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Catalonia's bailout request is a test of Rajoy's mettle
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Daily Press Summary
Barroso calls for new treaty and more integration
European Commission President José Manuel Barroso has made his clearest call yet for fundamental change to the EU treaties, saying on Saturday that, “Europe and the principles of the Treaty need to be renewed. We need more integration, and the corollary of more integration has to be more democracy. This European renewal must represent a leap in quality and enable Europe to rise to the challenges of the world today.
WSJ Observer EUobserver
German Finance Minister Wolfgang Schäuble has said he believes it is unlikely that a new Europe-wide banking supervisory system will be up and running in the New Year telling a German radio station “The ECB has itself said it does not have the potential to supervise the European Union's 6,000 banks in the foreseeable future” reports the Irish Times.
RTE Irish Times
OECD calls on Draghi to launch “unlimited” bond buying programme;
Bundesbank resistance calls Draghi’s plans into doubt
The European Central Bank should launch an “unlimited” bond buying programme to stem the debt crisis, the Secretary-General of the OECD has warned. Angel Gurria told a conference in Slovenia, “The system is at stake, the euro should not be put at risk ... the EFSF and the ESM [bail-out funds] are not enough, fast enough, reactive enough.”
European Commission President José Manuel Barroso has made his clearest call yet for fundamental change to the EU treaties, saying on Saturday that, “Europe and the principles of the Treaty need to be renewed. We need more integration, and the corollary of more integration has to be more democracy. This European renewal must represent a leap in quality and enable Europe to rise to the challenges of the world today.
WSJ Observer EUobserver
German Finance Minister Wolfgang Schäuble has said he believes it is unlikely that a new Europe-wide banking supervisory system will be up and running in the New Year telling a German radio station “The ECB has itself said it does not have the potential to supervise the European Union's 6,000 banks in the foreseeable future” reports the Irish Times.
RTE Irish Times
OECD calls on Draghi to launch “unlimited” bond buying programme;
Bundesbank resistance calls Draghi’s plans into doubt
The European Central Bank should launch an “unlimited” bond buying programme to stem the debt crisis, the Secretary-General of the OECD has warned. Angel Gurria told a conference in Slovenia, “The system is at stake, the euro should not be put at risk ... the EFSF and the ESM [bail-out funds] are not enough, fast enough, reactive enough.”
ECB President Mario Draghi was expected at this Thursday’s crucial ECB meeting to unveil a new bondbuying programme to help Spain and Italy go on without a formal bailout. However, reports suggested that Bundesbank chief Jens Weidmann threatened to quit in protest at the plan. “By being so outspoken beforehand, he hopes to limit the extent of the operation,” a senior ECB source told Reuters. “That would constantly put a question mark over how far we could go.” Fellow German ECB policymaker Jörg Asmussen said the ECB should only buy bonds if the IMF was involved in setting an economic reform programme in return.
Handelsblatt columnist Torsten Riecke writes that Chancellor Angela Merkel is increasingly inclined to back Draghi over Wiedmann: “It is an irony of history, that the Bundesbank, which was supported by the German policy establishment as a model for the ECB, is now sidelined by the new Merkel / Draghi axis.
Telegraph Guardian Saturday's Telegraph IHT Sunday Times FT Sunday Telegraph: Halligan HandelsblattHandelsblatt 2
FTD reports that Slovenia may be the next country to need bail-out. Janez Jansa, Slovenian PM, is quoted as saying, “A national bankruptcy may happen in October if we cannot sell sovereign bond” adding it is "practically impossible" to obtain financing on the markets.
FTD ORF
In an interview with Bild am Sonntag, Spanish PM Mariano Rajoy proposed a three step plan to fiscal union with eurobonds, in which member states first realise convergence criteria by 2013-2014, set up a European budget authority by 2015-2016 to control national budgets, and finally introduce eurobonds by 2017-2018.
Bild FTD
The FT reports that Spain has announced its plans for a “bad bank” in order to clear the way for an EU bank bailout but has been forced to inject more capital into Bankia. Separately, European Voice reports that the Spanish central bank has said that €315.6 billion of deposits have been taken out of the country in the past year
Saturday's Guardian European Voice FT Weekend El Pais FTD
Former Dutch Central Bank Governor criticises politicians for telling half-truths about euro crisis
De Telegraaf reports former Dutch Central Bank Governor Nout Wellink has criticised Dutch politicians for not being honest enough about the issues raised by the eurozone crisis, saying: “If you have started a monetary union, you will need to complete the story. That includes a second pillar. That is more political integration. And there even isn't a way back.” In the Sunday Telegraph, Harriet Alexander looked ahead to the Dutch elections, noting that, “The rise of the Dutch Socialist Party could end Holland's reputation as a Brussels-friendly member of the beleaguered Eurozone club.”
