Dirty deeds from France and Germany
Mr Juncker seems to be losing his cool somewhat. Luxembourg has been
a tax-haven itself
In the second posting below the EU gives the game away. The
communique of their decvisions is already written before they discuss
anything an d profoundly nasty it is too.
France and Germany are using the crisis to get all of Europe’s banks
under the control of Brussels. That’s what they mean by "The top
priority is building up the new global financial architecture.” They
realise they may not get a global control put in place but on the way
there they are trying to get all European banks under the EU’s control.
Merekel and Sarkozy can think of nothing but control - under them of
course. This would kill off all the entrepreneural spirit in Europe
asnd ensure that the continent stayed in financial crisis for ever.
But they don’t care about that as long as they control it!
Each country needs its own specially crafted banking system and to
squeeze all the EU into the same mould would suit the eurocrats but
none of the peoples of Europe.
Christina
===============================
EU OBSERVER 19.3.09
1. UK must also tackle tax havens, says Juncker
ANDREW WILLIS
Luxembourg's prime minister, Jean-Claude Juncker, will insist at a
meeting of EU leaders on Thursday (19 March) that the British
government also be forced to tackle tax havens under its jurisdiction
after a number of European countries recently made concessions in the
area.
"I aim, during the European summit, to demand action. It is essential
that the British dependent territories in turn accept exchange of
information," he told Swiss daily newspaper Le Temps earlier this week.
"I hope that those who search a quarrel with us react just as
vehemently to British trusts or the tax legislation of some US
states," he continued.
In the same interview, Mr Juncker also accused France and Germany of
"arrogance" in their continued attempts to force reform of banking
secrecy laws in the small European state sandwiched between their two
borders.
However, that pressure appeared to bear fruit last week when
Luxembourg agreed to sign up to an Organisation for Economic Co-
operation and Development list of banking standards regarding the
sharing of information with tax authorities from other countries.
The UK's channel islands of Guernsey and Jersey and also the Isle of
Man in the middle of the Irish Sea have seen a huge influx of foreign
wealth in recent decades due to their low tax rates and high levels
of banking secrecy.
On Wednesday however, French finance minister Christine Lagarde
announced that France would soon sign a new agreement with the Isle
of Man in a sign that France intends to clamp down on lost revenues
to the islands.
"Last week, I signed an accord concerning Jersey and [budget
minister] Eric Woerth will soon sign an accord concerning the Isle of
Man," Lagarde said in the French parliament, reports Dow Jones,
without going into the details of the agreements.
Britain, France and Germany have been the main European proponents
behind a global witch-hunt on tax havens since the financial crisis
and economic downturn brought severely reduced tax returns to
exchequers around the world.
Switzerland, Austria, Liechtenstein, Andorra and Monaco also made
concessions on banking secrecy last week in an apparent bid to head
off a more severe response by the G20 leaders meeting in London on 2
April, where tax havens are firmly on the agenda.
However, Mr Juncker said that recent French and German comments were
characterised by "exaggeration" and a "disturbing arrogance and
condescension."
"Such an offhand manner from political officials, in Paris as well as
in Berlin, is inspired by a mediocre form of populism," he added.
================AND -------->
2. EU leaders to discuss response to economic crisis
ELITSA VUCHEVA
BRUSSELS – EU leaders are meeting in Brussels on Thursday and
Friday to discuss the best ways to get out of the economic crisis.
But despite some calls to spend more to support the bloc's ailing
economies, most of the attention is expected to be focused on the
need for better regulation of the financial sector and on "fine-
tuning" the existing European economic stimulus package. [=bolting
the stable door after the horse has fled -cs] gle
The two-day summit comes just as the International Monetary Fund
presented the outlines of a gloomy forecast for this year, saying the
world economy would shrink by some 0.6 percent, instead of growing
0.5 percent as previously thought.
