I never thought I would say
that!!!)
harry_monk
3 minutes ago
And this is a victory ? Good grief.
bob3
3 minutes ago
We will have to call Dave, Findus, he's flogging a dead horse
here.
Elliot Kane
3 minutes ago
Well, credit where it is due and I think we should congratulate David Cameron
on a job well done, here. Reducing the bloated EU budget is surely a landmark
achievement.
Now we have to pay less in the short time left until we leave the EU
entirely, which is a good thing! :)
Remarkable achievement or not, we are still better off
out.
beastinblack
2 minutes ago
Now time to reduce those bloated immigration figures!
bilbobaggins
6 minutes ago
What a sad small minded little town clerk is Mr Hollande oh yes and
vindictive too. His first response to journalists was to threaten the UK rebate
if he doesn't get a bigger EU budget to squander. Oi Hollande its my taxes you
want to increase and I didn't vote you that power.
beastinblack
3 minutes ago
Hollande calls Britain selfish but he is a hypocrite, they take in half the
number of migrants than we do every year, yet their country is huge.
Their farmers get paid to be lazy and their fisherman act like the own all of
Europes waters. We need a new Duke of Wellington asap.
beastinblack
7 minutes ago
Who do you think you are kidding Mr. Rompuy?
If you think we're on the run,
We are the boys who will stop your little game.
We are the boys who will make you think again.
'Cus who do you think you are kidding Mr. Rompuy?
If you think old England's done?
damicol
8 minutes ago
So they cut it by 0.3 % over 7 years
well whoop de doop.
That is about at my best calculation, back of envelope approximately 1/23
of what has been stolen thieved corrupt payments and criminal waste in just
the last 5 years.
Which basically means that they are thieving it 23 times at least faster than
the supposed savings,.
Listen them crow, look who opposes it and you will
see the thief's the corrupt and the criminals
They come out with this scam knowing damned well that they can cover this
measly pathetic amount in just three and a half months or 16 weeks by screwing
you all over again with their ponzi scams.
No reduction of less than 10% every effin year should have been on the
table.
Snakey_Pete
tunnelrat
25 seconds ago
If this is true then well done Dave. (I never thought I would say
that!!!)
harry_monk
3 minutes ago
And this is a victory ? Good grief.
bob3
3 minutes ago
We will have to call Dave, Findus, he's flogging a dead horse
here.
Elliot Kane
3 minutes ago
Well, credit where it is due and I think we should congratulate David Cameron
on a job well done, here. Reducing the bloated EU budget is surely a landmark
achievement.
Now we have to pay less in the short time left until we leave the EU
entirely, which is a good thing! :)
Remarkable achievement or not, we are still better off
out.
beastinblack
2 minutes ago
Now time to reduce those bloated immigration figures!
bilbobaggins
6 minutes ago
What a sad small minded little town clerk is Mr Hollande oh yes and
vindictive too. His first response to journalists was to threaten the UK rebate
if he doesn't get a bigger EU budget to squander. Oi Hollande its my taxes you
want to increase and I didn't vote you that power.
beastinblack
3 minutes ago
Hollande calls Britain selfish but he is a hypocrite, they take in half the
number of migrants than we do every year, yet their country is huge.
Their farmers get paid to be lazy and their fisherman act like the own all of
Europes waters. We need a new Duke of Wellington asap.
beastinblack
7 minutes ago
Who do you think you are kidding Mr. Rompuy?
If you think we're on the run,
We are the boys who will stop your little game.
We are the boys who will make you think again.
'Cus who do you think you are kidding Mr. Rompuy?
If you think old England's done?
damicol
8 minutes ago
So they cut it by 0.3 % over 7 years
well whoop de doop.
That is about at my best calculation, back of envelope approximately 1/23
of what has been stolen thieved corrupt payments and criminal waste in just
the last 5 years.
Which basically means that they are thieving it 23 times at least faster than
the supposed savings,.
Listen them crow, look who opposes it and you will
see the thief's the corrupt and the criminals
They come out with this scam knowing damned well that they can cover this
measly pathetic amount in just three and a half months or 16 weeks by screwing
you all over again with their ponzi scams.
No reduction of less than 10% every effin year should have been on the
table.
Snakey_Pete
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Re: New EC Thread
Panda Fri 8 Feb - 10:50
Italy: ‘Berlusconi effect, markets crash’
5 February 2013
Presseurop La Repubblica
La Repubblica, 5 February 2013The infamous “spread” – the difference between the yield of Italian bonds and German Bunds – rose 287 points while the Milan stock exchange fell 4 per cent. According to the centre-left daily it is a consequence of the turmoil around the Monte dei Paschi bank and of Silvio Berlusconi’s “irresponsible demagogy”, including the promise to refund the tax on houses introduced by incumbent PM Mario Monti.
Repubblica quotes a report by JP Morgan warning that Berlusconi, who is steadily rising in polls in the run up to the February 24-25 election, could make Italy a “risk for Europe” again.
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5 February 2013
Presseurop La Repubblica
La Repubblica, 5 February 2013The infamous “spread” – the difference between the yield of Italian bonds and German Bunds – rose 287 points while the Milan stock exchange fell 4 per cent. According to the centre-left daily it is a consequence of the turmoil around the Monte dei Paschi bank and of Silvio Berlusconi’s “irresponsible demagogy”, including the promise to refund the tax on houses introduced by incumbent PM Mario Monti.Repubblica quotes a report by JP Morgan warning that Berlusconi, who is steadily rising in polls in the run up to the February 24-25 election, could make Italy a “risk for Europe” again.
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UK:- EU teaching dropped over claims it is biased towards integration
Panda Fri 8 Feb - 17:18
United Kingdom: EU teaching dropped over claims it is ‘biased towards integration’
8 February 2013
Presseurop The Daily Telegraph
“The EU has been cut from the National Curriculum amid fears that current lessons are effectively biased towards European integration,” thunders The Daily Telegraph on its front page following news that the UK’s geography education syllabus has dropped all references to the economic and political bloc. The document replaces the curriculum introduced under the previous Labour government in which primary and secondary school pupils were required to study the EU. The daily reports that Whitehall officials believe that as the Union is a political and economic group, it is should not be included in geography classes.
8 February 2013
Presseurop The Daily Telegraph
“The EU has been cut from the National Curriculum amid fears that current lessons are effectively biased towards European integration,” thunders The Daily Telegraph on its front page following news that the UK’s geography education syllabus has dropped all references to the economic and political bloc. The document replaces the curriculum introduced under the previous Labour government in which primary and secondary school pupils were required to study the EU. The daily reports that Whitehall officials believe that as the Union is a political and economic group, it is should not be included in geography classes.
New history and citizenship syllabuses make reference to the UK’s relationship with Europe but make no mention of the EU itself. The disclosure is likely to delight Conservative Eurosceptics just weeks after David Cameron promised an in/out referendum on Europe if the Tories win the next general election.
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Re: New EC Thread
fuzeta Fri 8 Feb - 20:46
Well, well done Cameron. What will come out in the wash in the end we do not know. I am proud of our Country because we were the only ones to challenge. I noticed that quite a few other EU countries were full of glee when we achieved what we did. Said how much they supported us. Pity they did not come forward with that support beforehand and we were told we would be isolated.
As for Hollande!! What a vindictive nasty little man he is. What do France have against us? (oh I know!) Considering people in France get EU funding for farming land no bigger than our allotment and we pay for it.
