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Another blow in the bank bonus debate - but there's something far more fundamental at work here
Open Europe Blog
Why not shrink the European Commission?
Open Europe Blog
The UK manages to water down the EU's north sea power grab - to Scotland's benefit
Open Europe Blog
Open Europe Blog
Why not shrink the European Commission?
Open Europe Blog
The UK manages to water down the EU's north sea power grab - to Scotland's benefit
Open Europe Blog
Daily Press Summary
FTT countries plan to make exchanges and clearing houses outside their borders collect the tax;
Industry groups label FTT a “growth tax”The FT reports that, according to a confidential Commission report seen by the paper, the 11 states implementing the financial transaction tax (FTT) will look to use Europe’s market infrastructure – such as exchanges and clearing houses – to collect the tax outside of the FTT zone. The report implies that those exchanges and clearing houses that do not comply will not be able to trade with firms in the FTT zone or products on which the FTT falls, creating a “business case” for enforcing the tax.
Meanwhile, the British Bankers Association (BBA), the Confederation for British Industry (CBI) and the Manufactures organisation for UK Manufacturing (EEF) have written a joint letter to European Council President Herman Van Rompuy labelling the FTT a “growth tax”, adding that it will raise the cost of doing business and will not be a tax on financial institutions but on the consumers of their services. In a letter to the FT, Richard Raeburn, Chairman of the European Association of Corporate Treasurers, echoes the warning saying that “the burden of such a tax will largely fall on companies, pension funds and individuals”. Separately the European Investment Bank (EIB) has warned that it could face an additional cost of €1.65bn from the FTT due to the rising cost of bank loans.
FT CityAM BBA & EEF letter FT letter: Raeburn Bloomberg
Despite much discussion over tax evasion at yesterday’s EU summit few concrete measures were decided upon, although there was an agreement in principle on greater transparency and sharing of tax information. Luxembourg and Austria have stressed that any agreement must also involve non-EU countries such as Switzerland. Open Europe’s coverage of the EU summit was cited by the Guardian live blog.WSJ EU Council Conclusions IHT IHT 2 European Voice Euractiv Guardian FAZ Süddeutsche Süddeutsche 2 Süddeutsche 3 Irish times Reuters EU Observer NOS Elsevier FAZ VRT Guardian live blog
Open Europe Berlin’s Director Michael Wohlgemuth is quoted in Swiss economic daily L'Agefi as saying “the more the welfare state grows, the less it fulfils its promises”. Open Europe’s Pawel Swidlicki appeared on CNBC Poland discussing the IMF’s latest economic forecasts for the UK and the economic situation in the eurozone.
Open Europe Berlin
Eurogroup Head hopes for decision on ESM bank recapitalisation before end of the summerIn an interview with Kathimerini, Jeroen Dijsselbloem, Dutch Finance Minister and Eurogroup Head, said he hoped a decision would be reached “before the end of the summer” on whether struggling eurozone countries will be able to benefit from “direct bank recapitalisation” using the ESM, the eurozone bailout fund. He added that further debt relief for Greece will be considered in the course of 2014 and that Greece may eventually be given more time to meet its deficit targets.
Kathimerini Reuters
David Cameron: Olive oil bottle ban “exactly the sort of thing that Europe shouldn't even be discussing”
The Telegraph reports that David Cameron has criticised a ban on the use of reusable olive oil bottles saying “This is exactly the sort of thing that Europe shouldn't even be discussing.” The paper also reports that Dutch Prime Minister, Mark Rutte, told his parliament that a blocking minority against the ban was overruled when Britain, along with other countries, abstained or switched their votes.
Telegraph DPA NOS
Media freedom and pluralism should be monitored in all EU member states, and the findings published in annual reports followed up by proposals for action, according to a non-legislative resolution passed by the European Parliament on Tuesday.EP press release
John Kerry, the US secretary of state, is lobbying European governments to back a British-led call to amend the EU arms embargo on Syria to put pressure on President Bashar al-Assad to enter into talks with the opposition, the Guardian reports.Guardian
The Sun reports that EU leaders yesterday rubber-stamped proposals to maintain one EU Commissioner per country rather than limiting the number to two thirds of the number of member states, resulting in a cost of around £11m.European Voice Open Europe blog
In a joint statement, the CEOs of eight leading energy utilities yesterday criticised the fragmented EU energy policy, saying that “The current lack of visibility on energy policies and regulatory uncertainty will inevitably lead to an absence of energy investment, with negative effects on security of supply, employment and reactivation of the European economy”.
FAZ FAZ 2 WSJ
Rainer Brüderle, leader of the FDP, said on Wednesday that the German influence on the ECB Council should be increased to reflect its contribution, and that debtor countries should not be allowed to “abuse” the national budgets of solid countries as “a self-service store.”Handelsblatt
Der Spiegel reports that the EU is paying hundreds of millions of euros for a project to patrol the EU's Southern borders with drones. However it says it may take at least 15 years to allow drones into the airspace given the large number of licences required.Spiegel Welt DW
The EU looks set to revise the rules on state aid, meaning that any future aid to the financial sector will only be allowed if creditors are written down before taxpayers provide funding.FT CityAM
European Voice reports that next week the European Commission is expected to propose a budget for 2014 lower than the €132.8 billion in payment appropriations in its 2013 budget.