In the face of the persisting economic turmoil, France and Germany's
leaders sent a letter to the Czech EU presidency and to the president
of the European Commission on Tuesday reiterating what they see as an
urgent need to reform the financial system.
"The top priority is building up the new global financial
architecture. The European Union must affirm a common position and
take the lead in this process," French President Nicolas Sarkozy and
German Chancellor Angela Merkel wrote.
"The European Union shall propose that all hedge funds and other
private pools of capital which may pose a systemic risk to be brought
under appropriate registration, regulation and supervision," they added.
The EU summit will also aim to reach a common position among the 27
leaders on that issue ahead of a G20 meeting in London on 2 April.
"We are determined to reach at the London Summit concrete results for
further action to strengthen international financial regulation," Ms
Merkel and Mr Sarkozy wrote.
In a document the bloc's leaders are to adopt at the end of their two-
day meeting, a specific annex has been dedicated to the EU's position
for the G20, calling for more regulation of the financial markets and
for better international coordination in order to ensure a quicker
economic recovery and prevent further crises. [This is profoundly
depressing to read. “Abandon hope all ye who sign up to this”]
Spend more or regulate more?
France and Germany's letter came after recent calls from Washington
that governments around the world should focus more on additional
fiscal measures than on regulation as a reaction to the global
turbulence.
On Wednesday, European Commission President Jose Manuel Barroso also
advised the bloc's 27 members to spend more to stimulate their
economies.
"If member states are in a position to do more, they should do more,"
he told reporters in Brussels.
But most EU states – not least France and Germany [LED by these two! -
cs] – estimate that the bloc is already spending enough.
The EU committed €200 billion in a recovery plan last year (around
1.5 percent of GDP), but it argues that it is in reality to spend
about €400 billion (around 3.3 percent of GDP) in 2009 and 2010,
including non-discretionary public spending, such as unemployment
benefits - or the so-called "automatic stabilisers."
Its energy and broadband projects, worth up to €5 billion, have
proven to be the most contentious element of the EU's economic
recovery package.
No agreement has been reached so far on how this money should be
allocated, and the issue is likely to push aside any debate on
possible spending increase.
EU leaders are expected to "fine-tune" the €5 billion package at the
summit and reach an agreement on the projects that should be included
in it. "We are on the right track," one Czech diplomat said.
The bloc is also considering "topping up" a €25 billion emergency
package for non-eurozone member states, notably from central and
eastern Europe, hit hard by the crisis.
EU leaders are to tell [So the decision has already been taken has
it? And how much else besides -cs] the bloc's finance ministers and
the European Commission to "rapidly examine the possibility of
increasing the ceiling for the Union's support facility for balance-
of-payments assistance."
Social issues
Part of their dinner on Thursday will also be dedicated to the
preparation of a special summit on social affairs in Prague on 7 May.
"The rapid increase of unemployment is central to our concerns," the
draft of the EU leaders' final statement reads. [They HAVE made the
decisions before the meeting then! -cs]
With recent figures confirming the soaring unemployment levels in the
EU – the average jobless rate reached 7.6 percent in January this
year, Mr Barroso on Wednesday called on the bloc's leaders to "focus
their minds on employment issues."
A general strike has been called on Thursday in France to protest
against the worsening economic situation, with the previous one
seeing more than one million people on the streets in January.
Energy security will also figure among the topics discussed at the
summit, with a gas row between Russia and Ukraine earlier this year
affecting the deliveries to many EU countries.
"Energy security is a key priority which needs to be enhanced by
improving energy efficiency, diversifying energy suppliers, sources
and supply routes, and promoting the Union's energy interests vis-à-
vis third countries," read the draft conclusions of the summit. [Why
do they bother to meet if it’s all signed, sealed and delivered
before they get there -cs]
Meanwhile, Irish Prime Minister Brian Cowen is to brief his
counterparts on the state of play of Ireland's preparations for a
second referendum on the Lisbon Treaty, while the Czech Republic is
also to inform the other EU leaders on the state of its own
ratification process.
a tax-haven itself
In the second posting below the EU gives the game away. The
communique of their decvisions is already written before they discuss
anything an d profoundly nasty it is too.
