Wednesday, 7 August 2013

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Lib Dems set to officially endorse in/out referendum and Treaty change to secure single market safeguards
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Between a rock and a hard place: Is Spain breaching EU law by making life difficult for Gibraltarians
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IMF takes a more critical line on Greece 
Open Europe Blog

Daily Press Summary

IMF: German fiscal stimulus would not end eurozone crisis
The IMF yesterday released its latest review of the German economy in which it cautioned Germany against too much fiscal consolidation. The IMF also pressed Germany on the future of the eurozone, saying it looks forward to German leadership in articulating a “coherent roadmap” for the eurozone. Lastly, while the fund noted that German growth is an important source of stability for the eurozone it stressed that fiscal stimulus in Germany would have “a relatively small impact on the rest of the euro area”, although it did push for greater rebalancing in Germany towards consumption and away from export-led growth.
IMF press release Open Europe blog CityAM WSJ Telegraph FAZ Irish Independent Welt Handelsblatt

Tensions remain high within Italy’s ruling coalition after Guglielmo Epifani, the leader of Prime Minister Enrico Letta’s Democratic Party, told Il Corriere della Sera that Silvio Berlusconi should face the consequences of his tax fraud conviction and resign as a Senator. Meanwhile, a group of members of Letta’s party issued a statement yesterday calling for immediate reform of Italy’s electoral law, followed by snap elections.
Corriere della Sera: Epifani Repubblica Repubblica 2 Repubblica 3 Corriere della Sera Il Sole 24 Ore FT FT 2 City AM Welt
In a debate organised by German daily Tagesspiegel, SPD chancellor candidate Peer Steinbrück seemed to suggest that German Chancellor Angela Merkel was dispassionate about the EU because of her upbringing in communist East Germany. “The fact that, until 1989/1990, she had a very different personal and political socialisation than those who experienced European integration since the early 1950s...plays a role in my eyes", he said.
Spiegel Welt EU Observer

On his blog, EU Economic and Monetary Affairs Commissioner Olli Rehn endorses the latest IMF recommendations that Spain pursue further internal devaluation, ideally following “a broad-based ’social agreement’ between the employers and trade unions” which would involve “employment increases (and price cuts) in return for unions agreeing to significant further wage moderation.” 
Olli Rehn’s blog El País Expansión

The FT reports that the Britain’s ambassador to Spain, Giles Paxman, has made a formal complaint to the Spanish government over its recent actions concerning Gibraltar. Prime Minister David Cameron held a “constructive” call with his Spanish counterpart Mariano Rajoy who offered to reduce controls at the Gibraltar border, reports ITV news. Meanwhile, the European Commission said yesterday it may send a team of monitors to ensure border controls are applied "proportionately”, reports EUobserver
Open Europe blog FT EU Observer ABC Europapress

ECB lending to banks in Portugal reached €50.2bn in July, its highest level for seven months.
Bloomberg WSJ Reuters Irish Independent

Gazeta Wyborcza reports that Poland will face energy shortages in 2016-17, with one of the reasons being its EU commitments to closing down old power stations. 
Gazeta Wyborcza

In an interview with Le Télégramme, French Economy Minister Pierre Moscovici says the government “will invert the balance” of fiscal adjustment in 2014 by relying more on spending cuts than on tax hikes, as recommended by the IMF recently.

The Czech parliament will today vote on a motion of confidence for the new caretaker government appointed by President Milos Zeman last month following the resignation of former Prime Minister Petr Necas. reports that the Czech cabinet has guaranteed support of 92 out 200 MPs. 
Cesky Rozhlas Ceske Noviny
Marcel Fratzscher, President of the German Institute for Economic Research, has warned that many Germans are labouring under an illusion that the country’s economy is stronger than it is in reality, especially in the longer-term, citing falling real wages, lower productivity and a large investment gap, reports Süddeutsche.

EU Digital Agenda Commissioner Neelie Kroes stated that, “the 28 national telecoms markets in Europe today are not benefitting consumers like a single market would”, after research showed a 774% differential between the price of phone calls in the cheapest and most expensive EU countries, Lithuania and Netherlands respectively.
Irish Times Irish Independent

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