Friday, 21 October 2011

He who dares not to offend, cannot be honest.

--Thomas Paine

European Union Directives,Regulations and Laws.

Consequently, Croatia's EU entry would be threatened. The senior opposition Social Democrats (CSSD) are opposed to the opt-out that President Vaclav Klaus made a condition for his signing theEU reform Lisbon Treaty in 2009. The most recently, the CSSD ...
EU anger over British stance on UN statements
The Guardian
The disagreement is focused on issues where there are "mixed competencies" – in which the EU and individual member states have jurisdiction. "For many countries this is a big deal," said Charles Grant, the director of the Centre for European Reform. ...
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The Guardian

The European Commission has proposed extending the Markets in Financial Instruments Directive(MiFID) to redress market abuse and volatile trades highlighted by the financial crisis. Experts warn that arbitrage is always around the corner. ...
Special report: UK freezer fires light up regulation concerns
Reuters
Arcelik's approach to notifying regulators also seems to have been at odds with EUguidelines. The EU General Product Safety Directive says companies should inform the "competent authority" as soon as they become aware that a product may be unsafe. ...
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Reuters
New legislation called the European Union's Agency Workers Directive was introduced into UKlaw on October 1. The new regulations entitle agency workers to equal rights after 12 weeks which includes holidays and pay. But Connah's Quay councillor Bernie ...
The proposals are to overhaul the EU's Markets in Financial Instruments Directive, or Mifid, were adopted by the European Commission in tandem with others to toughen sanctions against market abuse. This topic will also be discussed further by Edgar ...
However, the Health Secretary Andrew Lansley has pledged to tighten up regulations in areas which are not covered by European legislation. Under current EU directive, UK healthcare regulators are not allowed to require proof of competence from EU ...



"1) A treaty, European Council decision or other legal instrument of the European
Union which provides for the creation of a fiscal union or economic
governance within the Eurozone shall require approval by Act of Parliament
and fulfilment of the referendum condition as set out in section 2(2) or 3(2) or
6(4), as the case may be, of the European Union Act 2011.

(2) Sections 11 to 13 of the European Union Act 2011 shall apply to a referendum
held in pursuance of subsection (1) above."

meaning that any such "treaty, European Council decision or legal instrument of the European
Union" would have to be put to a referendum.

However even if this were to be passed I question whether it would cover an intra-eurozone treaty like the ESM treaty:

http://www.consilium.europa.eu/media/1216793/esm%20treaty%20en.pdf

to which the UK is not even a party, or a legal instrument of just the euro group rather than of the "European Union".

French, German split delays EU rescue plan

BRUSSELS/BERLIN — European leaders have put off crucial decisions on how to stop a sovereign debt meltdown in their currency zone, keeping markets on edge, to give German Chancellor Angela Merkel time to secure parliamentary support, EU sources said on Friday.
http://business.financialpost.com/2011/10/21/french-german-split-delays-eu-rescue-plan/

Flurry Of EU Meetings To Save The Eurozone
http://www.rferl.org/content/new_talks_on_eurozone_crisis/24366527.html

EU financial crisis – The key questions
http://rt.com/business/news/eu-financial-crisis-question-399/

Europe tackles 'disastrous' debt divisions
BRUSSELS — European finance ministers sat down to address "disastrous" divisions on Friday in a debt crisis that began in Greece and is now sucking in Italy, ramping up urgent fears of worldwide recession.
Eurozone governments began laying the groundwork for crunch back-to-back summits after emergency overnight talks between US President Barack Obama, British Prime Minister David Cameron and the key duo of German Chancellor Angela Merkel and French President Nicolas Sarkozy.
Optimistic they would release billions in loans for Greece, the ministers now have to keep immediate fallout from Athens from bringing down the eurozone as whole in a debt crisis that German Finance Minister Wolfgang Schaeuble admits has morphed into "serious" wider concerns.
On arrival for talks that started just after 2:00 pm (1200 GMT), IMF chief Christine Lagarde said the Washington-based world lender of last resort "will do all it can" to help Europe find a lasting solution.
EU Economic and Monetary Affairs Commissioner Olli Rehn said any solution would need to handle Greece, include a big boost to existing rescue funding and a recapitalisation of banks caught in the eye of the storm.
A series of tense ministerial talks will culminate in back-to-back summits of EU leaders Sunday and Wednesday.
Eurozone chief Jean-Claude Juncker warned as he arrived to chair the first round of discussions that persistent disputes were sending out all the wrong signals.
"The external impact is disastrous" for Europe, the Luxembourg prime minister said. "We are not really showing a properly functioning leadership."
"The situation is serious," Schaeuble admitted. "We have a great responsibility, we all know it," he said, "to Europe, to the eurozone but naturally also to the world economy."
http://www.google.com/hostednews/afp/article/ALeqM5ifNkCSQJqLde891LZd98U9EhqKZA?docId=CNG.166c3dd9391601399e970dcf4031df36.881

Open Europe

Europe

Junior members of Government threaten resignation over EU referendum vote


David Cameron looks set to face a tense vote on Monday over a motion calling for a referendum on the UK’s EU membership, with over 50 Conservative MPs likely to vote against the Government. George Eustice MP has tabled an alternative motion calling for a referendum on the EU but only after a successful renegotiation of powers. His amendment also calls for the Government to publish a White Paper in the 2012-13 session of Parliament on what EU powers the Government would seek to repatriate from Brussels.