It is like history repeating itself again and again. Only us to stand up for what is right and fight for every one's corner and we still get the muck thrown at us. deja vu. Something ought to be done about that tunnel
As for Hollande!! What a vindictive nasty little man he is. What do France have against us? (oh I know!) Considering people in France get EU funding for farming land no bigger than our allotment and we pay for it.
It is like history repeating itself again and again. Only us to stand up for what is right and fight for every one's corner and we still get the muck thrown at us. deja vu. Something ought to be done about that tunnel
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Re: New EC Thread
Panda Fri 8 Feb - 21:28
fuzeta, I think the Netherlands, Sweden and a couple of other Countries said they would support us and Merkel doesn't want Britain to leave because we are the third biggest contributor to the EU.fuzeta wrote:Well, well done Cameron. What will come out in the wash in the end we do not know. I am proud of our Country because we were the only ones to challenge. I noticed that quite a few other EU countries were full of glee when we achieved what we did. Said how much they supported us. Pity they did not come forward with that support beforehand and we were told we would be isolated.
As for Hollande!! What a vindictive nasty little man he is. What do France have against us? (oh I know!) Considering people in France get EU funding for farming land no bigger than our allotment and we pay for it.
It is like history repeating itself again and again. Only us to stand up for what is right and fight for every one's corner and we still get the muck thrown at us. deja vu. Something ought to be done about that tunnel
The EU cannot work on the assumption that one size fits all , there are different languages, cultures , economies etc.
Now there is Romania, Bulgaria, Macedonia waiting in the wings, all poor Countries how are they going to contribute their share? Still no mention of an EU Defence with all Countries contributing, even if this crisis is averted it is going to take years for the Economy to get back to normal.
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Re: New EC Thread
fuzeta Fri 8 Feb - 21:43
Yes they may have mentioned that they would support us but it was just a twitter in the background, They did not go to the forefront did they? Left us to it, they hung back and watched how it would turn out. Not good enough I'm afraid.
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Re: New EC Thread
Panda Fri 8 Feb - 22:01
when you think about it the EU is made up of Countries who have little in common , Hollande is a disgrace , he was quick enough to ask Britain for help in the Mali crisis ,yet publicly announced that he would supply the red carpet for Britain to walk out of the EU. One of the comments on the Telegraph articles says the agreement made to cut EU expenditure would amount to only .01 % ......not much to get excited about fuzeta. Remember the Butter mountains and Wine surplus a few years ago? Well Britain has joined the army of Wine growers because of foreign imports it is the only way they can try to make money, howver, they are competing against proven Wine Merchants, France, Italy , Spain Germany, Portugal.fuzeta wrote:Yes they may have mentioned that they would support us but it was just a twitter in the background, They did not go to the forefront did they? Left us to it, they hung back and watched how it would turn out. Not good enough I'm afraid.
What happened to our cox's apples, King Edward potatoes, Strawberries, etc?
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Re: New EC Thread
fuzeta Fri 8 Feb - 22:21
I agree Panda, not much to get excited about but it is a step and rattled a few cages. Perhaps encouraged the others to stand up for themselves a bit. Nothing worth doing happens overnight.
Yes what did happen to all our produce. Supermarkets not interested. They can get rubbish from abroad that is cheaper but tastes like it has never lived. What do they care as long as it it the right shape and size and gives them the most profit. Even the apple suppliers in this country have all but gone out of business. Blasted disgrace
Yes what did happen to all our produce. Supermarkets not interested. They can get rubbish from abroad that is cheaper but tastes like it has never lived. What do they care as long as it it the right shape and size and gives them the most profit. Even the apple suppliers in this country have all but gone out of business. Blasted disgrace
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Re: New EC Thread
Panda Fri 8 Feb - 22:43
Part of this was the EU Agricultural Policy, France benefits the most, and Farmers in Britain were paid £12, 000 a year to keep their fields fallow. This resulted in many young Farmers going to farm in Russia where they could lease land...quite ridiculous isn't it.fuzeta wrote:I agree Panda, not much to get excited about but it is a step and rattled a few cages. Perhaps encouraged the others to stand up for themselves a bit. Nothing worth doing happens overnight.
Yes what did happen to all our produce. Supermarkets not interested. They can get rubbish from abroad that is cheaper but tastes like it has never lived. What do they care as long as it it the right shape and size and gives them the most profit. Even the apple suppliers in this country have all but gone out of business. Blasted disgrace
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Re: New EC Thread
Panda Sun 10 Feb - 8:06
Competitiveness: Bribery is no way to reform Europe
8 February 2013Financial Times London
Kap
The EU should set its own economic goals and pursue them, writes the director of the Bruegel think-tank Jean Pisani-Ferry.
Financial TimesEuropean leaders have started a discussion on German-inspired “contracts for competitiveness and growth”. The idea, to put it bluntly, is to bribe reluctant governments into changing their economic policies. It may backfire – and a better approach is available.
The proposal put forward by the European Commission is that instead of exhorting governments in vain, and before a country reaches the point where it needs the IMF, the EU would support its reforms with temporary conditional transfers. It would agree with the government on a policy agenda and give grants in exchange for its implementation.
There is a case for such an approach. Reforms, even those most beneficial for society as a whole, are often opposed because they erode what economists call “rents”.
Fighting against change
Those enjoying rents – for example because the market for their product is kept closed – have every reason to fight against change. Those who would benefit from reform are more numerous but unorganised, so they do not fight for it. To overcome resistance, buying off the rents may be an advisable option. However, countries in need of reform generally also suffer from weak public finances. Hence the idea of relying on other countries’ money.
From their point of view, it may be better to pay a bit now rather than a lot later. Lack of reform hinders growth and competitiveness and is likely to create financial trouble. Yet there are objections. Buying off rents may be very costly. The politics of the proposal are awful. To negotiate domestic policy with international bodies is a humbling experience no government is likely to be keen on, unless forced to do so by markets.
8 February 2013Financial Times London
KapThe EU should set its own economic goals and pursue them, writes the director of the Bruegel think-tank Jean Pisani-Ferry.
Financial TimesEuropean leaders have started a discussion on German-inspired “contracts for competitiveness and growth”. The idea, to put it bluntly, is to bribe reluctant governments into changing their economic policies. It may backfire – and a better approach is available.
The proposal put forward by the European Commission is that instead of exhorting governments in vain, and before a country reaches the point where it needs the IMF, the EU would support its reforms with temporary conditional transfers. It would agree with the government on a policy agenda and give grants in exchange for its implementation.
There is a case for such an approach. Reforms, even those most beneficial for society as a whole, are often opposed because they erode what economists call “rents”.
Fighting against change
Those enjoying rents – for example because the market for their product is kept closed – have every reason to fight against change. Those who would benefit from reform are more numerous but unorganised, so they do not fight for it. To overcome resistance, buying off the rents may be an advisable option. However, countries in need of reform generally also suffer from weak public finances. Hence the idea of relying on other countries’ money.
From their point of view, it may be better to pay a bit now rather than a lot later. Lack of reform hinders growth and competitiveness and is likely to create financial trouble. Yet there are objections. Buying off rents may be very costly. The politics of the proposal are awful. To negotiate domestic policy with international bodies is a humbling experience no government is likely to be keen on, unless forced to do so by markets.
