http://www.bloomberg.com/news/2011-09-11/europe-may-need-to-bail-out-nationalize-some-banks-westpac-s-jones-says.html
Germany moves fast to ease ECB tension
Germany moved quickly to dispel the perception that the European Central Bank is in ideological disarray in the midst of a galloping debt crisis by nominating one of its top crisis managers to the bank’s executive team.
http://www.theglobeandmail.com/report-on-business/germany-moves-fast-to-ease-ecb-tension/article2161663/
Germany's Bank Nominee Drove '08 Crisis Response
http://online.wsj.com/article/SB10001424053111903532804576564740265449696.html?mod=googlenews_wsj
Will Cameron (Bliar MKII) give us a referendum..........................AS PROMISED?
George Osborne warns of new EU fiscal union treaty
Talks over a new European Union constitutional treaty have begun as eurozone countries push for radical powers to save Europe's single currency, George Osborne, the Chancellor, has revealed.
George Osborne said the Government expected the new treaty to be in place by 2013 Photo: REUTERS
11:50PM BST 11 Sep 2011
Germany, France, Italy and EU officials demanded a replacement for the controversial Lisbon Treaty at a G7 meeting in Marseille this weekend.
At the talks, Mr Osborne insisted that Britain would fight to keep its economic sovereignty against a eurozone "caucus" seeking to run the EU as a "fiscal union".
He said the Government expected the new treaty to be in place by 2013, on top of a minor amendment to create a permanent bail-out fund later this year.
"I think it is on the cards that there may be a treaty change imposed in the next year or two, beyond what has already been proposed," said the Chancellor.
"This would be for the eurozone, this would be to further integrate the eurozone, further strengthen fiscal integration."
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It was an about-turn on the Government's previous line that Britain was not threatened by a new "fiscal union" treaty giving the EU powers to impose economic and budget policies on euro member states. Mr Osborne admitted that the Government was fighting to keep its vetoes over economic policy to prevent a "caucus" of 17 eurozone countries having a monopoly of power via its inbuilt majority in an EU of 27 nations.
"I'm equally clear that Britain is not part of it, but also, and I made this point [at the G7], it is crucial that Britain's interests on financial services, on the single market, on competition are protected, that we're not outvoted by the eurozone, that there is not an inbuilt eurozone caucus in the system," he said.
Brussels sources have told The Daily Telegraph, that a proposal for formal negotiations to begin in December will be made at an EU summit next month. The talks will be chaired by Herman Van Rompuy, the EU president, and will involve a constitutional "convention" before the new treaty is agreed and ratified in all 27 EU countries.
Mr Osborne also revealed that William Hague, the Foreign Secretary, was drawing up a list of demands for powers to be repatriated to Britain in return for treaty change.
He added: "My absolute requirement would be the protection of the UK's interests in areas such as financial services, competition, single market, that we are able to continue to have a decisive say on things that affect us."
Speaking last week, Angela Merkel, the German chancellor, called for radical "no taboos" treaty negotiations "in order to bind the EU closer together".
Her predecessor, Gerhard Schröder, called for the EU to return to "the original goal" of a "United States of Europe" and "the European constitution" rejected by French and Dutch voters in 2005.
Handing powers back to Britain will be fiercely resisted by Germany, France, the eurozone and most EU countries. The issue will also split the Coalition between Eurosceptic Tories and pro-EU Liberal Democrats opposed to regaining national vetoes.
Bill Cash, the chairman of the House of Commons European scrutiny committee, said: "This takes Britain into a new critical and dangerous phase. It proves the need for a referendum."
Douglas Carswell, the Tory MP for Clacton, is among a group of up to 90 back-bench Conservatives pushing for a referendum on a new EU treaty.
"A full blown fiscal union for eurozone instantly has implications. Britain will never get its own way and the qualified majority vote will give a monopoly of power to the eurozone bloc," he said.
"I'm pleased the Government has recognised the danger but ultimately the only way we can get a good deal in our interests is if we can pass judgment in a referendum."
The future of Europe is back on the Agenda but Germans see the euro as a threat - it is forcing them to bail out other countries
Extraordinary speech: Herman van Rompuy said last week that he would run for a second term so he could lead a United States of Europe
http://www.dailymail.co.uk/debate/article-2035940/The-future-Europe-Agenda-Germans-euro-threat--forcing-bail-countries.html
Van Rompuy is ready to run the 'United States of Europe'
Germany strengthens demands for a new treaty giving the president extra powers
By Siobhan Creaton
Tuesday September 06 2011
EUROPEAN Council president Herman van Rompuy said yesterday that he was ready to run for a second term as European Union president, to lead a "United States of Europe".
