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New on the Open Europe Blog Some preliminary thoughts on the stress tests for Spanish banks: lots of optimistic assumptions... Open Europe Blog What keeps the folks in Brussels and Berlin awake at night? Open Europe Blog Initial thoughts on Spain's latest austerity budget Open Europe Blog
Daily Press Summary Chris Leslie: Tensions between Eurozone federalism and national democracy “risk undermining the European settlement”; Douglas Alexander: Total consensus within Labour for EU membershipSpeaking at a joint Open Europe-CER-BNE fringe event at the Labour Party Conference, sponsored by JP Morgan, Shadow Treasury Minister Chris Leslie warned that the tensions between Eurozone-level decision making and national democracy were “at risk of undermining the European settlement.” He said that the Eurozone needed to find an answer to the question of how to “hold accountable those who make executive decisions in the Eurozone.” He said that the continuing EU budget negotiations were the “next big diplomatic test” for the UK and that he was disappointed that there was not enough focus on the content of the budget. Shadow Foreign Secretary Douglas Alexander warned against “shrinking our market from 500 million to 60 million” by leaving the EU. He said the David Cameron’s announcement that the UK would exercise its block opt-out of EU crime laws was “shambolic”, even in its presentation. Regarding the possibility of Labour calling an in/out referendum, he later told the BBC’s Westminster Hour that “there is almost total unanimity for Britain’s continued membership.” Open Europe Director Mats Persson said that the EU budget presented the Labour Party with a “huge opportunity” to pressure the Government to argue for reform in Europe, noting that reform of the EU’ structural funds would save the UK around £4bn and could allow remaining EU funds to be better targeted. He warned the Labour Party that it had to acknowledge that the crisis meant that the “status quo” was no longer an option for the UK’s relationship with the EU.  The event is cited on theSpectator’s Coffee House blog. Open Europe events Spectator: Coffee House Open Europe hosted an evening networking reception in partnership with JD Wetherspoons at the 2012 Labour Party Conference in Manchester entitled "Beers of Europe". Shadow Europe Minister Emma Reynolds praised Open Europe’s recent report on the UK-EU trade and said the UK had to continue to push for single market liberalisation, particularly in the services sectors.Open Europe events Open Europe research MPs urge David Cameron to demand the repatriation of EU regional funding which would save the UK £4bnThe Sunday Telegraph reports that Conservative MPs are urging David Cameron to use the current EU Budget negotiations to demand the repatriation of EU regional funds for wealthier member states which would benefit from the proposal, with the UK saving around a net total of £4bn over seven years. Andrea Leadsom, co-founder of the Fresh Start Group, is quoted as saying “Instead of recycling British taxpayers’ money throughout the EU we should be taking these decisions at Westminster”. Open Europe Director Mats Persson is quoted as saying that “In terms of an EU policy to target for reform, this is an open goal for Mr Cameron: it’ll save UK taxpayers billions, return powers from Brussels and allow the UK to run a far more effective domestic regeneration and regional policy.” Open Europe research: Off Target Sunday Telegraph Conservative Home Open Europe’s recent briefing on the degrees of internal devaluation needed for southern Eurozone economies to stay inside the euro was cited by David Wighton in Saturday’s Times, by Hugo Dixon in the New York Times and Reuters Breakingviews and several other news outlets.BBC Newsnight reproduced a graph from the report and Open Europe’s Mats Persson appeared on the programme discussing the findings. Open Europe’s Pieter Cleppe appeared on BBC World, while Open Europe’s Raoul Ruparel was quoted by the World Politics Review discussing the report.Open Europe research: Internal Devaluation BBC Newsnight BBC World Times: Wighton New York Times: Dixon Reuters Breakingviews WPR David Cameron: It is time for is a new settlement between Britain and Europe which will require fresh consent David Cameron, speaking in Brazil, has told reporters that "I don't think it is in Britain's interests to leave the EU, but I do think what it is increasingly becoming the time for is a new settlement between Britain and Europe and I think that new settlement will require fresh consent.” In a separate letter to MPs he writes; “I do believe it would be wrong to rule out any type of referendum for the future. However, I am concerned that making a legal commitment now to hold a referendum in the next Parliament without setting the exact referendum question would not be a workable, nor a sustainable, position." Separately David Cameron has confirmed that his Government will be exercising its right to opt-out of EU Crime and Policing law as recommended by Open Europe. David Cameron told reporters “That has to be done before the end of the year, and the opt-out is there… We’ll be exercising that opt-out. However the Guardian quotes Nick Clegg’s office as stating that the “opt out in this area is still under review and discussion.” Open Europe research: An