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Re: New EC Thread
Panda Sun 10 Feb - 16:41
Europe
Spain's Rajoy Scandal Threatens Europe's Fragile Peace
By Carol Matlack on February 04, 2013
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(Corrects to reflect that Berlusconi comments were made in a news report rather than an advertisement.)
Just as investors were starting to breathe easier about Europe, the threat of political upheaval in Spain and Italy could send them scurrying away again.
Spanish bond yields spiked Monday to their highest level in seven weeks, as Prime Minister Mariano Rajoy faced calls to resign over reports that he received illegal payments from a political party slush fund. Rajoy vehemently denies the allegation, but new polls show a majority of voters want to call a general election. “The dynamics in Spain are devastating,” strategist Michael Leister of Commerzbank in London told Bloomberg News. An election “would be a real shocker for the market.”
VIDEO: Spain's Rajoy Called to Quit on Payment AllegationsBond yields also are widening in Italy, where former Prime Minister Silvio Berlusconi has pulled nearly even in polls with center-left opponents who’ve been ensnared in a derivatives-trading scandal. With national elections set for Feb. 24-25, “Political risk is likely to become a more prominent source of market turbulence in the next few weeks,” Francis Yared, head of European rates strategy at Deutsche Bank (DB) in London, wrote in a note to clients.
The fear is that political turmoil could undo a fragile détente that has held since last summer in the euro zone’s third- and fourth-largest economies. Backed by European Central Bank President Mario Draghi’s promise of unlimited sovereign bond-buying, the governments of Rajoy in Spain and Mario Monti in Italy pushed ahead with unpopular austerity and structural reform measures. In the end, the ECB didn’t have to buy either country’s debt, as investors began tiptoeing back in, and borrowing costs fell back to affordable levels.
Now, though, Spain is in an uproar over reports by the newspaper El Pais that Rajoy received more than €277,000 ($375,000) from a secret fund run by the former treasurer of his People’s Party. The newspaper last month published copies of handwritten ledgers kept by the former treasurer that appeared to show regular payments to Rajoy over an 11-year period. A spokesman for the prime minister has said the records were “doctored,” and Rajoy said on Feb. 2 that he was the victim of a smear campaign.
STORY: Spain's Labor Reforms Start to Yield ResultsSupport for the prime minister appears to be dwindling fast. A poll published by El Pais on Feb. 3 showed his party with only 23.9 percent backing, the lowest on record, while 77 percent said they disapproved of Rajoy as head of government and 54 percent said a general election should be called.
The scandal in Italy revolves around disclosures that former managers of lender Monte dei Paschi di Siena executed secret derivatives contracts to conceal hundreds of millions of euros in losses on prior swaps. There’s no evidence that government officials took part in the coverup, but the former Monti government approved a taxpayer bailout of the bank, which has close connections to the Democratic Party of the Left headed by Pier Luigi Bersani.
Former Premier Berlusconi has taken advantage of the scandal in televised comments linking the bailout to an unpopular property tax. Recent opinion polls show Berlusconi has pulled within five or six percentage points of Bersani, as he promises to roll back tax increases and other austerity measures imposed under Monti. Italian voters are increasingly weary of austerity, as the economy remains mired in recession and is expected to shrink 1 percent this year.
GRAPHIC: In Spain, Chicken Will Trump Ham This Holiday SeasonSpain, where unemployment is at 26 percent and the economy is forecast to contract 1.5 percent this year, also is at risk of an austerity pushback. “In a recession of this magnitude, the worst thing that can happen to the Spanish economy is a political scandal,” José Carlos Diez, chief economist at Intermoney in Madrid, told Bloomberg News. “This is a theme that is going to be in the spotlight for a while and could undermine investor confidence if not addressed quickly.”
Spain's Rajoy Scandal Threatens Europe's Fragile Peace
By Carol Matlack on February 04, 2013
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Market data is delayed at least 15 minutes.
Company LookupGo
(Corrects to reflect that Berlusconi comments were made in a news report rather than an advertisement.)
Just as investors were starting to breathe easier about Europe, the threat of political upheaval in Spain and Italy could send them scurrying away again.
Spanish bond yields spiked Monday to their highest level in seven weeks, as Prime Minister Mariano Rajoy faced calls to resign over reports that he received illegal payments from a political party slush fund. Rajoy vehemently denies the allegation, but new polls show a majority of voters want to call a general election. “The dynamics in Spain are devastating,” strategist Michael Leister of Commerzbank in London told Bloomberg News. An election “would be a real shocker for the market.”
VIDEO: Spain's Rajoy Called to Quit on Payment AllegationsBond yields also are widening in Italy, where former Prime Minister Silvio Berlusconi has pulled nearly even in polls with center-left opponents who’ve been ensnared in a derivatives-trading scandal. With national elections set for Feb. 24-25, “Political risk is likely to become a more prominent source of market turbulence in the next few weeks,” Francis Yared, head of European rates strategy at Deutsche Bank (DB) in London, wrote in a note to clients.
The fear is that political turmoil could undo a fragile détente that has held since last summer in the euro zone’s third- and fourth-largest economies. Backed by European Central Bank President Mario Draghi’s promise of unlimited sovereign bond-buying, the governments of Rajoy in Spain and Mario Monti in Italy pushed ahead with unpopular austerity and structural reform measures. In the end, the ECB didn’t have to buy either country’s debt, as investors began tiptoeing back in, and borrowing costs fell back to affordable levels.
Now, though, Spain is in an uproar over reports by the newspaper El Pais that Rajoy received more than €277,000 ($375,000) from a secret fund run by the former treasurer of his People’s Party. The newspaper last month published copies of handwritten ledgers kept by the former treasurer that appeared to show regular payments to Rajoy over an 11-year period. A spokesman for the prime minister has said the records were “doctored,” and Rajoy said on Feb. 2 that he was the victim of a smear campaign.
STORY: Spain's Labor Reforms Start to Yield ResultsSupport for the prime minister appears to be dwindling fast. A poll published by El Pais on Feb. 3 showed his party with only 23.9 percent backing, the lowest on record, while 77 percent said they disapproved of Rajoy as head of government and 54 percent said a general election should be called.
The scandal in Italy revolves around disclosures that former managers of lender Monte dei Paschi di Siena executed secret derivatives contracts to conceal hundreds of millions of euros in losses on prior swaps. There’s no evidence that government officials took part in the coverup, but the former Monti government approved a taxpayer bailout of the bank, which has close connections to the Democratic Party of the Left headed by Pier Luigi Bersani.
Former Premier Berlusconi has taken advantage of the scandal in televised comments linking the bailout to an unpopular property tax. Recent opinion polls show Berlusconi has pulled within five or six percentage points of Bersani, as he promises to roll back tax increases and other austerity measures imposed under Monti. Italian voters are increasingly weary of austerity, as the economy remains mired in recession and is expected to shrink 1 percent this year.
GRAPHIC: In Spain, Chicken Will Trump Ham This Holiday SeasonSpain, where unemployment is at 26 percent and the economy is forecast to contract 1.5 percent this year, also is at risk of an austerity pushback. “In a recession of this magnitude, the worst thing that can happen to the Spanish economy is a political scandal,” José Carlos Diez, chief economist at Intermoney in Madrid, told Bloomberg News. “This is a theme that is going to be in the spotlight for a while and could undermine investor confidence if not addressed quickly.”
