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Daily Press Summary Otmar Issing: Open Europe Berlin “is sorely needed and deserves support”Open Europe Berlin gGmbH – Open Europe’s new partner organisation in Germany – held its launch event in Berlin yesterday, with a keynote speech from former ECB Chief Economist Otmar Issing and introductory remarks from Open Europe Berlin Director Prof. Dr. Michael Wohlgemuth. In his speech, entitled, “More Europe, what kind of Europe?”, Issing argued, “[Placing too much value on] a currency, whether it is the D-Mark or the Euro is not a good idea. It cannot be maintained at any cost...I welcome solidarity when it is about helping the weak get back on their feet. However, the fiscal union is a false interpretation of solidarity…The fiscal union is a clear case of wrong incentives, of moral hazard. I do not believe that ‘more Europe’, a political union, is an alternative to the present state of affairs.” Issing said of Open Europe Berlin, “A think tank contributing fresh thinking on Europe is sorely needed and deserves support.” In his remarks, Wohlgemuth called for a Europe “of citizens, not of debt or bureaucrats”, adding that “a democratically controllable decentralised arrangement within a clear rules based system is fundamental to the social market economy in Europe.” The event was covered by Die Welt, Deutsche Wirtschafts Nachrichten and the Guardian’s live blog. Open Europe Berlin Open Europe Berlin press release DWN Welt Guardian: Live blog UK Government defeated over non-binding amendment calling for ‘real terms cut’ in 2014-2020 EU budgetThe UK Government suffered a defeat in the House of Commons yesterday, as 53 Conservative backbench MPs voted with Labour MPs on a non-binding amendment calling for a ‘real terms cut’ in the next long-term EU budget – as opposed to the Government’s demands for a ‘real terms freeze’ based on 2011 payments. During PMQs ahead of the debate, David Cameron had stressed that “at best, we would like [the next long-term EU budget] cut; at worst frozen” – a view echoed by the Financial Secretary to the Treasury Greg Clark during the debate and by Chancellor George Osborne on the BBC Radio 4’s Today programme this morning. Open Europe’s Christopher Howarth appeared on LBC Radio this morning, discussing the vote and the UK’s negotiating position on the 2014-2020 EU budget. Meanwhile, French Europe Minister Bernard Cazeneuve warned in a communiqué yesterday that “France would not be able to support” the compromise for the 2014-2020 EU budget put forward by the Cypriot Presidency, due to the proposed reduction of CAP funds. Open Europe flash analysis Open Europe research BBC News BBC: Today FT WSJ EUobserver Sun Les Echos La Tribune Mail Independent Guardian Times Sueddeutsche Welt Zeit Spiegel FTD FAZ TelegraphExpress Les Echos 2 DWN Draft 2013 budget shows Greek debt will reach 192% of GDP in 2014The projections in the draft Greek budget for 2013 submitted to the Greek parliament yesterday show that Greece’s public debt will reach 189% of GDP next year – with the EU-IMF target set at 167% – and 192% of GDP in 2014. In a statement issued after yesterday’s conference call of eurozone finance ministers, Eurogroup Chief Jean-Claude Juncker said that the discussions over Greece’s adjustment programme will continue at the meeting of eurozone finance ministers on 12 November. Separately, Thomas Wieser, the head of the Euro Working Group, told Deutschlandfunk yesterday that, although no final decision has been made yet, Greece could be granted a one- or two-year extension to its adjustment programme. FT Kathimerini Kathimerini 2 Kathimerini 3 Expansión Reuters WSJ El Mundo La Tribune Statement BBC News Businessweek Independent: Kouvelis Süddeutsche FTD The Portuguese parliament yesterday gave its first approval to the austerity budget designed to cut the country’s public deficit down to 4.5% of GDP by the end of 2013. Line-by-line votes will take place later this month.Jornal de Negócios Diário Económico WSJ Independent El País reports that, according to Spanish government sources, Spanish Prime Minister Mariano Rajoy is not planning to make a request for ESM/ECB bond-buying in what remains of 2012. Separately, Spain’s financial markets watchdog CNMV has extended its ban on short-selling for another three months. El País Expansión El Economista Cinco Días According to a source quoted by AFP, EU member states could appoint Luxembourg’s Yves Mersch to the ECB’s Executive Board next Monday by written procedure – despite the European Parliament’s ‘negative opinion’ due to the lack of female candidates to the post. AFP