France and Germany are using the crisis to get all of Europe’s banks
under the control of Brussels. That’s what they mean by "The top
priority is building up the new global financial architecture.” They
realise they may not get a global control put in place but on the way
there they are trying to get all European banks under the EU’s control.
Merekel and Sarkozy can think of nothing but control - under them of
course. This would kill off all the entrepreneural spirit in Europe
asnd ensure that the continent stayed in financial crisis for ever.
But they don’t care about that as long as they control it!
Each country needs its own specially crafted banking system and to
squeeze all the EU into the same mould would suit the eurocrats but
none of the peoples of Europe.
Christina
===============================
EU OBSERVER 19.3.09
1. UK must also tackle tax havens, says Juncker
ANDREW WILLIS
Luxembourg's prime minister, Jean-Claude Juncker, will insist at a
meeting of EU leaders on Thursday (19 March) that the British
government also be forced to tackle tax havens under its jurisdiction
after a number of European countries recently made concessions in the
area.
"I aim, during the European summit, to demand action. It is essential
that the British dependent territories in turn accept exchange of
information," he told Swiss daily newspaper Le Temps earlier this week.
"I hope that those who search a quarrel with us react just as
vehemently to British trusts or the tax legislation of some US
states," he continued.
In the same interview, Mr Juncker also accused France and Germany of
"arrogance" in their continued attempts to force reform of banking
secrecy laws in the small European state sandwiched between their two
borders.
However, that pressure appeared to bear fruit last week when
Luxembourg agreed to sign up to an Organisation for Economic Co-
operation and Development list of banking standards regarding the
sharing of information with tax authorities from other countries.
The UK's channel islands of Guernsey and Jersey and also the Isle of
Man in the middle of the Irish Sea have seen a huge influx of foreign
wealth in recent decades due to their low tax rates and high levels
of banking secrecy.
On Wednesday however, French finance minister Christine Lagarde
announced that France would soon sign a new agreement with the Isle
of Man in a sign that France intends to clamp down on lost revenues
to the islands.
"Last week, I signed an accord concerning Jersey and [budget
minister] Eric Woerth will soon sign an accord concerning the Isle of
Man," Lagarde said in the French parliament, reports Dow Jones,
without going into the details of the agreements.
Britain, France and Germany have been the main European proponents
behind a global witch-hunt on tax havens since the financial crisis
and economic downturn brought severely reduced tax returns to
exchequers around the world.
Switzerland, Austria, Liechtenstein, Andorra and Monaco also made
concessions on banking secrecy last week in an apparent bid to head
off a more severe response by the G20 leaders meeting in London on 2
April, where tax havens are firmly on the agenda.
However, Mr Juncker said that recent French and German comments were
characterised by "exaggeration" and a "disturbing arrogance and
condescension."
"Such an offhand manner from political officials, in Paris as well as
in Berlin, is inspired by a mediocre form of populism," he added.
================AND -------->
2. EU leaders to discuss response to economic crisis
ELITSA VUCHEVA
BRUSSELS – EU leaders are meeting in Brussels on Thursday and
Friday to discuss the best ways to get out of the economic crisis.
But despite some calls to spend more to support the bloc's ailing
economies, most of the attention is expected to be focused on the
need for better regulation of the financial sector and on "fine-
tuning" the existing European economic stimulus package. [=bolting
the stable door after the horse has fled -cs] gle
The two-day summit comes just as the International Monetary Fund
presented the outlines of a gloomy forecast for this year, saying the
world economy would shrink by some 0.6 percent, instead of growing
0.5 percent as previously thought.
In the face of the persisting economic turmoil, France and Germany's
leaders sent a letter to the Czech EU presidency and to the president
of the European Commission on Tuesday reiterating what they see as an
urgent need to reform the financial system.