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Re: New EC Thread
Panda Sun 10 Feb - 17:05
European Parliament: Tackling the overfishing problem
8 February 2013
Presseurop Libération, La Vanguardia, Le Monde, Süddeutsche Zeitung
By 502 votes to 137, MEPs voted on February 6 “to adopt a common policy on sustainable fishing. That may seem trivial, but it is in reality a historical vote,” announces Libération The goal “is to reduce pressure on fish stocks to levels that can see them renewed by 2020.” This decision, writes La Vanguardia, represents a “shift in course”, especially because from 2014 onwards, discards – which make up 23 per cent of the catches of EU fleets – will be banned and all the fish caught will have to be brought back to port. It continues –
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8 February 2013
Presseurop Libération, La Vanguardia, Le Monde, Süddeutsche Zeitung
By 502 votes to 137, MEPs voted on February 6 “to adopt a common policy on sustainable fishing. That may seem trivial, but it is in reality a historical vote,” announces Libération The goal “is to reduce pressure on fish stocks to levels that can see them renewed by 2020.” This decision, writes La Vanguardia, represents a “shift in course”, especially because from 2014 onwards, discards – which make up 23 per cent of the catches of EU fleets – will be banned and all the fish caught will have to be brought back to port. It continues –
The need to curb the current overfishing and restore depleted fishing grounds and the awareness of the need to reduce the sizes of the fleets, are the pillars of the current shift to promote rational and sustainable fishing [... ] The fisheries policy embraces ethical values to put an end to the unacceptable habit of throwing back into the sea marine life that has no commercial value [...] Till now, the former fisheries policy has only encouraged overfishing of European stocks: 48 per cent of the estimated stocks in the Atlantic Ocean and close to 90 per cent in the Mediterranean Sea are overexploited.However, notes Le Monde,, the ban on discards did not meet with agreement all round –
Once landed at port, the fish that today are tossed back into the sea can be turned into fishmeal for animals, which itself brings a risk of developing this “accidental” fishing industry, note critics of this new system.However, by opting for sustainable fishing, Europe, with the third-largest fleet in the world, may be putting itself at a disadvantage against its international competitors, writes Süddeutsche Zeitung in Germany.
It would be naive and presumptuous to believe that its rivals [China and Peru] will follow Europe's noble example. In view of the power of the European fleet, though, much will be gained if the European vessels honour the principles of sustainability when they go fishing in non-European waters.Tools
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Re: New EC Thread
Panda Mon 11 Feb - 16:04
EU Banks May Need to Hit Basel Liquidity Targets Early
Q
Banks in the European Union may need to comply with an international liquidity rule before competitors in other parts of the globe as part of a deal on how the bloc should implement Basel banking standards.
G-7 Said to Discuss Statement to Calm Currency War Concern
Q
The Group of Seven nations are considering saying they won’t target exchange rates when setting policy as they try to calm concern the world is on the brink of a currency war, two officials from G-7 countries said.
Peugeot Bank’s State Guarantee Gets Temporary EU Approval
Q
PSA Peugeot Citroen’s finance arm was granted temporary European Union approval to receive a French government guarantee backing the issuance of 1.2 billion euros ($1.6 billion) of new bonds.
EU Crisis Damage Seen in Worst Quarter Since Lehman Wake
Q
Euro-area economic data due this week will probably show the damage inflicted by the region’s sovereign debt crisis with the worst quarterly decline in output for almost four years
Q
Banks in the European Union may need to comply with an international liquidity rule before competitors in other parts of the globe as part of a deal on how the bloc should implement Basel banking standards.
G-7 Said to Discuss Statement to Calm Currency War Concern
Q
The Group of Seven nations are considering saying they won’t target exchange rates when setting policy as they try to calm concern the world is on the brink of a currency war, two officials from G-7 countries said.
Peugeot Bank’s State Guarantee Gets Temporary EU Approval
Q
PSA Peugeot Citroen’s finance arm was granted temporary European Union approval to receive a French government guarantee backing the issuance of 1.2 billion euros ($1.6 billion) of new bonds.
EU Crisis Damage Seen in Worst Quarter Since Lehman Wake
Q
Euro-area economic data due this week will probably show the damage inflicted by the region’s sovereign debt crisis with the worst quarterly decline in output for almost four years
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Re: New EC Thread
Panda Tue 12 Feb - 13:33
Euro Crisis Seen Reaping Social Toll With Record Jobless
By Scott Hamilton - Jan 28, 2013 5:07 PM GMT
Euro-area jobless data this week will expose the social cost of last year’s debt crisis and recession on southern European economies as unemployment across the region probably rose to a record in December.
Unemployment in the 17-nation bloc climbed for a fifth month to 11.9 percent, according to the median of 34 economists’ forecasts in a Bloomberg News survey. That result due on Feb. 1 would show the highest jobless rate since records began in 1995. By contrast, German unemployment data the day before may show the jobless rate there held steady for a fourth month at 6.9 percent in January, a separate survey found.
Enlarge image
Euro Crisis Seen Reaping Social Toll With Record Unemployment
Angel Navarrete/Bloomberg
Fran Lopez, a jobless electrician, checks his mobile phone on a street bench near his home in Madrid, Spain. Photographer:
Fran Lopez, a jobless electrician, checks his mobile phone on a street bench near his home in Madrid, Spain. Photographer: Photographer: Angel Navarrete/Bloomberg
4:39 Jan. 23 (Bloomberg) -- Spanish expatriates Carlos Hernandez Sonseca, Raquel del Rosario and Pablo Medina talk about their decisions to leave their home country and seek jobs in Britain. They spoke with Bloomberg's Carol Olona in London on Jan. 18. (Source: Bloomberg)
7:59 Jan. 24 (Bloomberg) -- Anand Mahindra, chairman of Mahindra & Mahindra Ltd., discusses business sentiment, global employment growth and India's economy. He speaks with Bloomberg HT's Ozlem Dalga on the sidelines of the World Economic Forum's annual meeting in Davos, Switzerland. (Source: Bloomberg)
10:38 Jan. 22 (Bloomberg) -- John Studzinski, senior managing director at Blackstone Group LP, talks about the outlook for the World Economic Forum's annual meeting in Davos, Switzerland. Studzinski speaks with Erik Schatzker in Davos on Bloomberg Television's "Market Makers." (Source: Bloomberg)
Enlarge image
Euro Crisis Seen Taking Social Toll With Record Unemployment
David Ramos Vidal/Bloomberg
A sign reading "employment office" sits on the windows of an employment center in Barcelona.
A sign reading "employment office" sits on the windows of an employment center in Barcelona. Photographer: David Ramos Vidal/Bloomberg
While measures to stem the region’s debt turmoil have helped reduce sovereign bond yields from Spain to Greece, the recession and crisis have led to job cuts by companies and governments. The European Central Bank predicts the currency bloc’s economy will shrink 0.3 percent this year and President Mario Draghi said last week that the “jury is still out” on whether investor optimism can be reflected in economic momentum.
“The worst may be over for financial markets, but definitely not for the real economy,” Marco Valli, chief euro- area economist at UniCredit Global Research in Milan, said by telephone. “The unemployment situation is going to remain very poor at least for another year, if not longer.”
Spanish Unemployment
The euro was trading at $1.3463 at 4:49 p.m. in London, little changed on the day. The Stoxx Europe 600 Index (SXXP) was down 0.1 percent at 289.36.
