EurActiv reports that the European Commission yesterday rejected calls by the Dutch government for there to be a mechanism by which countries could exit the eurozone. Commission spokesperson Amadeu Altafaj Tardio said, “Neither exit or expulsion from the euro area is possible according to the Lisbon Treaty under which the part in the euro is irrevocable.” A Greek government spokesman echoed these remarks. However, an ECB legal study from 2009 argues that while voluntary withdrawal is legally not possible, expulsion remains “conceivable.” ECB opens door to interest rate cut in the near future Government advisors: ECHR should only deal with “serious” human rights cases 100,000-strong petition for referendum on EU membership delivered to Downing Street Europe
Friday, 9 September 2011
Juncker: “I wouldn’t exclude a treaty change in the coming months”;
European Commission rejects Dutch calls for eurozone exit mechanism
The FT reports that a consensus is emerging in Germany in favour of a possible EU Treaty change in order to enshrine greater economic governance and cooperation. This view is supported by comments from Eurogroup Chairman Jean-Claude Juncker, who said yesterday, “I wouldn't exclude a treaty change in the coming months. In Germany there's a growing awareness that treaty changes have to be envisaged,” adding that a treaty change could help the eurozone become more flexible and respond better to any future crisis. FT Deutschland reports that Juncker is considering putting forward a proposal for a permanent Eurogroup chief, meaning he would focus on his role as Prime Minister of Luxembourg. The article notes that the German government’s initial response to the idea was positive.
Les Echos reports that the IMF will hold an emergency meeting on Tuesday to discuss the Greek crisis, while YLE notes that the Finnish Prime Minister Minister Jyrki Katainen will meet with German Chancellor Angela Merkel and German Finance Minister Wolfgang Schäuble the same day in Berlin to discuss the Greco-Finnish collateral deal. Separately, Richard Sulik, leader of the Slovakian Freedom and Solidarity Party and parliamentary speaker, insisted he would continue with his opposition to the expanded scope of the EFSF, the eurozone’s bailout fund, saying it is “a road to hell.”
FT 2 FT 3 EurActiv Mail Telegraph FT 4 FT 5 Telegraph Bloomberg EUobserver FT WSJ FTD Le Figaro EurActiv 2 EUobserver 2 FTD 2 Les Echos YLEBusinessweek Le Figaro: Baroin Les Echos Economist Times: Cavendish Times: Collins Economist 3 Economist 2 FT: Editorial WSJ: Fidler WSJ: Review & Outlook WSJ: Lachman Economist: Charlemagne Le Figaro: Mével El País: Editorial El País: Barón Crespo Il Sole 24 Ore: Dadush
The ECB held interest rates yesterday, although ECB President Jean-Claude Trichet spoke cautiously about economic growth in the eurozone focusing on the downside risks prompting speculation that a rate cut could happen as soon as next month. Trichet also reacted angrily to questions over recent criticism of the ECB’s handling of the eurozone crisis, saying, “We have delivered price stability over the first twelve years of the euro – impeccably! Impeccably!” He added that the ECB had been forced into certain decisions “because the governments in question had not behaved properly – despite everything that [the ECB] said.”
La Tribune reports that French President Nicolas Sarkozy will meet EU Taxation Commissioner Algirdas Semeta in Paris today to discuss the introduction of an EU-wide financial transactions tax. The article notes that French Europe Minister Jean Leonetti has suggested that the money raised from this tax be transferred to the EFSF, the eurozone’s bailout fund, while the Commission wants to use the revenue to finance the EU budget from 2014.
The Mail reports that a special Government panel set up to explore possible reforms of the relationship between the UK and the Strasbourg-based European Court of Human Rights (ECHR) yesterday released an interim report, arguing that the Government “should vigorously pursue the need for urgent and fundamental reform to ensure that the ECHR is called upon, as an international court, only to address a limited number of cases that raise serious questions.”
The UK has decided to opt out of a draft EU Directive aimed at harmonising rules on criminal suspects’ access to a lawyer. In a debate in the Commons, Justice Minister Jonathan Djanogly urged MPs to back the Government’s decision, arguing, “The Directive would have an adverse effect on our ability to investigate and prosecute offences effectively.”
A cross-party group of MPs and MEPs yesterday delivered to David Cameron’s office a petition with 100,000 signatories demanding a referendum over the UK’s EU membership. Separately, in a speech to his party's annual conference, UKIP leader Nigel Farage will today accuse Cameron of “mass deception” of Conservative voters over issues like human rights legislation and a referendum on the EU, reports PA.
Le Point reports on a poll conducted by the French BVA Institute, showing that 75% of French do not trust their government’s ability to reduce public deficit.
The EU’s Committee of Permanent Representatives has agreed to extend copyright protection for sound recordings from 50 to 70 years, despite opposition from some member states, including the UK and Sweden. The decision now needs to be ratified by EU ministers, which is usually a formality, notes the FT.
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