His comments came as Germany strengthened demands for a new treaty giving the president extra powers.
Mr Van Rompuy has announced he is willing to take on the "unfinished" eurozone debt crisis with new powers setting an "economic government" in Brussels. "Because the work is not finished, I do not rule out a second mandate," he said yesterday. "I would not do it for personal glory."
The former Belgian prime minister took up his post as president of the European Council, the regular summits of EU leaders, on a two and a half year term that expires in May 2012.
He is jockeying to continue in his post, as calls are growing for a European treaty which would give the EU president new powers.
Many EU officials and diplomats regard Mr Van Rompuy's announcement as an attempt to put himself at the front of the campaign for a federal United States of Europe with himself as president.
"It is no coincidence that he steps forward at the very moment that federalism is on the agenda again," said an EU official.
Under German proposals, Mr Van Rompuy, an economist, would also become eurozone president in control of a powerful secretariat for economic and financial affairs.
http://www.independent.ie/business/european/van-rompuy-is-ready-to-run-the-united-states-of-europe-2867136.html
Herman van Rompuy wants second term as strengthend EU president
Herman van Rompuy is ready to run for a second term as EU president, at the head of a “United States of Europe”
http://www.telegraph.co.uk/news/worldnews/europe/eu/8742920/Herman-van-Rompuy-wants-second-term-as-strengthend-EU-president.html
Meet the President of Europe
http://www.brusselsjournal.com/node/4181
Extraordinary speech: Herman van Rompuy said last week that he would run for a second term so he could lead a United States of Europe
http://www.dailymail.co.uk/debate/article-2035940/The-future-Europe-Agenda-Germans-euro-threat--forcing-bail-countries.html
Van Rompuy is ready to run the 'United States of Europe'
Germany strengthens demands for a new treaty giving the president extra powers
By Siobhan Creaton
Tuesday September 06 2011
EUROPEAN Council president Herman van Rompuy said yesterday that he was ready to run for a second term as European Union president, to lead a "United States of Europe".
His comments came as Germany strengthened demands for a new treaty giving the president extra powers.
Mr Van Rompuy has announced he is willing to take on the "unfinished" eurozone debt crisis with new powers setting an "economic government" in Brussels. "Because the work is not finished, I do not rule out a second mandate," he said yesterday. "I would not do it for personal glory."
The former Belgian prime minister took up his post as president of the European Council, the regular summits of EU leaders, on a two and a half year term that expires in May 2012.
He is jockeying to continue in his post, as calls are growing for a European treaty which would give the EU president new powers.
Many EU officials and diplomats regard Mr Van Rompuy's announcement as an attempt to put himself at the front of the campaign for a federal United States of Europe with himself as president.
"It is no coincidence that he steps forward at the very moment that federalism is on the agenda again," said an EU official.
Under German proposals, Mr Van Rompuy, an economist, would also become eurozone president in control of a powerful secretariat for economic and financial affairs.
http://www.independent.ie/business/european/van-rompuy-is-ready-to-run-the-united-states-of-europe-2867136.html
Herman van Rompuy wants second term as strengthend EU president
Herman van Rompuy is ready to run for a second term as EU president, at the head of a “United States of Europe”
http://www.telegraph.co.uk/news/worldnews/europe/eu/8742920/Herman-van-Rompuy-wants-second-term-as-strengthend-EU-president.html
Meet the President of Europe
http://www.brusselsjournal.com/node/4181
The market is rallying quite strongly today on little news. I am wondering if there was leakage of this plan that has hit Bloomberg about the EU looking the other way on admitting reality. This is a lighter form (for now just a lot of kicking the can down the road) of what the U.S. did in April 2009 via FASB, banks are allowed to carry debt (in our case, mostly mortgage) at what they deem fair, rather than current market prices. This “make believe” valuation method was credited, in part, for easing stress on banks, and you know what happened after that. Until banks actually foreclose on properties they can claim whatever they ‘believe’ to be the value, so it allows for a relative small amount of losses to be ‘admitted’ each quarter. This methodology also worked wonders for the REIT market.
Looks like the EU is learning well… and of course if you knew this information before other people did, it’s quite an advantage in the market. So in summary – as long you don’t admit there is a problem, there is not a problem – at least in banking circles. Greek debt at 100 cents on the dollar! Want some?