Spanish data last week showed a record 26 percent of the workforce without jobs in the fourth quarter, bringing the total close to 6 million people. In Greece, the rate was even higher in October, at 26.8 percent, also a record.
“Companies are still shedding labor, especially in southern Europe,” Martin Van Vliet, an economist at ING Groep NV in Amsterdam, said in an interview. “Unemployment will probably continue to trend higher in the next couple of months.”
While economists predict the German unemployment rate will stay unchanged, they still see an increase of 8,000 people without work this month from December, according to the median forecast of 31 economists in a Bloomberg news survey.
The euro-area economy has shrunk for two successive quarters and economists predict a further 0.4 percent decline in gross domestic product in the final three months of last year, according to the median of 26 estimates in a Bloomberg survey. The International Monetary Fund on Jan. 23 cut its global growth forecast and projected a second year of contraction in the euro region.
Tensions Ease
While investor confidence in Germany, Europe’s largest economy, rose to the highest in 2 1/2 years this month as debt tensions ease, high unemployment and continued austerity measures elsewhere are undermining household sentiment and spending. An index of euro-area economic confidence probably rose to the highest level since June, according to the median estimate in a Bloomberg News survey of 30 economists.
“We’re in the phase of financial conditions improving and markets becoming more optimistic, but that has to feed through to the real economy,” ING’s Van Vliet said.
ECB Governing Council member Luc Coene said he would prefer the central bank’s as-yet-untapped bond-buying program to stay that way and it’s now up to governments to generate growth in the euro area.
‘Shallow’ Recovery
“There is only so much a central bank can do,” Coene, who heads Belgium’s central bank, said in an interview at the World Economic Forum in Davos, Switzerland, on Jan. 26. “Governments can make the adjustments that are needed to make the economy grow again. We are going to hear that message this year again and again. The next move won’t be from the ECB.”
No country has yet asked for a bailout that could trigger bond buying by the ECB after Draghi’s rescue plan, announced in July, ended a wave of panic in euro-region debt markets. The currency block will see a “shallow” recovery starting this year as long as leaders don’t hesitate to implement measures to reduce debt and increase competitiveness, Coene said.
France needs an economic overhaul to revive growth and help underpin the political union required to stabilize the euro region, Harvard economist Kenneth Rogoff said.
European governments’ policy responses to the debt crisis, such as a “half-hearted” banking union and national budget oversight by the European Commission, aren’t enough, Rogoff was quoted as saying in an interview published in German newspaper Die Welt today. Leaders need to start now with a push toward political integration that includes a European government with taxation powers, he told the Berlin-based daily.
‘Small Adjustment’
If governments follow through on their promises in the coming months, underlying momentum could mean the ECB will revise its prediction that the euro-area economy will contract by 0.3 percent this year, Coene said.
“When you look at the latest indicators in Germany, they point to a stronger underlying base of activity than was assumed,” he said. “If there is any adjustment to happen, it will be a small adjustment, and probably rather on the upside than the downside.”
Mark Carney, who is due to take over as Bank of England governor in July, said policy makers should secure “escape velocity” for their economies and there’s room for more monetary stimulus around the world. Policy in developed countries isn’t “maxed out” and central bankers can be flexible in meeting inflation goals, Carney, currently governor of the Bank of Canada, said on Jan. 26 in Davos.
‘Tough’ Conditions
Alongside the euro-area unemployment data, Eurostat, the European Union’s statistics office, will also release data on consumer prices for January. The annual inflation rate will remain at 2.2 percent, according to the median of 39 economists’ forecasts in a survey.
Euro-area economic conditions will be “tough” in the first half before a wider recovery takes hold in 2014, according to Patrick de Maeseneire, chief executive officer of Adecco SA (ADEN), the world’s biggest supplier of temporary workers.
This year “is not going to be a good year,” De Maeseneire said in an interview on Jan. 25. “The first six months will be tough, especially in France, especially in southern Europe,” he said. “Germany is also slowing down, we see automotive slowing down, and that’s going to have an effect on the surrounding economies.”
Job Cuts
PSA Peugeot Citroen (UG), Europe’s second-largest carmaker, said last month it will eliminate an additional 1,500 jobs by 2014, on top of 8,000 announced in July.
“Job shedding continues because it’s clear the euro zone economy is still in recession,” said UniCredit’s Valli. Still, “what we’re seeing right now is all the preconditions that are necessary in order to have some sort of economic improvement. Nothing in the near term, but down the road.”
Elsewhere in Europe, a report today from Hometrack Ltd. showed U.K. house prices stagnated in January as concern about the debt crisis and the impact of the British government’s fiscal squeeze hit demand. Prices in England and Wales were unchanged from December, the property researcher said.
A Commerce Department report today showed orders for durable goods in the U.S. rose in December for an unprecedented fourth consecutive month, indicating manufacturing will keep improving in 2013. Separate data found pending home sales declined in December for the first time since August, the National Association of Realtors reported.
Unemployment in the world’s largest economy was probably unchanged at 7.8 percent in January, according to the median forecast in a Bloomberg survey of economists before Labor Department figures Feb. 1.
By Scott Hamilton - Jan 28, 2013 5:07 PM GMT
Euro-area jobless data this week will expose the social cost of last year’s debt crisis and recession on southern European economies as unemployment across the region probably rose to a record in December.
Unemployment in the 17-nation bloc climbed for a fifth month to 11.9 percent, according to the median of 34 economists’ forecasts in a Bloomberg News survey. That result due on Feb. 1 would show the highest jobless rate since records began in 1995. By contrast, German unemployment data the day before may show the jobless rate there held steady for a fourth month at 6.9 percent in January, a separate survey found.
Enlarge image
Euro Crisis Seen Reaping Social Toll With Record Unemployment
Angel Navarrete/Bloomberg
Fran Lopez, a jobless electrician, checks his mobile phone on a street bench near his home in Madrid, Spain. Photographer:
Fran Lopez, a jobless electrician, checks his mobile phone on a street bench near his home in Madrid, Spain. Photographer: Photographer: Angel Navarrete/Bloomberg
4:39 Jan. 23 (Bloomberg) -- Spanish expatriates Carlos Hernandez Sonseca, Raquel del Rosario and Pablo Medina talk about their decisions to leave their home country and seek jobs in Britain. They spoke with Bloomberg's Carol Olona in London on Jan. 18. (Source: Bloomberg)
7:59 Jan. 24 (Bloomberg) -- Anand Mahindra, chairman of Mahindra & Mahindra Ltd., discusses business sentiment, global employment growth and India's economy. He speaks with Bloomberg HT's Ozlem Dalga on the sidelines of the World Economic Forum's annual meeting in Davos, Switzerland. (Source: Bloomberg)
10:38 Jan. 22 (Bloomberg) -- John Studzinski, senior managing director at Blackstone Group LP, talks about the outlook for the World Economic Forum's annual meeting in Davos, Switzerland. Studzinski speaks with Erik Schatzker in Davos on Bloomberg Television's "Market Makers." (Source: Bloomberg)
Enlarge image
Euro Crisis Seen Taking Social Toll With Record Unemployment
David Ramos Vidal/Bloomberg
A sign reading "employment office" sits on the windows of an employment center in Barcelona.
A sign reading "employment office" sits on the windows of an employment center in Barcelona. Photographer: David Ramos Vidal/Bloomberg
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“The worst may be over for financial markets, but definitely not for the real economy,” Marco Valli, chief euro- area economist at UniCredit Global Research in Milan, said by telephone. “The unemployment situation is going to remain very poor at least for another year, if not longer.”
