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New on the Open Europe Blog What lies behind the Government's renewed interest in the Severn barrage? Open Europe Blog The eurozone's new quick fix risks papering over much deeper cracks Open Europe Blog The UK and banking union: Could the Coalition go for a 'single market lock'? Open Europe Blog
Daily Press Summary German banking association backs new supervisory powers for ECB Germany’s BDB banking association, which represents Deutsche Bank and Commerzbank among others, has backed proposals to give the ECB broad supervisory powers, arguing that “the influence of national politics in supervision would be removed.” The BDB also suggested that the ECB could take over the voting rights of its member countries in organisations such as the EBA – the EU’s banking watchdog – or the Basel Committee of bank supervisors, a move that would formalise a eurozone bloc vote in these forums. Open Europe blog Open Europe research Reuters City AM Irish Times Handelsblatt: Merkel sides with the Bundesbank in dispute over ECB’s role Handelsblatt reports that, behind the scenes, German Chancellor Angela Merkel is backing Bundesbank President Jens Weidmann in his hard-line stance against further ECB intervention on the bond markets, rather than Germany’s ECB Executive Board Member Jörg Asmussen – who has recently been more supportive of such plans. However, the paper also notes that Merkel is keen to avoid a public clash with ECB President Mario Draghi. Handelsblatt Greek spending cuts to be deeper than expected; Samaras: Greece needs more time, not more money An unnamed senior Greek finance ministry official quoted by Reuters has confirmed that the total level of new spending cuts Greece will have to implement over 2013-14 will be €13.5bn – almost €2bn higher than earlier estimates. However, the higher level of cuts will still only deliver a net saving of €11.5bn, as demanded by the EU/IMF/ECB Troika, due to drops in government revenue. Greek Prime Minister Antonis Samaras will hold talks with Eurogroup Chief Jean-Claude Juncker in Athens today, while Juncker has rejected the request from the opposition SYRIZA party for a meeting. SYRIZA MP Dimitris Papadimoulis said the snub was an “insult” to democracy, adding that “the leadership of the EU prefers to only talk with the people it finds convenient.” Meanwhile, in an interview with Bild, Samaras said of his plan to ask for a two-year extension to the bailout programme, “Let me be very explicit: we demand no additional money. We stand by our commitments and by fulfilling all our requirements…All we want is a bit of ‘air to breathe’ to get the economy running and to increase state income. More time does not automatically mean more money.” Speaking on BBC Radio 4’s Today programme, Michael Fuchs – deputy leader of Angela Merkel’s CDU parliamentary group – stressed that Greece would not be given more time to implement the EU-IMF adjustment programme, adding, “We gave them already much more time than was originally planned.” Fuchs also suggested that “ring-fencing has been made”, meaning that “everybody is prepared” for a Greek exit from the eurozone. He added that, according to him, Merkel shares his view on this point. Reuters FT WSJ EUobserver Kathimerini Les Echos Il Sole 24 Ore Kathimerini 2 Bild: Samaras El País El Mundo Expansión Kathimerini 3 La Tribune Repubblica Telegraph Euractiv Sun FTD FAZ According to a new poll published by Algemeen Dagblad ahead of the 12 September Dutch general elections, caretaker Prime Minister Mark Rutte’s VVD party and the Socialist Party would be the most voted and obtain 34 seats each. Meanwhile, a separate poll by the Clingendael Institute shows that two-thirds of Dutch voters want to reduce their country’s contribution to the EU budget. AD NRC Clingendael poll Early elections will take place in the Basque Country on 21 October after the regional branch of Spanish Prime Minister Mariano Rajoy’s party withdrew its external support for the minority government led by Patxi López, due to the latter’s opposition to the austerity measures imposed by the Spanish government, reports El Mundo. El País El Mundo Expansión El Economista WSJ French Prime Minister Jean-Marc Ayrault said this morning that the draft bill authorising the ratification of the fiscal treaty will be presented on 19 September. Le Monde notes that several French MPs from the ‘left wing’ of President François Hollande’s Socialist Party will vote against the treaty, and features an interview with one of them, Razzy Hammadi. Le Monde: Hammadi Les Echos Research by specialised German magazine Finanztest concluded that, following the ECJ ruling that insurers can no longer offer different products and prices to men and women based on gender, insurance contracts have become more expensive – with prices going up by more than 50%. Open Europe research Open Europe blog Handelsblatt The Express warns that environmental taxes and subsidies linked to EU climate targets are threatening British businesses and employment. Express: Leader Express Irish banks reject more business loan applications than any other state in the eurozone except Greece, according to a study published this morning by the Central Bank of Ireland. The study says that “high rejection rates in Ireland cannot be explained by the quality of the pool of potential borrowers.” Irish Times The European Commission yesterday proposed giving France €11.9m from the European Globalisation Adjustment Fund to help over 2,000 Peugeot workers made redundant in 2009 and 2010 to find new employment. The proposal now has to be approved by member states and MEPs. Le Figaro EUobserver