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EU 'super-regulator' of financial markets could be agreed by December
The FT notes that EU finance ministers yesterday set a target of December for negotiating the final details of a new financial supervisory structure for Europe, including the creation of three new EU 'super-regulators' with binding powers over national regulators. According to several papers, the UK Chancellor Alistair Darling wants assurances that the new EU authorities will not be allowed to take decisions which impact on national governments' fiscal authority, for example by ordering a government to bail out a bank, before the UK Government signs up to the proposal.
City AM quotes Darling saying, "There are still a couple of difficult issues. If we can, we want to get it resolved by the end of the year. The bottom line for us is that we couldn't have a situation where a European supervisor could make an order to an institution in our country which could have fiscal consequences." A "Treasury source" is quoted in the Telegraph as saying, "A central plank of the June agreement [among EU leaders on supervision] was the respect for fiscal sovereignty reflecting the impact on national taxpayers of supervisory decisions. This fundamental principle should be applied to the entirety of the legislation."
Meanwhile, European Voice reports that finance ministers agreed on the second tier of the EU supervision structure, the so-called European Systemic Risk Board (ESRB), which will serve as an early warning system of risks to the financial system as a whole. The proposal for an ESRB is likely to be finalised in December.
FT City AM Telegraph European Voice El Pa�s La Vanguardia Open Europe press release
EU fails in negotiations on financing climate change agreement
The Guardian notes that EU finance ministers yesterday failed to agree on the funding it will give the developing world to cope with global warming, a setback for the deal negotiators hope to deliver at the UN climate change summit in Copenhagen. The article notes that Chancellor Alistair Darling's call for the EU to commit 10bn euros, of which Britain would contribute 1bn, went unheeded. The European Commission has proposed 15bn euros a year by 2020, while the European Parliament's Environment Committee this week put the figure at 30bn.
"It's a disappointing outcome," admitted Anders Borg, the Swedish Finance Minister, who chaired the meeting. "There's obviously been a lack of commitment."
EUobserver notes that member states are divided over whether national contributions should be based on ability to pay or on current emission levels. Handelsblatt reports that Poland and other eastern member states argue that it is up to the wealthy EU member states to financially support the developing world to reduce CO2-emissions. Poland said at the ECOFIN Council three weeks ago that "it is totally unacceptable, that the poor countries of Europe help the rich countries of Europe to support the poor countries of the world".
AP Zeit Handelsblatt FTD WSJ EUobserver European Voice AP El Mundo La Vanguardia Guardian
Amateur anglers could be hit by Commission's plans to monitor fishing levels
The Sun reports that millions of anglers could be hit by the Commission's new plans to crackdown on fishing in Europe. Finnish media notes that under the new rules, amateur fishermen will be banned from selling fish and will have to notify the authorities in the event of a large catch at sea. Dagens Nyheter reports that ministers agreed to monitor amateur fishing to evaluate its effects. If it turns out that amateur fishing makes up more than 2% of the fishing which impacts on endangered species, recreational fishing could in future be part of the EU's quota system, which in turn would severely restrict amateur angling.
Yle Dagens Nyheter AP EUobserver EurActiv
French Senate committee: France's EU Presidency was too costly
The head of the French Senate's Finance Committee, Jean Arthius, has told French newspaper La Tribune that the French EU Presidency last year was too costly. It has emerged that France's six month Presidency last year cost 151 million euros, more than double the EU average of 70 million euros. El Mundo reports that France received a further 30 million euros in funds declared as "sponsorships". Arthius highlighted the lack of transparency in the accounts for the Presidency, claiming it was not always clear who had paid for what. Of the 500 events organised Arthius argued that not all were essential and many did not contribute anything to the success of the French Presidency. The head of the committee concluded saying, "The question now is to look and see if the European Union shouldn't pay for this sort of thing."