European Voice Dutchnews.nl
Leaders of Iceland's new coalition government will delay any consideration of joining the European Union until the country holds a referendum within the next four years on whether it should continue membership negotiations.Guardian Telegraph Euractiv FT City AM WSJ WSJ
German chancellor Angela Merkel announced that EU-27 labour ministers will come together at a summit in Berlin on 3 July in order to debate how to use the previously agreed amount of €6bn best to tackle youth unemployment.FAZ
MEPs to vote today to support launch of EU/USA Transatlantic Investment and Trade Partnership (TTIP), while voicing support for protection of domestic audio-visual sectors.Euractiv
Angela Merkel retains her number one spot on Forbes’s 2013 list of the 100 most powerful women in the world.Welt Bild
Industry groups label FTT a “growth tax”The FT reports that, according to a confidential Commission report seen by the paper, the 11 states implementing the financial transaction tax (FTT) will look to use Europe’s market infrastructure – such as exchanges and clearing houses – to collect the tax outside of the FTT zone. The report implies that those exchanges and clearing houses that do not comply will not be able to trade with firms in the FTT zone or products on which the FTT falls, creating a “business case” for enforcing the tax.
Meanwhile, the British Bankers Association (BBA), the Confederation for British Industry (CBI) and the Manufactures organisation for UK Manufacturing (EEF) have written a joint letter to European Council President Herman Van Rompuy labelling the FTT a “growth tax”, adding that it will raise the cost of doing business and will not be a tax on financial institutions but on the consumers of their services. In a letter to the FT, Richard Raeburn, Chairman of the European Association of Corporate Treasurers, echoes the warning saying that “the burden of such a tax will largely fall on companies, pension funds and individuals”. Separately the European Investment Bank (EIB) has warned that it could face an additional cost of €1.65bn from the FTT due to the rising cost of bank loans.
FT CityAM BBA & EEF letter FT letter: Raeburn Bloomberg
Despite much discussion over tax evasion at yesterday’s EU summit few concrete measures were decided upon, although there was an agreement in principle on greater transparency and sharing of tax information. Luxembourg and Austria have stressed that any agreement must also involve non-EU countries such as Switzerland. Open Europe’s coverage of the EU summit was cited by the Guardian live blog.WSJ EU Council Conclusions IHT IHT 2 European Voice Euractiv Guardian FAZ Süddeutsche Süddeutsche 2 Süddeutsche 3 Irish times Reuters EU Observer NOS Elsevier FAZ VRT Guardian live blog
Open Europe Berlin’s Director Michael Wohlgemuth is quoted in Swiss economic daily L'Agefi as saying “the more the welfare state grows, the less it fulfils its promises”. Open Europe’s Pawel Swidlicki appeared on CNBC Poland discussing the IMF’s latest economic forecasts for the UK and the economic situation in the eurozone.
Open Europe Berlin
Eurogroup Head hopes for decision on ESM bank recapitalisation before end of the summerIn an interview with Kathimerini, Jeroen Dijsselbloem, Dutch Finance Minister and Eurogroup Head, said he hoped a decision would be reached “before the end of the summer” on whether struggling eurozone countries will be able to benefit from “direct bank recapitalisation” using the ESM, the eurozone bailout fund. He added that further debt relief for Greece will be considered in the course of 2014 and that Greece may eventually be given more time to meet its deficit targets.
Kathimerini Reuters
David Cameron: Olive oil bottle ban “exactly the sort of thing that Europe shouldn't even be discussing”
The Telegraph reports that David Cameron has criticised a ban on the use of reusable olive oil bottles saying “This is exactly the sort of thing that Europe shouldn't even be discussing.” The paper also reports that Dutch Prime Minister, Mark Rutte, told his parliament that a blocking minority against the ban was overruled when Britain, along with other countries, abstained or switched their votes.
Telegraph DPA NOS
Media freedom and pluralism should be monitored in all EU member states, and the findings published in annual reports followed up by proposals for action, according to a non-legislative resolution passed by the European Parliament on Tuesday.EP press release
John Kerry, the US secretary of state, is lobbying European governments to back a British-led call to amend the EU arms embargo on Syria to put pressure on President Bashar al-Assad to enter into talks with the opposition, the Guardian reports.Guardian
The Sun reports that EU leaders yesterday rubber-stamped proposals to maintain one EU Commissioner per country rather than limiting the number to two thirds of the number of member states, resulting in a cost of around £11m.European Voice Open Europe blog
In a joint statement, the CEOs of eight leading energy utilities yesterday criticised the fragmented EU energy policy, saying that “The current lack of visibility on energy policies and regulatory uncertainty will inevitably lead to an absence of energy investment, with negative effects on security of supply, employment and reactivation of the European economy”.
FAZ FAZ 2 WSJ
Rainer Brüderle, leader of the FDP, said on Wednesday that the German influence on the ECB Council should be increased to reflect its contribution, and that debtor countries should not be allowed to “abuse” the national budgets of solid countries as “a self-service store.”Handelsblatt
Der Spiegel reports that the EU is paying hundreds of millions of euros for a project to patrol the EU's Southern borders with drones. However it says it may take at least 15 years to allow drones into the airspace given the large number of licences required.Spiegel Welt DW
The EU looks set to revise the rules on state aid, meaning that any future aid to the financial sector will only be allowed if creditors are written down before taxpayers provide funding.FT CityAM
European Voice reports that next week the European Commission is expected to propose a budget for 2014 lower than the €132.8 billion in payment appropriations in its 2013 budget.
European Voice Dutchnews.nl
Leaders of Iceland's new coalition government will delay any consideration of joining the European Union until the country holds a referendum within the next four years on whether it should continue membership negotiations.Guardian Telegraph Euractiv FT City AM WSJ WSJ
German chancellor Angela Merkel announced that EU-27 labour ministers will come together at a summit in Berlin on 3 July in order to debate how to use the previously agreed amount of €6bn best to tackle youth unemployment.FAZ
MEPs to vote today to support launch of EU/USA Transatlantic Investment and Trade Partnership (TTIP), while voicing support for protection of domestic audio-visual sectors.Euractiv
Angela Merkel retains her number one spot on Forbes’s 2013 list of the 100 most powerful women in the world.Welt Bild
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