EZA 917 Report: More cohesion for EU after Lisbon treaty approval by Ireland – but legitimacy problem remains

27 October 2009

• The Irish “yes” vote to the Lisbon treaty on 02Oct – a slimmed-down version of the EU constitution – paves the way for a fundamental overhaul of the EU workings and its institutions.
• Pending a verdict of the Czech constitutional court – to be expected by the end of this month – the Lisbon treaty is expected to become effective by year end.
• The Lisbon treaty preserves the key reforms enshrined in the original constitution treaty such as
  • the extension of majority voting in single market affairs,
  • making home affairs an integral part of the EU treaty and
  • strengthening the foreign and security pillar of the EU.
• Legitimacy of the treaty continues to be debated in Northern EU countries, but seems to have a solid foundation in Eastern and Southern Europe, Germany and even in France.

 

Asset conclusions: positive signal for EU coherence, helping bond spreads to tighten.

 

Please see attached the latest report from Michael Clauss as pdf to read onscreen or simply print.

 

Michael Clauss will be visiting clients in London on 15^th/16^th October for personal briefings/Q&A on the issues addressed in this report as well as the outlook for Germany and ECB policy. If we have not already arranged a time please contact me and we will be happy to include you in his schedule.  

 

Dr Michael Clauss: Germany Politics / Economy / Equities Sectoral Analysis
Tel: +49 89 64254046

michael.clauss@eurozoneadvisors.com

 

 

 Discussion Partners

 

John Arrowsmith: ECB / Regulatory

Tel: +44 7720 59 1726

john.arrowsmith@eurozoneadvisors.com

 

Dr Michael Clauss: Germany Politics / Economy / Equities Sectoral Analysis
Tel: +49 89 64254046

michael.clauss@eurozoneadvisors.com

 

Jacques Lafitte: France Politics / Brussels
Tel: +32 473 934 664

© EZA