unavoidable choice FT Weekend Saturday’s Times Saturday’s ExpressSaturday’s Independent BBC Saturday’s Guardian Saturday’s Telegraph Letter to MPs FT GuardianGuardian 2 The Sunday Times reported that the European Parliament’s commute between its seats in Brussels and Strasbourg costs over £150m per year; more than £1bn over seven years. Open Europe’s Pieter Cleppe is quoted as saying that “It is time that common sense prevailed over this absurd situation, which continues to cost taxpayers millions every year.” Pieter is also quoted in the Express. Sunday Times Express German government considers giving Greece more time as Steinbrück says the eurozone may have to fund Greece for up to eight years The Greek government will renew its talks with the EU/IMF/ECB troika today, in an attempt to reach a deal on the €13.5bn austerity package which the governing coalition finally agreed on last week.Handelsblatt reports that the German government is increasingly open to giving Greece more time as it fears the ‘domino-effect’ of a Greek exit from the eurozone. Former German Finance Minister Peer Steinbrück – who will today be officially confirmed as the SPD’s Chancellor candidate for next year’s federal elections – told the Welt am Sonntag that, "Greece will not be able to borrow money on the capital markets in the coming seven or eight years. We will have to help it until then.” The Greek government has said it expects the Greek economy to contract by 3.8% next year. Open Europe’s Raoul Ruparel was quoted by Kathimerini discussing the prospects for another restructuring of Greek debt. Kathimerini FT Bild Welt Welt 2 Süddeutsche Deutsche Welle FAZ Handelsblatt WSJ TelegraphEUobserver Saturday’s Guardian Kathimerini 2 Handelsblatt reports that a poll by the German Institut für Demoskopie found that 67% of Germans do not trust the ECB, while only 18% do. Two years ago 31% of Germans said they trusted the ECB. Handelsblatt Spanish budget angers regions and confirms Spain will miss its targetsThe results of the latest Spanish bank stress test were announced on Friday putting the bank capital needs at €59.3bn, although with some likely to be provided by the private sector the Spanish government suggested it would only request around €40bn in aid from the eurozone. Open Europe blog post responding to the announcement was quoted by the BBC and Open Europe’s Raoul Ruparel was also quoted by International Financing Review discussing the bank bailout. Meanwhile, details of the Spanish budget released over the weekend showed that Spanish debt is expected to reach 90.5% of GDP by the end of 2013. The WSJ reports that the budget plan also revealed that the bank bailout will push the Spanish deficit for this year to 7.4% of GDP, well above the 6.3% target, while last year’s deficit was also revised upwards. El País reports that several regional Presidents from Spanish Prime Minister Mariano Rajoy’s party have labelled the draft budget as “unfair”. Open Europe blog FT Weekend Saturday’s Telegraph Saturday’s Times Saturday’s Guardian  BBC IFR FT: Munchau WSJ Review & Outlook WSJ: Nixon Telegraph: Bootle CityAM WSJ WSJ 2 According to a poll published by El País, 43% of Catalans would vote in favour of independence and 41% against it. According to a separate poll published by La Vanguardia, 84% of Catalans are in favour of a referendum. El Economista La Vanguardia El País Slovak Prime Minister Robert Fico said over the weekend, "I think the time will come when it will be clear that some countries are not able to deliver when it comes to fiscal consolidation and commitments and that one or maybe two countries will not be part of the euro zone,” adding Greece as an example of such a country. Reuters FTD EUobserver Le Monde Thousands of people took to the streets in France over the weekend to protest the latest austerity measures included in the budget, as well as the planned ratification of the fiscal treaty by the French parliament.FT Le Monde Liberation Telegraph: Evans- Pritchard Euractiv EUobserver Saturday’s Times Saturday’s Independent Saturday’s Guardian Saturday’s Mail Reuters UK Minister: We share the people’s anger regarding lack of poverty focus for EU aid moneyResponding to the Sunday Telegraph’s reports that EU aid was spent on – among others – an aqua park in Morocco, Alan Duncan, Minister of state for aid at the Department for International Development, claimed that “We share the people’s anger on this. We are forced to give money to the EU. We ask them to focus aid on poverty but they don’t, and we have no choice in the matter.” The Sunday Telegraphreports that £1.4 billion, one-sixth of DfID’s budget, is spent by the EU. Sunday Telegraph Sunday Times Mail Sun Open Europe research: EU Aid The Sunday Telegraph reported that Business Minister Michael Fallon is planning to call for the EU to adopt the Coalition’s a “one-in, one-out” domestic approach to regulation in an attempt to cut red tape.Sunday Telegraph Open Europe research: Still out of Control The FT reports that the EU Liikanen Group’s review of banking structures is expected today to recommend the ring-fencing of trading activities.FT In a radio interview, German President Joachim Gauck warned against a hastily organised EU referendum in Germany, arguing that first of all, politicians needed to explain the situation in order to "minimise uncertainty" among citizens.FAZ