Spanish Unemployment
The euro was trading at $1.3463 at 4:49 p.m. in London, little changed on the day. The Stoxx Europe 600 Index (SXXP) was down 0.1 percent at 289.36.
Spanish data last week showed a record 26 percent of the workforce without jobs in the fourth quarter, bringing the total close to 6 million people. In Greece, the rate was even higher in October, at 26.8 percent, also a record.
“Companies are still shedding labor, especially in southern Europe,” Martin Van Vliet, an economist at ING Groep NV in Amsterdam, said in an interview. “Unemployment will probably continue to trend higher in the next couple of months.”
While economists predict the German unemployment rate will stay unchanged, they still see an increase of 8,000 people without work this month from December, according to the median forecast of 31 economists in a Bloomberg news survey.
The euro-area economy has shrunk for two successive quarters and economists predict a further 0.4 percent decline in gross domestic product in the final three months of last year, according to the median of 26 estimates in a Bloomberg survey. The International Monetary Fund on Jan. 23 cut its global growth forecast and projected a second year of contraction in the euro region.
Tensions Ease
While investor confidence in Germany, Europe’s largest economy, rose to the highest in 2 1/2 years this month as debt tensions ease, high unemployment and continued austerity measures elsewhere are undermining household sentiment and spending. An index of euro-area economic confidence probably rose to the highest level since June, according to the median estimate in a Bloomberg News survey of 30 economists.
“We’re in the phase of financial conditions improving and markets becoming more optimistic, but that has to feed through to the real economy,” ING’s Van Vliet said.
ECB Governing Council member Luc Coene said he would prefer the central bank’s as-yet-untapped bond-buying program to stay that way and it’s now up to governments to generate growth in the euro area.
‘Shallow’ Recovery
“There is only so much a central bank can do,” Coene, who heads Belgium’s central bank, said in an interview at the World Economic Forum in Davos, Switzerland, on Jan. 26. “Governments can make the adjustments that are needed to make the economy grow again. We are going to hear that message this year again and again. The next move won’t be from the ECB.”
No country has yet asked for a bailout that could trigger bond buying by the ECB after Draghi’s rescue plan, announced in July, ended a wave of panic in euro-region debt markets. The currency block will see a “shallow” recovery starting this year as long as leaders don’t hesitate to implement measures to reduce debt and increase competitiveness, Coene said.
France needs an economic overhaul to revive growth and help underpin the political union required to stabilize the euro region, Harvard economist Kenneth Rogoff said.
European governments’ policy responses to the debt crisis, such as a “half-hearted” banking union and national budget oversight by the European Commission, aren’t enough, Rogoff was quoted as saying in an interview published in German newspaper Die Welt today. Leaders need to start now with a push toward political integration that includes a European government with taxation powers, he told the Berlin-based daily.
‘Small Adjustment’
If governments follow through on their promises in the coming months, underlying momentum could mean the ECB will revise its prediction that the euro-area economy will contract by 0.3 percent this year, Coene said.
“When you look at the latest indicators in Germany, they point to a stronger underlying base of activity than was assumed,” he said. “If there is any adjustment to happen, it will be a small adjustment, and probably rather on the upside than the downside.”
Mark Carney, who is due to take over as Bank of England governor in July, said policy makers should secure “escape velocity” for their economies and there’s room for more monetary stimulus around the world. Policy in developed countries isn’t “maxed out” and central bankers can be flexible in meeting inflation goals, Carney, currently governor of the Bank of Canada, said on Jan. 26 in Davos.
‘Tough’ Conditions
Alongside the euro-area unemployment data, Eurostat, the European Union’s statistics office, will also release data on consumer prices for January. The annual inflation rate will remain at 2.2 percent, according to the median of 39 economists’ forecasts in a survey.
Euro-area economic conditions will be “tough” in the first half before a wider recovery takes hold in 2014, according to Patrick de Maeseneire, chief executive officer of Adecco SA (ADEN), the world’s biggest supplier of temporary workers.
This year “is not going to be a good year,” De Maeseneire said in an interview on Jan. 25. “The first six months will be tough, especially in France, especially in southern Europe,” he said. “Germany is also slowing down, we see automotive slowing down, and that’s going to have an effect on the surrounding economies.”
Job Cuts
PSA Peugeot Citroen (UG), Europe’s second-largest carmaker, said last month it will eliminate an additional 1,500 jobs by 2014, on top of 8,000 announced in July.
“Job shedding continues because it’s clear the euro zone economy is still in recession,” said UniCredit’s Valli. Still, “what we’re seeing right now is all the preconditions that are necessary in order to have some sort of economic improvement. Nothing in the near term, but down the road.”
Elsewhere in Europe, a report today from Hometrack Ltd. showed U.K. house prices stagnated in January as concern about the debt crisis and the impact of the British government’s fiscal squeeze hit demand. Prices in England and Wales were unchanged from December, the property researcher said.
A Commerce Department report today showed orders for durable goods in the U.S. rose in December for an unprecedented fourth consecutive month, indicating manufacturing will keep improving in 2013. Separate data found pending home sales declined in December for the first time since August, the National Association of Realtors reported.
Unemployment in the world’s largest economy was probably unchanged at 7.8 percent in January, according to the median forecast in a Bloomberg survey of economists before Labor Department figures Feb. 1.
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An austerity budget cooked in German-British sauce
11 February 2013
Presseurop Dziennik Gazeta Prawna, Die Welt, El País
For the European press, the budget adopted by the bloc on February 8 marks a contraction of Europe’s ambitions and tilts the balance of power within the EU.
According to Dziennik Gazeta Prawna, the outcome of the most recent EU summit is proof of “a substantial shift in the balance of power in Europe”, with France, once the most influential country of the Union, “finding itself on the defensive”. The daily stresses that this is a completely new trend —
11 February 2013
Presseurop Dziennik Gazeta Prawna, Die Welt, El País
For the European press, the budget adopted by the bloc on February 8 marks a contraction of Europe’s ambitions and tilts the balance of power within the EU.
According to Dziennik Gazeta Prawna, the outcome of the most recent EU summit is proof of “a substantial shift in the balance of power in Europe”, with France, once the most influential country of the Union, “finding itself on the defensive”. The daily stresses that this is a completely new trend —
The Union will head towards the free trade zone dreamt of by the British and supported by the Germans rather than the ‘solidarity-driven federal structure’ wanted by Paris.- […] Surprisingly, a rather exotic alliance was created by France, Italy, Spain and Poland in defence of financial transfers, [resulting in] a clash between the rich North of the Union and the poor South and East […] However, there is no doubt that by imposing cuts Germany has shown its economic strength. Berlin’s dictate will be even harsher, while abundant transfers from Brussels may turn out to be only a nice memory if the Franco-Spanish-Italian-Polish club fails to improve its competitiveness.In Germany, Die Welt believes that there is always “too much of the old Europe in this compromise” and criticises those who believe in a “European human right that guarantees that money will flow in from somewhere else.” It also advises the German government to ease back on its historical partnership with France —
Seldom before has Germany been such a heavyweight in the balance of power in Europe, one that by staying open to all sides remains compatible with all. Indeed, German interests overlap more often with London than they do with those of Paris.In contrast, El País writes, “Europe is determined to treat pneumonia as if it were a simple cold [...] and has come up with a skimpy deal” that “commits to austerity – and the scissors – for the next decade.” The daily continues —
Five years into the crisis, European budgets serve as a kind of compass for the European project. The EU seems distracted: it is moving along between the old and the new regimes while the old order is still standing and the new order has not yet been firmly established. In the midst of these doldrums, Berlin (supported by London) is increasing its power, and a withdrawal back towards the national or intergovernmental levels is emerging.