"The top priority is building up the new global financial
architecture. The European Union must affirm a common position and
take the lead in this process," French President Nicolas Sarkozy and
German Chancellor Angela Merkel wrote.
"The European Union shall propose that all hedge funds and other
private pools of capital which may pose a systemic risk to be brought
under appropriate registration, regulation and supervision," they added.
The EU summit will also aim to reach a common position among the 27
leaders on that issue ahead of a G20 meeting in London on 2 April.
"We are determined to reach at the London Summit concrete results for
further action to strengthen international financial regulation," Ms
Merkel and Mr Sarkozy wrote.
In a document the bloc's leaders are to adopt at the end of their two-
day meeting, a specific annex has been dedicated to the EU's position
for the G20, calling for more regulation of the financial markets and
for better international coordination in order to ensure a quicker
economic recovery and prevent further crises. [This is profoundly
depressing to read. “Abandon hope all ye who sign up to this”]
Spend more or regulate more?
France and Germany's letter came after recent calls from Washington
that governments around the world should focus more on additional
fiscal measures than on regulation as a reaction to the global
turbulence.
On Wednesday, European Commission President Jose Manuel Barroso also
advised the bloc's 27 members to spend more to stimulate their
economies.
"If member states are in a position to do more, they should do more,"
he told reporters in Brussels.
But most EU states – not least France and Germany [LED by these two! -
cs] – estimate that the bloc is already spending enough.
The EU committed €200 billion in a recovery plan last year (around
1.5 percent of GDP), but it argues that it is in reality to spend
about €400 billion (around 3.3 percent of GDP) in 2009 and 2010,
including non-discretionary public spending, such as unemployment
benefits - or the so-called "automatic stabilisers."
Its energy and broadband projects, worth up to €5 billion, have
proven to be the most contentious element of the EU's economic
recovery package.
No agreement has been reached so far on how this money should be
allocated, and the issue is likely to push aside any debate on
possible spending increase.
EU leaders are expected to "fine-tune" the €5 billion package at the
summit and reach an agreement on the projects that should be included
in it. "We are on the right track," one Czech diplomat said.
The bloc is also considering "topping up" a €25 billion emergency
package for non-eurozone member states, notably from central and
eastern Europe, hit hard by the crisis.
EU leaders are to tell [So the decision has already been taken has
it? And how much else besides -cs] the bloc's finance ministers and
the European Commission to "rapidly examine the possibility of
increasing the ceiling for the Union's support facility for balance-
of-payments assistance."
Social issues
Part of their dinner on Thursday will also be dedicated to the
preparation of a special summit on social affairs in Prague on 7 May.
"The rapid increase of unemployment is central to our concerns," the
draft of the EU leaders' final statement reads. [They HAVE made the
decisions before the meeting then! -cs]
With recent figures confirming the soaring unemployment levels in the
EU – the average jobless rate reached 7.6 percent in January this
year, Mr Barroso on Wednesday called on the bloc's leaders to "focus
their minds on employment issues."
A general strike has been called on Thursday in France to protest
against the worsening economic situation, with the previous one
seeing more than one million people on the streets in January.
Energy security will also figure among the topics discussed at the
summit, with a gas row between Russia and Ukraine earlier this year
affecting the deliveries to many EU countries.
"Energy security is a key priority which needs to be enhanced by
improving energy efficiency, diversifying energy suppliers, sources
and supply routes, and promoting the Union's energy interests vis-à-
vis third countries," read the draft conclusions of the summit. [Why
do they bother to meet if it’s all signed, sealed and delivered
before they get there -cs]
Meanwhile, Irish Prime Minister Brian Cowen is to brief his
counterparts on the state of play of Ireland's preparations for a
second referendum on the Lisbon Treaty, while the Czech Republic is
also to inform the other EU leaders on the state of its own
ratification process.
Posts