City's derivatives markets to be regulated from Paris under new EU proposal
The European Commission yesterday unveiled its proposal for tighter regulation of over-the-counter derivatives. Under the proposal, traders will be obliged to clear swap contracts though a "central counterparty" so that regulators can monitor overall risk, although many of the details of the proposal are still to be decided. The Telegraph notes that the role of regulating the derivatives market will go to the European Securities and Markets Authority (ESMA) in Paris, to be created next year as part of the EU's new supervision structure. Decisions in ESMA will be made by majority vote, meaning that Britain could be outvoted if other member states opt to push a policy deemed threatening to the City, even though London accounts for the lion's share of the EU's derivatives business, reports the article. In addition, traders will face additional capital charges if they deal derivatives between themselves bilaterally, the FT reports.
MEPs call for EU budget increase in 2010
MEPs will vote tomorrow on the EU budget for 2010 and are expected to call for an increase to 127.5 billion euros from the Council of Minister's proposal of 120.5 billion euros and the Commission's proposed 122.3 billion euros. MEPs and national ministers are due to meet in November to try and reach agreement.
The EP's Budget Committee is pushing for an extra 1.5 billion euros to boost Europe's economy and a proposed 300 million euro dairy fund for EU farmers.
European Parliament press release
MEPs see EU External Action Service as a "golden chance to set up a real EU diplomacy"
Belgian daily De Standaard reports that the European Parliament is set to approve a report from German MEP Elmar Brok tomorrow, which calls for the EU's diplomatic service, envisaged by the Lisbon Treaty, to be supervised by the European Parliament, rather than member states.
The article quotes Annemie Neyts MEP, a co-author of the report, saying: "To work all this out will become very difficult, but now is a golden chance to set up a real EU diplomacy". The article suggests that a starting point will be to set up "EU embassies" in cities such as New York and Geneva, with Neyts quoted saying: "the Parliament insists on developing a global vision for the service from the beginning, so we know where we are heading".
Polish radio Interia reports that Poland is suggesting that the European External Action Service should not only serve the High Representative for Foreign Policy, but also the country that is holding the presidency of the EU. Meanwhile, EUobserver quotes EU External Relations Commissioner Benita Ferrero-Waldner, warning against large member states trying to direct future EU foreign policy for themselves, noting that this would cause smaller member states to "revolt."
Standaard EU Observer Interia.pl
Oxfam accuses EU of leaving poor countries without medicines
The Parliament notes that a report published yesterday by Oxfam International and Health Action International (HAI) Europe argues that the EU has been putting the interests of big drug companies before the two billion people in the world that cannot access essential generic medicines. The report says that, since late 2008, Germany and the Netherlands have made customs seizures together totalling 19 shipments of generic medicines bound for developing countries. Oxfam and HAI (Europe) say these shipments were legitimate under WTO rules.
The Parliament Open Europe research
Commission plans to force importers to label the origin of items will increase costs for consumers
The Telegraph reports that under a new proposal, which is backed by Britain's EU Trade Commissioner Catherine Ashton, a range of consumer goods imported into the UK from outside the EU's 27 member states would have to carry a "made-in" label.
The scheme would apply to textiles, clothing, shoes, leather and furniture and the cost would have to be met by importers and retailers in each member state. Ralph Kamphoner, of Brussels-based business group EuroCommerce said that "according to the commission's own impact assessment, the label could cause extra costs of up to �1.36 per article for clothing and �1.82 per item for footwear."
Government to spend 200 million pounds a year more than required by EU legislation to access phone and email records
The Mail reports that Parliamentary answers have revealed that the Government will spend 200 million pounds a year to help internet and telecoms service providers store information about every customer for a minimum of 12 months, and set up new systems to cope. A Home Office spokesman said the costs involved were entirely separate from those necessary to comply with the European Data Retention Directive, which requires the storage of phone and email records.
Barroso: Irish vote on Lisbon a "declaration of independence from UKIP"
The BBC reports that EU Commission President Jose Manuel Barroso yesterday faced a question and answer session from MEPs from the main EP groupings in Strasbourg, based on Prime Minister's Questions in the House of Commons. After the Q&A, Mr Barroso said there had not been much of the sparring he had hoped to see, and put that down to the one minute answers and language difficulties.
The Irish Times reports that UKIP MEP Nigel Farage put it to Mr Barroso that the Commission had managed to "bully the Irish into submission the second time around". Mr Barroso responded saying, "In fact, it was a declaration of independence of Ireland from the UK Independent Party because you were there making a campaign and Ireland said No to you and your party".
