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10 April 2014

Integrating Europe
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Graham Bishop
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Articles from 03 April 2014 - 10 April 2014

Graham Bishop

Moving the TEF forward: Reactions to the Expert Group Report
Despite some disappointment over the (mandated) inconclusiveness of the Report, it could mark a big step towards the issuing of eurobills. However, before Treaty change might happen in the "medium term", as advocated by Germany and others, an ESM-style intergovernmental agreement would be required.  View Article
EIM Political - March 2014
With the European Parliament elections around the corner, the composition of the next European Parliament, the new Commission President and future shape of Europe are widely debated.  View Article
EIM Financial - March 2014
EP negotiators reached a deal with their Member State counterparts on the SRM to deal with failing banks, ensuring that the system cannot become a hostage to political power games, and can deliver swift and credible decisions.  View Article
EIM Economic - March 2014
In a number of key areas, the implementation of Council recommendations are positively progressing and impacting on public deficits, competitiveness and economic imbalances. Some Member States need to step up fiscal consolidation if their deficit targets are to be reached.  View Article
EIM Member States – Budgets and Economics: March 2014
The GCC's final ruling states that both the ESM and fiscal compact are constitutional. Concern about Italy and Spain (and partly Greece)'s ability to respond to adjustment process.   View Article

Political

Election update: Joint declaration by EPP, S&D, ALDE on Commission Presidency
The EPP, S&D and ALDE Groups publish a joint declaration on the election of the President of the European Commission, stressing that the next Commission President must be chosen from amongst their candidates. Finnish Jyrki Katainen resigns as PM to get an EU job.  View Article
Rutte: National parliaments have greater legitimacy than EP
Dutch Prime Minister Mark Rutte said in a speech to the German liberal FDP party that national parliaments should deal at an earlier stage and also more intensely with decision making in and from Brussels.  View Article
Robert Schuman Foundation: Assessment of the EP's 7th legislature
Charles de Marcilly's latest policy paper documents the power struggles between political groups, conducts a quantitative analysis of parliamentary work and action by national delegations and focuses on major issues which have marked this mandate.  View Article

Financial

ECON background note on Banking Union and bank common rules
The last plenary session of this legislature will see votes on three key deals to ensure that banks themselves, and not taxpayers, are first in line to pay the costs of their misfortunes: restructuring and winding up banks and an update to the Deposit Guarantee Scheme.   View Article
Reuters: Lautenschläger says spin-off of ECB bank supervisor not an issue
The vice chair of the ECB's nascent bank supervision arm said on Wednesday that she was not currently focussing on suggestions from some policymakers that the central bank should eventually spin off the new body.  View Article
Philippe Legrain: Europe’s bogus Banking Union
While the "Banking Union" may soon exist on paper, in practice the eurozone banking system is likely to remain fragmented along national lines and divided between a northern "core" and a southern "periphery", argues Philippe Legrain for Project Syndicate.  View Article
FT: EU deal on bank failures risks unravelling
The landmark EU agreement on a common rulebook for handling bank failures is in danger of unravelling over the fine print restricting when a state can intervene to rescue a struggling bank.  View Article
Angelini/Grande: How to loosen the banks-sovereign nexus
In a column for VoxEU, Paolo Angelini and Giuseppe Grande argue that the 'deadly embrace' between banks and their governments has strengthened with the eurozone crisis, but been mostly been a consequence rather than a cause of it.   View Article

Economic

OECD: Europe’s reforms beginning to pay off
Action taken by European countries to return their public finances to health are beginning to pay off, says the OECD. The Euro area economies which emerged from the crisis with serious current account deficits are now in surplus. Debt-to-GDP ratios are stabilising and market tensions have abated.  View Article
Paul N Goldschmidt: The ECB and austerity
As the forthcoming European elections approach, it is urgent to clarify the debate surrounding the ECB so as to avoid that simplistic and superficial slogans propagated by overzealous politicians misinform the elector, writes Paul Goldschmidt.   View Article
TheCityUK: Key facts about EU financial and professional services
TheCityUK has published a report on the financial and professional services sectors which make an important contribution to the EU economy, providing employment for over 11 million people. Financial services generate nearly 6 per cent of EU GDP.  View Article
House of Lords/EU Committee: Euro area crisis - an update
The House of Lords EU Economic and Financial Affairs Committee says that the eurozone 'remains weak and vulnerable' in its report on the euro area crisis. The Committee also repeats its warning to the Government that the UK is becoming increasingly isolated, as the euro area knits closer together.  View Article
IMF: World Economic Outlook
Global activity has broadly strengthened and is expected to improve further in 2014–15, according to the April 2014 WEO, with much of the impetus for growth coming from advanced economies.  View Article

Member State events

Greece to return to bond markets
It looks certain that Greece will be returning to the markets this week for the first time in four years, hoping to raise €2.5 billion. The government, however, has been marred by scandal raising fears of a snap election and return to political instability.  View Article
First post-programme surveillance mission to Spain
The positive trends of policy progress, ongoing economic adjustment and diminishing financial stress that formed the basis for Spain's programme exit have continued, although important challenges to sustained economic and employment growth, public finances and the banking sector still remain.  View Article
Bankenverband: Germans view European Union positively
A recent survey for the 20th German Banking Congress found that Germans view the European Union positively and feel solidarity with crisis-hit eurozone countries.  View Article
Outgoing Hungarian PM Viktor Orban wins general election
Sweeping gains by Hungary’s neo-Nazi Jobbik party provoked concern across Europe after the anti-Semitic organisation won one in five votes in a general election which returned the right-wing Prime Minister, Viktor Orban, to power.  View Article





© Graham Bishop

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