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George Soros: The euro is "bound to break up the European Union"
Open Europe Blog
The accounting details that could make or break the EU budget
Open Europe Blog
Scottish independence and EU accession: tricky to pull off in one manoeuvre?
Open Europe Blog
Open Europe Blog
The accounting details that could make or break the EU budget
Open Europe Blog
Scottish independence and EU accession: tricky to pull off in one manoeuvre?
Open Europe Blog
Daily Press Summary
Van Rompuy aims to reach EU budget compromise via accounting move;
Disputes remain over spending priorities and rebatesAt today’s EU budget summit, Herman Van Rompuy, the European Council President, is expected to try and reach a compromise by offering deeper reductions to budget payments but more modest ones to budget commitments. Estimates circulating yesterday suggested that cuts to payments could total as much as €30bn, bringing that figure to just over €900bn, while commitments would be reduced by only €15bn, leaving them nearer €960bn.
Disputes remain over spending priorities and rebatesAt today’s EU budget summit, Herman Van Rompuy, the European Council President, is expected to try and reach a compromise by offering deeper reductions to budget payments but more modest ones to budget commitments. Estimates circulating yesterday suggested that cuts to payments could total as much as €30bn, bringing that figure to just over €900bn, while commitments would be reduced by only €15bn, leaving them nearer €960bn.
Italian Europe Minister Enzo Moavero Milanesi told MPs yesterday that Mario Monti is ready to veto the 2014-2020 EU budget “even on his own”, if Italy fails to secure a reduction in its net contribution to the EU budget or if further cuts to funding for cohesion policy and agriculture are proposed. In a briefingpublished yesterday, Open Europe Director Mats Persson said, “Though the overall size of the EU budget will be kept in check, due to the inherent bias in these talks towards the status quo, the actual spending areas will remain unreformed, largely inefficient and out of step with economic reality. This reflects very poorly on Europe’s collective ability to rise to the challenges of this century.”
The issue of rebates also remains contentious. “We can’t accept any more that our contribution to each rebate goes up,” a senior French official said. The rebate is a red-line issue for the UK, while Dutch Prime Minister Rutte has pledged to keep his country’s rebate, saying “we still need to fight hard for it. It isn't obtained yet.” Swedish Prime Minister Fredrik Reinfeldt said, “At the summit, I am going to argue for a substantial rebate.”
The Independent notes that David Cameron will renew his demand for at least €7bn of cuts to the administration budget through a 10% reduction in the pay bill; an end to automatic promotion; reduced pension rights and scrapping special tax advantages for staff. Dutch Foreign Minister Frans Timmermans has also called for a reduction of EU salaries, which he said “are outdated”. A German Government representative said yesterday that “the German position as net contributor [to the EU budget] will worsen” even if the budget is reduced, adding that “we know that this is required as part of the European solidarity”. Handelsblatt suggests that, in return, British and German demands for a reduction to administration costs will be accommodated. Open Europe's Pieter Cleppe appeared on Belgian news programme Terzake, commenting on the wages of EU officials.
Open Europe blog Terzake: 20’50 mins FT Times Independent EUobserver El Mundo Expansión FT 2 WSJReuters Le Figaro Le Monde Asca Irish Times Irish Times Irish Times 2 Euractiv European Voice BBCHandelsblatt Welt Bild Bild: Elitz Spiegel Süddeutsche Süddeutsche 2 FAZ AFP NOS BNR Volkskrant YLETVN24 Rzeczpospolita Dagens Nyheter Politiken
Open Europe blog Terzake: 20’50 mins FT Times Independent EUobserver El Mundo Expansión FT 2 WSJReuters Le Figaro Le Monde Asca Irish Times Irish Times Irish Times 2 Euractiv European Voice BBCHandelsblatt Welt Bild Bild: Elitz Spiegel Süddeutsche Süddeutsche 2 FAZ AFP NOS BNR Volkskrant YLETVN24 Rzeczpospolita Dagens Nyheter Politiken
Ireland forced into midnight liquidation of bailed out bankThe Irish government was last night forced to pass emergency legislation to liquidate the Irish Bank Resolution Corporation (IBRC, formerly Anglo Irish Bank) after plans to wind down the bank and secure a deal with the ECB on restructuring the promissory notes (which helped bail out the bank) leaked prematurely. However, the deal on the notes is yet to be secured with the ECB leaving the benefits of the move uncertain. In the meantime the National Asset Management Agency (NAMA) will take over the remaining IBRC assets, along with the government guarantee underpinning them. The ECB Governing Council will discuss a potential deal on reducing the burden of the original IBRC bailout at its monthly meeting today.
