Britannia Radio

Europe up a creek with no central bank

http://blogs.reuters.com/james-saft/2011/10/07/europe-up-a-creek-with-no-central-bank/

EU plans green farming revolution

In Britain, Queen Elizabeth II and the Duke of Windsor, major beneficiaries of the CAP, will continue to receive the aid but might be strongly affected by the capping.
http://news.ninemsn.com.au/article.aspx?id=8357204

Why a Conservative-led British government is backing euro-zone integration

Why a Conservative-led British government is backing euro-zone integration
The euro can be saved, at least for a while, Tory bigwigs believe, but the costs will be high: new institutions, fiscal transfers and sharper wage differentials. Ministers are clear-eyed about the risks. New euro-zone institutions will wield brutal powers without democratic accountability. The 27-country single market could fragment as decision-making gravitates to an inner core. This is “rock and hard place territory”, says a senior figure. But they regard the alternative—the euro’s implosion—as worse.
In short, for all their seemingly friendly encouragement, Tory leaders are as sceptical about the euro as ever. But in an emergency, they warily accept, any lifeline will do.
http://tinyurl.com/6eqze63

Banks to Sell $40 Billion of Assets

Banks to Sell $40 Billion of Assets Amid European Debt Crisis, KPMG Says
Banks including Royal Bank of Scotland Group Plc (RBS), Banco Espirito Santo SA (BES) and Dexia SA (DEXB), the French-Belgian bank that is facing a second government bailout in three years, are planning to sell assets because they are under pressure from regulators to shrink their balance sheets and boost liquidity
http://www.bloomberg.com/news/2011-10-06/banks-to-sell-40b-of-assets-amid-eu-crisis.html

Belgium’s Ratings Put by Moody’s Under Review for Downgrade

http://www.businessweek.com/news/2011-10-07/belgium-s-ratings-put-by-moody-s-under-review-for-downgrade.html

An entire system of global trade is at risk

Next month’s G20 summit must go beyond the usual rhetoric. Confidence in the eurozone’s banking system has to be restored through recapitalisation of its banks
http://www.telegraph.co.uk/comment/telegraph-view/8813441/An-entire-system-of-global-trade-is-at-risk.html

Commissioner Rehn comments on the new rules

Commissioner Rehn comments on the new rules for EU economic governance

The Commission will make full use of these tools. Mark my words: I will not hesitate to fully apply the new rules with rigor from the first day these tools enter into force, i.e. at the latest on 1st of January.
http://www.investineu.com/content/commissioner-rehn-comments-new-rules-eu-economic-governance-57k8

Unintended Consequences From QE Gone Wild

http://tinyurl.com/3evrlad

Investors call for solution beyond banks recaps
http://www.reuters.com/article/2011/10/07/banks-recapitalisation-idUSL5E7L61O920111007

We need a referendum on Europe Germany

No, this is not another exhortation from UKIP but from Die Zelt.
Open Europe press summary; 7 October 2011
Die Zeit: “We need a referendum on Europe”
In Die Zeit, Political Editor Heinrich Wefing argues in favour of a referendum on Europe, as “integration without direct citizen participation, has been the modus operandi of the EU since the begining”. Wefing notes that “the referendum could possibly turn against Europe. That is a risk, but it is also a prerequisite for winning new legitimacy for the project.”.
In an op-ed in the WSJ, former Spanish Prime Minister José María Aznar argues that, “Eurozone member states must share the costs of solving banking crises that occur anywhere in the euro area.”
The Economist’s Bagehot writes that: “Tory leaders are as sceptical about the euro as ever. But in an emergency, they warily accept, any lifeline will do.”

Irish Times: Beesley FT Editorial FT: Greenspan FT: Stephens WSJ: Fidler WSJ: Nixon WSJ Review&Outlook Zeit: Wefing WSJ: Aznar WSJ: Hasenstab Economist: Charlemagne BBC: Hewitt Economist: Bagehot IHT: Saft IHT: Norris

European Union Directives,Regulations and Laws.

EU Emissions Trading Battle Intensifies Aviation Week “I am glad to see that the advocate general's opinion concludes that EU directive is fully compatible with international law,” says EU Commissioner for Climate Action Connie Hedegaard. “The EU reaffirms its wish to engage constructively with third ... See all stories on this topic » Aviation Week

EU Rules GHG Scheme for Aviation is Clean Courthouse News Service The adviser's non-binding opinion essentially said that airlines cannot rely on international agreements, as the EU directive applies only to arrivals and departures. The market-baseddirective is perfectly compatible with international law, ... See all stories on this topic »