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PoliticsMember States Spain: ‘The PP demands expert analysis of the Bárcenas documents to prove they are fake’
4 February 2013
Presseurop La Razón
La Razón, 4 February 2013Prime Minister Mariano Rajoy’s People's Party (PP) wants to submit the original copies of the secret financial notes alleged to have been written by his former treasurer, Luis Bárcenas, to experts in order to determine whether they are genuine.
According to the account records, published by El País, key members of the PP received additional undeclared payments between 1990 and 2008. Mariano Rajoy has said publicly that he has "never" received any undeclared money.
4 February 2013
Presseurop La Razón
La Razón, 4 February 2013Prime Minister Mariano Rajoy’s People's Party (PP) wants to submit the original copies of the secret financial notes alleged to have been written by his former treasurer, Luis Bárcenas, to experts in order to determine whether they are genuine.According to the account records, published by El País, key members of the PP received additional undeclared payments between 1990 and 2008. Mariano Rajoy has said publicly that he has "never" received any undeclared money.
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Re: New EC Thread
Panda Tue 12 Feb - 14:58
Schauble says intense talks with Cyprus Government over "money laundering."
==========================
I can believe this, I was on holiday in Northern Cyprus a few years ago and most of the top Hotels and Casinos were owned by the Russians. My friend who lives there said the Russians are even buying up medium size housing developments. The Russian Government would not bail out Cyprus and I suspect it was the Oligarchs who are money Laundering in Cyprus who had to go cap in hand to the EU for a Loan.
==========================
I can believe this, I was on holiday in Northern Cyprus a few years ago and most of the top Hotels and Casinos were owned by the Russians. My friend who lives there said the Russians are even buying up medium size housing developments. The Russian Government would not bail out Cyprus and I suspect it was the Oligarchs who are money Laundering in Cyprus who had to go cap in hand to the EU for a Loan.
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Re: New EC Thread
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Dijsselbloem’s new style exasperates Cyprus
12 February 2013
Presseurop De Volkskrant
The new president of Eurogroup, Dutch Finance Minister Jeroen Dijsselbloem is starting off with a bang. At the eurozone Finance Ministers' meeting on February 11, which discussed the aid plan requested by Nicosia, De Volkskrant reports that Dijsselbloem managed to irk his Cypriot colleague by refusing to rule out calling for a contribution to the bailout from Cypriot banks and private savings. As the Dutch daily explains —
On the web
Related
12 February 2013
Presseurop De Volkskrant
The new president of Eurogroup, Dutch Finance Minister Jeroen Dijsselbloem is starting off with a bang. At the eurozone Finance Ministers' meeting on February 11, which discussed the aid plan requested by Nicosia, De Volkskrant reports that Dijsselbloem managed to irk his Cypriot colleague by refusing to rule out calling for a contribution to the bailout from Cypriot banks and private savings. As the Dutch daily explains —
Several Member States want the island's banking sector to make a strong contribution to consolidating the State's finances in order to ensure that the emergency fund is not overly solicited.A Cypriot diplomat, quoted by De Volkskrant, calls the Dutch minister's approach "totally unacceptable," and warns that it could prompt a bank run that could sink the Cypriot banking sector even further. The paper reports that Dijsselbloem declined "to answer questions about a possible panic among Cypriot savers" — much to the annoyance of the Cypriot diplomat, who points out that the former president of the Eurogroup, Jean-Claude Juncker, “would never have done that". The newspaper continues —
EU Commissioner for Economic Affairs [Olli] Rehn tried to calm things down by saying that the "financial and banking stability" of Cyprus was of paramount importance, but to no avail.Tools
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- Debt crisis: EU is the least worst option for Cyprus
Presseurop O Phileleftheros , Politis
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EU budget: The European Union has been paralysed
11 February 2013Les Echos Paris
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Shared 234 times in 10 languages
Mohr
A EU without a vision of the future, turned in on itself, divided, deaf and blind to the world it lives in: this is the face of Europe emerging in the wake of the “impoverished” budget agreement hammered out by the 27 on February 8.
Nicolas Barré The draft EU budget that has been adopted is, dare we say it, impoverished. The text confirms the lack of economic ambition and vision of the bloc at a time when we find ourselves in direct competition with the continental countries such as the United States, China and India.
Those countries pursue strategies that aim for excellence in certain sectors and that promote their champions, springboarding off their vast domestic markets to conquer the world. The draft EU budget does exactly the opposite: the future projects that could serve as a support for a European industrial strategy have been massacred. They represent just a fraction of the direct subsidies paid into agriculture and a little over a tenth of the total budget.
In contrast, we are rolling over past policies almost word for word, without asking whether they still have any relevance. And so we will continue to spend more than a third of the package over the next seven years on regional aid for countries in eastern and southern Europe.
But does Greece really need more money to build roads and roundabouts? Tensions within the eurozone have shown that these grant policies have failed because they are not conditional on verifiable and verified progress in governance, transparency and competition.
Sabotaging the general European interest
The crisis, the rapid transformation of the world economy and the extraordinary evolution of global power relations should have inspired a surge in Europe: a union against an America that is getting back on its feet, a union facing a conquering China, a union in a world in union where capital and talent are more mobile than ever before.
It was the economic crisis and terrible challenges of the 1930s that forged the federal U.S. government, whose budget climbed from 3.4 per cent of GDP in 1930 to 10 per cent by the end of the decade. History will record that Europe in crisis took the opposite path, as its budget shrank to 1 per cent of GDP. Challenges: immense. Ambition: zero.
We must draw political lessons from this mess. The budget debate has been taken hostage by one country, the United Kingdom, which may not even be part of the union tomorrow. David Cameron came to sabotage the general European interest, and he succeeded. Duly noted. In this case, though, let’s follow this through to its logical conclusion: if the strategic thinking is not done at the eurozone level, the bloc will be doomed to impotence.
To get to that level, though, relations with Germany must be repaired. That is another lesson from the drama in Brussels: the Paris-Berlin axis is no longer responsive. Let’s just ask ourselves a question: seen from Beijing or Washington, is the European paralysis really such bad news?
11 February 2013Les Echos Paris
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- Comment94
Shared 234 times in 10 languages
MohrA EU without a vision of the future, turned in on itself, divided, deaf and blind to the world it lives in: this is the face of Europe emerging in the wake of the “impoverished” budget agreement hammered out by the 27 on February 8.
Nicolas Barré The draft EU budget that has been adopted is, dare we say it, impoverished. The text confirms the lack of economic ambition and vision of the bloc at a time when we find ourselves in direct competition with the continental countries such as the United States, China and India.
Those countries pursue strategies that aim for excellence in certain sectors and that promote their champions, springboarding off their vast domestic markets to conquer the world. The draft EU budget does exactly the opposite: the future projects that could serve as a support for a European industrial strategy have been massacred. They represent just a fraction of the direct subsidies paid into agriculture and a little over a tenth of the total budget.