It remains unclear whether the Government would back the Eustice amendment, which could allow MPs a chance to vent their views on the EU without openly defying the Government. However, the Guardian reports that one No 10 source said that while the Prime Minister agrees with the Eustice amendment, he cannot support it – and would whip his MPs to vote against it – because it would be unacceptable to the Liberal Democrats. The Telegraph reports that five parliamentary private secretaries are considering resigning in order to back a referendum in Monday’s vote. Cameron is expected to hold a private meeting with PPSs before the vote, urging them to stay loyal. Labour and Lib Dem MPs are expected to vote against the motion.


In the Times, Dominic Raab argues, “The executive should have the magnanimity to allow the legislature its say…There will always be different shades of opinion in a democratic party: on the extent of repatriation; whether a referendum should be held in the short or longer term; or whether we should withdraw altogether. But the political weather has changed – at home and abroad. The Government would do better to have this rising headwind to its back than its front.”

Times Telegraph Guardian Express Conservative Home Spectator: Coffee House Spectator: Coffee House Times: Watson Telegraph: Tebbit Express: Leader Times: Raab Conservative Home: Harrington Times: Letters Mail Independent Sun Mirror FT City AM Economist: Bagehot


European leaders announce extra summit after failing to agree on comprehensive solution for the eurozone;
EU/IMF/ECB estimates Greek debt will reach 181% of GDP next year

European leaders yesterday announced that they will hold a second summit, most likely on Wednesday, after failing to reach an agreement on how to best leverage the EFSF, the eurozone’s bailout fund. A statement by French President Nicolas Sarkozy’s office confirmed that the focus of this Sunday’s summit would now be “in-depth” discussions, with no concrete decisions expected. Les Echos reports that Sarkozy is locked in a disagreement with the French Finance Ministry over whether to use the EFSF to insure sovereign debt, with the French President more likely to eventually back the proposal to safeguard relations with Germany. The paper also notes that Italy and Spain are opposed to using the EFSF to insure part of their debt.


Sarkozy will meet German Chancellor Angela Merkel in Brussels on Saturday in attempt to form a consensus ahead of the summit.


Amid further violent protests the Greek parliament voted to back another round of austerity measures demanded by the EU/IMF. The latest report on the Greek economy from the EU/IMF/ECB review team, which was circulated yesterday, stated that “[Greek] debt sustainability has effectively deteriorated,” with Greece expected to miss this year’s deficit target by up to €2bn and its debt to GDP ratio expected to hit 181% next year. The report also accepts that Greece will not be able to meet its privatisation targets in terms of timing or revenue, meaning the current size of the second Greek bailout will not be enough to cover the country’s funding needs. Despite this the report concludes that the next tranche of the Greek bailout should be paid as soon as possible. The FT Deutschland reports that the IMF and the ECB are in conflict over whether Greece needs to impose bigger write downs on bondholders and if it can handle more austerity.


The FT reports that, according to draft guidelines seen by the paper, banks which are recapitalised by the EFSF or national governments could be subject to restructuring or possibly even wound down, making the plans consistent with EU state aid rules. GFS news cites Open Europe’s estimates that, in an adverse scenario, European banks could require a recapitalisation of €370bn.

Meanwhile, Standard & Poor’s said yesterday that it would likely downgrade the credit rating of France, Spain, Italy, Ireland and Portugal if the eurozone entered recession, as looks increasingly possible.
BBC EUobserver IHT Independent Le Figaro El País FT CityAM WSJ EurActiv European Voice Irish Times Expansión La Tribune TimesTelegraph Telegraph 2 Guardian Suddeutsche Bild Les Echos Expansión Coulisses de Bruxelles Suddeutsche BBC 2 EUobserver 2Independent 2 FT 2 FT 3 CityAM 2 EurActiv 2 Times Telegraph Guardian Suddeutsche FT 4 FT 5 Irish Times FT 6 CityAM 3 CityAM 4 WSJ 2 Telegraph Irish Independent GFS News Kathimerini FTD Handelsblatt Kathimerini YLE Bloomberg YLE 2


Raoul Ruparel: The UK and the eurozone cannot afford another non-solution from this weekend’s summit

On Conservative Home, Open Europe’s Raoul Ruparel argues that “at this weekend’s EU summit [the UK government] will have the chance to act as the voice of reason amongst the cacophony of empty promises and grand gestures.”