The European Union is delaying proposals for senior bondholders of failing banks to take losses because the measures may spook investors at a time of market turbulence and they need more work, according to two people familiar with the situation.
http://www.favstocks.com/eu-follows-u-s-in-hear-no-evil-see-no-evil-solutions-on-debt/0978671/
EU Said to Delay Bank Bond Writedown Plans Amid Turbulence
http://www.bloomberg.com/news/2011-09-07/eu-is-said-to-delay-bank-bondholder-writedown-plan-amid-market-turbulence.html?cmpid=bit
Looks like the EU is learning well… and of course if you knew this information before other people did, it’s quite an advantage in the market. So in summary – as long you don’t admit there is a problem, there is not a problem – at least in banking circles. Greek debt at 100 cents on the dollar! Want some?
The European Union is delaying proposals for senior bondholders of failing banks to take losses because the measures may spook investors at a time of market turbulence and they need more work, according to two people familiar with the situation.
http://www.favstocks.com/eu-follows-u-s-in-hear-no-evil-see-no-evil-solutions-on-debt/0978671/
EU Said to Delay Bank Bond Writedown Plans Amid Turbulence
http://www.bloomberg.com/news/2011-09-07/eu-is-said-to-delay-bank-bondholder-writedown-plan-amid-market-turbulence.html?cmpid=bit
Mr. Osborne indicated the U.K. would support a new treaty—which would require ratification from all 27 EU states—but said he had told the other finance ministers Britain's interests must be considered. "It's crucial that Britain's interests on financial services, on the single market, on competition are protected, that we're not out-voted by the euro zone, that there is not an in-built euro-zone caucus in the system," Mr. Osborne said.
Advocates of a treaty change have faced resistance from France, which is reluctant to lose further autonomy in its tax and spending policies. It would have to hold a referendum to ratify deeper European integration.
http://online.wsj.com/article/SB10001424053111904265504576564801620551890.html
Tory fears of 'a new EU treaty in two years' as Eurosceptics demand power back from Brussels
http://www.dailymail.co.uk/news/article-2036341/Tory-fears-new-EU-treaty-years-Eurosceptics-demand-power-Brussels.html?ito=feeds-newsxml
Juggling the Long and Short Term in Britain's Relationship With the European Union
http://www.huffingtonpost.co.uk/margot-james/juggling-the-long-and-sho_b_957464.html
Advocates of a treaty change have faced resistance from France, which is reluctant to lose further autonomy in its tax and spending policies. It would have to hold a referendum to ratify deeper European integration.
http://online.wsj.com/article/SB10001424053111904265504576564801620551890.html
Tory fears of 'a new EU treaty in two years' as Eurosceptics demand power back from Brussels
http://www.dailymail.co.uk/news/article-2036341/Tory-fears-new-EU-treaty-years-Eurosceptics-demand-power-Brussels.html?ito=feeds-newsxml
Juggling the Long and Short Term in Britain's Relationship With the European Union
http://www.huffingtonpost.co.uk/margot-james/juggling-the-long-and-sho_b_957464.html
Policy makers from the major developed economies are all reading from the same script these days. Conditions may be deteriorating rapidly, but don’t worry. Our fearless leaders stand ready to intervene with their usual “strong and co-ordinated response.” That was the formal message from the latest gathering of Group of Seven finance ministers and central bank chiefs in Marseilles over the weekend.
But the informal message was that, in the event things go from bad to worse and we get stuck in the Great Recession Part 2, they stand equally ready to put the blame squarely on those bumbling Europeans, who can’t seem to get their debt-drenched house in order.
http://www.theglobeandmail.com/report-on-business/economy/economy-lab/milner-economy/world-at-risk-of-second-financial-heart-attack/article2161664/
But the informal message was that, in the event things go from bad to worse and we get stuck in the Great Recession Part 2, they stand equally ready to put the blame squarely on those bumbling Europeans, who can’t seem to get their debt-drenched house in order.
http://www.theglobeandmail.com/report-on-business/economy/economy-lab/milner-economy/world-at-risk-of-second-financial-heart-attack/article2161664/
A third belief, and one that has considerable force within the investment community, is that the first two beliefs will never be reconciled
http://www.independent.co.uk/news/business/comment/stephen-king/stephen-king-saving-the-euro-gets-more-difficult-by-the-week-2353296.html
http://www.independent.co.uk/news/business/comment/stephen-king/stephen-king-saving-the-euro-gets-more-difficult-by-the-week-2353296.html
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