In contrast, we are rolling over past policies almost word for word, without asking whether they still have any relevance. And so we will continue to spend more than a third of the package over the next seven years on regional aid for countries in eastern and southern Europe.
But does Greece really need more money to build roads and roundabouts? Tensions within the eurozone have shown that these grant policies have failed because they are not conditional on verifiable and verified progress in governance, transparency and competition.
Sabotaging the general European interest
The crisis, the rapid transformation of the world economy and the extraordinary evolution of global power relations should have inspired a surge in Europe: a union against an America that is getting back on its feet, a union facing a conquering China, a union in a world in union where capital and talent are more mobile than ever before.
It was the economic crisis and terrible challenges of the 1930s that forged the federal U.S. government, whose budget climbed from 3.4 per cent of GDP in 1930 to 10 per cent by the end of the decade. History will record that Europe in crisis took the opposite path, as its budget shrank to 1 per cent of GDP. Challenges: immense. Ambition: zero.
We must draw political lessons from this mess. The budget debate has been taken hostage by one country, the United Kingdom, which may not even be part of the union tomorrow. David Cameron came to sabotage the general European interest, and he succeeded. Duly noted. In this case, though, let’s follow this through to its logical conclusion: if the strategic thinking is not done at the eurozone level, the bloc will be doomed to impotence.
To get to that level, though, relations with Germany must be repaired. That is another lesson from the drama in Brussels: the Paris-Berlin axis is no longer responsive. Let’s just ask ourselves a question: seen from Beijing or Washington, is the European paralysis really such bad news?
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February 2013 Last updated at 20:16
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752
Horsemeat scandal: EU urges DNA tests of processed
beef
Health commissioner Tonio Borg outlines plans for DNA tests on
processed beef
Continue
reading the main story
Horsemeat scandal
The EU is urging members to conduct
random tests to tackle a widening scandal over mislabelled horsemeat.
All members should carry-out DNA tests on processed beef for traces of
horsemeat for three months from 1 March, the health commissioner said.
Horsemeat should also be tested for the presence of the veterinary medicine
phenylbutazone ("bute"), he added.
Tonio Borg was speaking after a meeting with ministers from the UK, France
and other affected countries in Brussels.
"This is a Europe-wide issue that needs a Europe-wide solution," Irish Farm
Minister Simon Coveney said.
"This is about someone in the food supply chain selling horsemeat as beef and
making money in a fraudulent way by doing that," Mr Coveney added.
Mr Borg said the programme of random tests should report after 30 days, but
testing should continue for three months.
Growing
scandal
Ahead of the meeting, the UK had called for EU-wide DNA testing of beef
products, and welcomed developments.
Environment Secretary Owen Paterson said: "It is completely wrong that
consumers are being presented with a product marked beef and found it contained
horse, so I am delighted that we got this meeting pulled together at very short
notice and I am also pleased that the commissioner has come forward with
proposals, all of which we wanted."
The measures follow the discovery that meat sold in up to 16 European
countries labelled as beef contained horsemeat.
The scandal has raised questions about the complexity of the food industry's
supply chains across the 27-member EU bloc, with a number of supermarket chains
withdrawing frozen beef meals.
EU officials and ministers say
they are determined to restore consumer confidence in beef products
In the UK, the supermarket giant Tesco, frozen food firm Findus and budget
chain Aldi received horsemeat-tainted mince from Comigel, based in north-eastern
France.
Horsemeat has now been confirmed in some frozen lasagne on sale in France
too.
In Germany, officials announced that a shipment of frozen lasagne suspected
of containing horsemeat had arrived in the country. They were notified of the
delivery by authorities in Luxembourg on Tuesday.
Comigel denied wrongdoing, saying it had ordered the meat from Spanghero, a
firm in southern France, via a Comigel subsidiary in Luxembourg - Tavola.
Romanian denials
The supply chain reportedly led back to traders in Cyprus and the
Netherlands, then to abattoirs in Romania.
There are now calls for more specific labelling on processed meat products in
the EU, to show country of origin, as in the case of fresh meat. But the cost of
doing that may trigger opposition from food manufacturers.
Romania has denied claims that it was to blame for the mislabelling of
horsemeat.
"There are plants and companies in Romania exporting horsemeat but everything
was according to the standards, and the source and the kind of meat was very
clearly put as being horsemeat," Romanian Prime Minister Victor Ponta told the
BBC's Newsnight programme.
Share this page
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752
Horsemeat scandal: EU urges DNA tests of processed
beef
Health commissioner Tonio Borg outlines plans for DNA tests on
processed beef
Continue
reading the main story
Horsemeat scandal
- UK
welcomes EU-wide tests - Horsemeat allegations 'misleading'
- Horsemeat inquiry 'to be relentless'
- Slaughterhouse and meat firm raided
The EU is urging members to conduct
random tests to tackle a widening scandal over mislabelled horsemeat.
All members should carry-out DNA tests on processed beef for traces of
horsemeat for three months from 1 March, the health commissioner said.
Horsemeat should also be tested for the presence of the veterinary medicine
phenylbutazone ("bute"), he added.
Tonio Borg was speaking after a meeting with ministers from the UK, France
and other affected countries in Brussels.
"This is a Europe-wide issue that needs a Europe-wide solution," Irish Farm
Minister Simon Coveney said.
"This is about someone in the food supply chain selling horsemeat as beef and
making money in a fraudulent way by doing that," Mr Coveney added.
Mr Borg said the programme of random tests should report after 30 days, but
testing should continue for three months.
Growing
scandal
Ahead of the meeting, the UK had called for EU-wide DNA testing of beef
products, and welcomed developments.
Environment Secretary Owen Paterson said: "It is completely wrong that
consumers are being presented with a product marked beef and found it contained
horse, so I am delighted that we got this meeting pulled together at very short
notice and I am also pleased that the commissioner has come forward with
proposals, all of which we wanted."
The measures follow the discovery that meat sold in up to 16 European
countries labelled as beef contained horsemeat.
The scandal has raised questions about the complexity of the food industry's
supply chains across the 27-member EU bloc, with a number of supermarket chains
withdrawing frozen beef meals.
EU officials and ministers say they are determined to restore consumer confidence in beef products
In the UK, the supermarket giant Tesco, frozen food firm Findus and budget
chain Aldi received horsemeat-tainted mince from Comigel, based in north-eastern
France.
Horsemeat has now been confirmed in some frozen lasagne on sale in France
too.
In Germany, officials announced that a shipment of frozen lasagne suspected
of containing horsemeat had arrived in the country. They were notified of the
delivery by authorities in Luxembourg on Tuesday.
Comigel denied wrongdoing, saying it had ordered the meat from Spanghero, a
firm in southern France, via a Comigel subsidiary in Luxembourg - Tavola.
Romanian denials
The supply chain reportedly led back to traders in Cyprus and the
Netherlands, then to abattoirs in Romania.
There are now calls for more specific labelling on processed meat products in
the EU, to show country of origin, as in the case of fresh meat. But the cost of
doing that may trigger opposition from food manufacturers.
Romania has denied claims that it was to blame for the mislabelling of
horsemeat.
"There are plants and companies in Romania exporting horsemeat but everything
was according to the standards, and the source and the kind of meat was very
clearly put as being horsemeat," Romanian Prime Minister Victor Ponta told the
BBC's Newsnight programme.
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