Telegraph Guardian Saturday's Telegraph IHT Sunday Times FT Sunday Telegraph: Halligan HandelsblattHandelsblatt 2
FTD reports that Slovenia may be the next country to need bail-out. Janez Jansa, Slovenian PM, is quoted as saying, “A national bankruptcy may happen in October if we cannot sell sovereign bond” adding it is "practically impossible" to obtain financing on the markets.
FTD ORF
In an interview with Bild am Sonntag, Spanish PM Mariano Rajoy proposed a three step plan to fiscal union with eurobonds, in which member states first realise convergence criteria by 2013-2014, set up a European budget authority by 2015-2016 to control national budgets, and finally introduce eurobonds by 2017-2018.
Bild FTD
The FT reports that Spain has announced its plans for a “bad bank” in order to clear the way for an EU bank bailout but has been forced to inject more capital into Bankia. Separately, European Voice reports that the Spanish central bank has said that €315.6 billion of deposits have been taken out of the country in the past year
Saturday's Guardian European Voice FT Weekend El Pais FTD
Former Dutch Central Bank Governor criticises politicians for telling half-truths about euro crisis
De Telegraaf reports former Dutch Central Bank Governor Nout Wellink has criticised Dutch politicians for not being honest enough about the issues raised by the eurozone crisis, saying: “If you have started a monetary union, you will need to complete the story. That includes a second pillar. That is more political integration. And there even isn't a way back.” In the Sunday Telegraph, Harriet Alexander looked ahead to the Dutch elections, noting that, “The rise of the Dutch Socialist Party could end Holland's reputation as a Brussels-friendly member of the beleaguered Eurozone club.”
Meanwhile, on Dutch news site De Dagelijkse Standaard, Open Europe's Pieter Cleppe argues that the Dutch employers’ federation campaign backing both EU and euro membership is wrong to link the two, writing that people should instead be questioning whether “the euro might threaten all the benefits that EU membership has offered”
De Dagelijkse Standaard: Cleppe Open Europe blog Sunday Telegraph Observer Telegraaf
Deutsche Welle notes that Frank Stronach, an 80-year-old auto parts magnate, is due to launch a new political party in September, which will campaign to leave the euro and stand in the 2013 Austrian elections.
DW Reuters
Over the weekend, France's Finance Ministry said it would guarantee the debt of Caisse Centrale du Crédit Immobilier de France, or CCCIF, after the bank sought emergency assistance. The government will underwrite nearly €5 billion in immediate financing for the bank.
WSJ WSJ 2 BBC FT Les Echos
An FT/ Harris poll finds that only a quarter of Germans think Greece should stay in the eurozone or get more help.
FT FTD
The FT reports that Angela Merkel says Germany has no interest in starting a trade war with China as EU officials use their powers to investigate Chinese sola panel exports.
FT FT 2 Euractiv
Euractiv reports that France and other established wine producers are lobbying to retain restrictions on emerging EU wine producers due to expire in 2016.
EurActiv France reported. Euractiv
The European Commission will propose that by 2020 40% of all major EU company boards should be female, reports Die Welt.
Welt
An opinion poll prior to Finland’s municipal elections predicts that Timo Soin’s euro - critical Finns Party could triple their share of the vote obtaining 16.3%.
Iltalehti poll Yle poll
De Dagelijkse Standaard: Cleppe Open Europe blog Sunday Telegraph Observer Telegraaf
Deutsche Welle notes that Frank Stronach, an 80-year-old auto parts magnate, is due to launch a new political party in September, which will campaign to leave the euro and stand in the 2013 Austrian elections.
DW Reuters
Over the weekend, France's Finance Ministry said it would guarantee the debt of Caisse Centrale du Crédit Immobilier de France, or CCCIF, after the bank sought emergency assistance. The government will underwrite nearly €5 billion in immediate financing for the bank.
WSJ WSJ 2 BBC FT Les Echos
An FT/ Harris poll finds that only a quarter of Germans think Greece should stay in the eurozone or get more help.
FT FTD
The FT reports that Angela Merkel says Germany has no interest in starting a trade war with China as EU officials use their powers to investigate Chinese sola panel exports.
FT FT 2 Euractiv
Euractiv reports that France and other established wine producers are lobbying to retain restrictions on emerging EU wine producers due to expire in 2016.
EurActiv France reported. Euractiv
The European Commission will propose that by 2020 40% of all major EU company boards should be female, reports Die Welt.
Welt
An opinion poll prior to Finland’s municipal elections predicts that Timo Soin’s euro - critical Finns Party could triple their share of the vote obtaining 16.3%.
Iltalehti poll Yle poll
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