FT WSJ Irish Times Irish Independent Irish Independent 2 Irish Independent 3 BBC
FT WSJ Irish Times Irish Independent Irish Independent 2 Irish Independent 3 BBC
William Hague: UK must hold EU referendum “whatever the consequences”Giving evidence to the House of Commons Foreign Affairs Committee, Foreign Secretary William Hague argued that “We have reached a point in the United Kingdom where democratic consent has been gravely weakened by the European Union. We have to recognise that and deal with that. We have to do that whatever the consequences.” He added that other EU “Governments have reacted in a wide range of ways… Chancellor Merkel has reacted in a pragmatic way and that is true of many other European capitals.”
Telegraph
Telegraph
In an interview with Dutch news programme Nieuwsuur, prominent investor George Soros said that the euro “could last quite a long time, the same way as the Soviet Union, which was a very bad arrangement, lasted for 70 years. However, I think that eventually, it is bound to break up the European Union.”Nieuwsuur: 28’30
MEPs yesterday voted through major reforms to the EU’s Common Fisheries Policy including measures to protect endangered stocks, ending the practice of throwing unwanted dead fish into the sea and the handing over of more powers to regional fishing organisations.FT Mail European Voice BBC IHT Independent BBC Guardian EUobserver Süddeutsche EurActiv Zeit
The Independent reports that Education Secretary Michael Gove has been forced to drop plans to scrap GCSEs in favour of a new ‘English Baccalaureate’ following a combination of domestic political opposition and warnings that a key plank of the reforms – handing each of the core subjects over to just one exam board – could breach EU rules on public service contracts.Independent Guardian
Mario Monti has said he “doesn’t rule out” serving as a minister in a pro-reform government with the Democratic Party led by Pier Luigi Bersani. However, he suggested Bersani will have to ditch his smaller left-wing ally SEL. Meanwhile, according to a new Tecnè/Sky TG24 poll, the gap between Bersani’s centre-left coalition and Silvio Berlusconi’s centre-right coalition is now only 3.7%.FT FT 2 WSJ Sky TG24 Corriere della Sera Il Sole 24 Ore Corriere della Sera 2 Repubblica Irish TimesEuropean Voice
Jorge Trías, a former MP for Spain’s ruling Partido Popular, has reportedly told a Spanish court that the party’s former treasurer Luis Bárcenas did show him the ‘secret’ accounting books published by El País last week. The documents have been seized by Spanish prosecutors as part of the investigation into the slush fund allegations involving Prime Minister Mariano Rajoy and other senior members of his party.Open Europe blog El País La Vanguardia Irish Times BBC
Talks over a Cypriot bailout and plans to allow the eurozone bailout fund, the ESM, to bailout banks directly will dominate Monday’s meeting of eurozone finance ministers. Little progress is expected on other issues such as bank capital requirements or the eurozone’s single financial supervisor.FT European Voice
During a visit to Athens yesterday SPD Chancellor candidate Peer Steinbrück reiterated his call to give Greece more time, adding that he fears Greece’s return to the markets will “take longer than expected”. Separately, Kathimerini reports that the government desperately needs to boost public revenues after they came in 7% below expectations in January. Greek news website Newsnow reports on Open Europe's recent conference in Brussels entitled “Alternative solutions to the Eurozone crisis”.Kathimerini Kathimerini 2 Spiegel FAZ Bild Kathimerini 3 Newsnow.gr Open Europe Events
In a comment piece, Die Welt’s editor Thomas Schmid criticises the “more Europe or demise” argument frequently deployed in the German Parliament as well as by Italy’s Centre-left leader Pier Luigi Bersani recently – arguing that it entails characteristics of blackmail.Welt: Schmid
In the Times, Hans-Werner Sinn, Professor of Economics at the University of Munich, argues, “Germany must take Mr Cameron seriously. We need a new blueprint for a prosperous, free and united Europe.”Times: Sinn
Euractiv reports that the European Union has never sent Turkey the required benchmarks to reform its justice system, making the country's EU accession process impossible to complete.Euractiv Open Europe events: Turkey and the UK: Towards a reformed EU?
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