Irish Times BBC BBC 2 EUobserver: blogs
EU ministers set to agree cut in aviation emissions
The Guardian reports that EU environment ministers are today expected to agree on a 10 percent carbon emissions cut for aviation by 2020, relative to 2005, as part of its negotiating position at the upcoming UN summit on climate change in Copenhagen.
US expresses concern over Conservatives' plans to repatriate powers from EU
The Guardian reports that Shadow Foreign Secretary William Hague is to meet US Secretary of State Hilary Clinton in Washington today, amid concern in the Obama administration about the Conservatives' allies in the ECR group in the European Parliament. There are also reportedly concerns in the US administration about Conservative plans to push for a revision of earlier treaties - to repatriate employment laws - if the Lisbon Treaty is in force by the time of the next general election.
Guardian Guardian 2 Guardian 3 Guardian: Freedland Telegraph Times Labour List Politics.co.uk
German government tries to reassure Commission over Opel sale
The FT reports that the German government has moved to reassure the European Commission about its offer of state aid to the buyers of Opel. In a letter sent at the weekend to General Motors and the Opel Trust, which is overseeing the sale of Opel, the German government said that its aid of up to 4.5bn euros for the US carmaker's European unit was not conditional on Berlin's preferred bidder winning control.
Mary Ellen Synon's Mail blog cites Open Europe's press summary and the comments by ex-Commissioner for External Relations Chris Patten that Tony Blair is not suitable for the job of EU President, but that the former Spanish Prime Minister, Felipe Gonzales would be a "very good candidate."
At yesterday's meeting of EU finance ministers, it was agreed that member states should start cutting crisis spending by 2011 and cutting more than 0.5 per cent of GDP each year off their budgets to rein in increasing public deficits.
EUobserver reports that EU Commission President Jose Manuel Barroso has asked former Competition Commissioner Mario Monti to draw up a new report on how the EU should deal with the growing tide of economic nationalism and re-launch its single market.
El Pais reports that the Pope stated yesterday that EU member states are not doing enough to promote their founding Christian values, and that it is their obligation to reassert "their heritage and Christian roots".
El Mundo reports that the Commission has pledged to use European funds to reduce the imbalance of investment in basic sanitary services and water conducts across the EU caused by the economic crisis.
Writing in the Times, Roy Hattersley questions whether a "half in, half out" approach to EU membership, as enjoyed by Norway, would suit Britain, and argues "Half in and half out of Europe is a status for small countries happy to remain on the margin of big decisions."
The Telegraph reports that Henri Guaino, Special Advisor to President Sarkozy, has said that "The euro at $1.50 is a disaster for the European economy and industry", and suggests that the European Central Bank could take some of the steam out of the euro by signalling a 'less hawkish' policy, and "may be pressured into doing so" by member states.
Danish daily Berlingske Tidende reports that European Commission President Jos� Manuel Barroso is putting pressure on Danish Prime Minister Lars Lokke Rasmussen to nominate Connie Hedegaard as Denmark's next EU Climate Commissioner.
European Voice Berlingske Tidende
FTDeutschland reports that Swedish Finance Minster Anders Borg proposes an international stability tax as consequence of the financial crisis.
Russia moved a step closer to realising its two major export-gas pipeline projects under the Baltic and Black seas to Europe after receiving long-awaited approvals from Denmark and Turkey.
The FT reports that Sun Microsystems are to axe 3,000 jobs next year, and have put the move down to the delay in getting EU Commission clearance for its acquisition of Oracle.
An editorial in the WSJ notes that the Spanish EU Presidency is likely to push for the normalisation of the EU's diplomatic relations with Cuba.
WSJ: Editorial ABC.es ABC.es 2 La Vanguardia
A leader in the FT argues that Sri Lanka should keep its privileged trade access to the EU market despite accusations of human rights abuses in the recent conflict with the Tamil Tigers.
UK
A new ICM/Guardian poll suggests that the conferences of all three main parties put off more potential voters than they attracted - and puts the Conservatives on 44 percent, Labour on 27 percent, and the Lib Dems on 18 percent.
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