Raoul suggests that the “only viable short term option for the eurozone remains a debt restructuring in Greece and Portugal and a full recapitalisation of European banks. The UK government has another opportunity to grasp this, it would do well to take it, otherwise we could end up with yet another non-solution to the crisis, which not only the eurozone but also the UK can no longer afford.”
Conservative Home: Ruparel CityAM: Heath WSJ: Fidler WSJ: Mattich WSJ: Rohac Telegraph: Reece Telegraph: Warner Guardian: ElliottBBC: Peston Economist: Charlemagne IHT: Erlanger Le Figaro: Rousselin Economist: Leader Economist Economist 2 Telegraph: RehnEconomist: Charlemagne 2


Bundestag insists on participating in EFSF decision;
Merkel goes to Brussels without a mandate

German Chancellor Angela Merkel has been forced to head to this weekend’s summit without a negotiating mandate from the Bundestag. German MPs were due to scrutinise the plan to be discussed at the summit. However, divisions between the French and German governments meant they did not receive the proposals – which reportedly lacked key details and were initially only available in English – until late on Wednesday night.

CDU parliamentary group leader Volker Kauder is quoted in FT Deutschland saying, “Without the mandate of the Parliament the government has no means to act”. MPs from the coalition parties are content for the Bundestag’s budgetary committee to give its approval, however, the opposition is demanding a vote at a full plenary session, either of which could take place next Tuesday. SPD leader Frank-Walter Steinmeier is quoted in Handelsblatt saying, “Since I cannot imagine a decision that requires no increase in liability risk, I also cannot imagine a solution that does not require re-referral to the Bundestag.”
FT FT: Barber FTD FAZ FAZ 2 FAZ 3 Handelsblatt Handelsblatt 2 Welt Bild Suddeutsche


FSA Chairman attacks EU financial regulation as Commission unveils new rules
In a speech at Mansion House yesterday, the Chairman of the Financial Services Authority Lord Turner criticised heavy-handed EU financial regulation, arguing, “The idea that securing the single market requires the harmonisation of maximum as well as minimum standards is simply wrong and potentially harmful.”


His remarks came on the day EU Internal Market Commissioner Michel Barnier unveiled his plans to upgrade the Markets in Financial Instruments and the Market Abuse Directives. Barnier’s proposals involve tougher regulation of high-frequency trading and commodity derivatives, but fall short of offering specific details on how tough sanctions would be, reports EurActiv. The WSJ notes that, in a concession to the UK, the proposed MiFID requirements cover all financial instruments and not just those sold over-the-counter.
FT CityAM WSJ EurActiv FAZ Independent


FAZ Economics Editor Holger Steltzner writes of EU Internal Market Commissioner Michel Barnier’s proposal to temporarily ban credit rating agencies from publishing sovereign ratings of ailing eurozone countries, “Fortunately, Barnier is not responsible for education. Otherwise, he would come up with the idea to outlaw bad grades in school.”
FAZ: Steltzner FT CityAM WSJ Guardian FAZ


FAZ reports that the leadership of German Chancellor Angela Merkel’s CDU party has reacted positively to an internal plan suggesting that the European Commission’s President should be directly elected by EU citizens in the future. A decision on the proposal will be made at the CDU’s party conference in mid-November.
FAZ


EUobserver reports that a group of six EU member states, including the UK, Germany and the Netherlands, have been criticised by EU Agriculture Commissioner Dacian Ciolos for blocking the renewal of a €500m EU food aid scheme, which will now be cut by three quarters from 1 January 2012.
EUobserver


Outsider candidate Ignazio Visco was yesterday nominated to succeed to Mario Draghi as governor of the Bank of Italy. The appointment leaves open the issue of Italy’s ECB executive board member Lorenzo Bini-Smaghi, with French President Nicolas Sarkozy pushing for him to resign before Jean-Claude Trichet leaves the ECB Presidency at the end of October.
Corriere della Sera Il Sole 24 Ore

World

In a joint communiqué, European Council President Herman Van Rompuy and Commission President José Manuel Barroso said that Colonel Gaddafi’s death “marks the end of an era of despotism and repression” in Libya.
EUobserver


The Guardian notes that the British delegation to the UN has blocked more than 70 EU statements to UN committees because it insisted those statements should be delivered on behalf of the "EU and its member states" rather than simply on behalf of the EU.
Guardian


Posted by Britannia Radio at 14:48