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17 October 2013

Integrating Europe - 17th October 2013
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Articles from 10 October 2013 - 17 October 2013

Political

NYT: Italian Prime Minister calls populism a threat to stability in Europe
With EP elections less than eight months away, Letta has warned that the rise of angry populism poses the greatest threat to stability on the Continent, and could undermine critical efforts to build and strengthen the eurozone's political and financial institutions.  View Article
CER: How to build a modern European Union
The CER proposes reforming the EU's policies and institutions to foster a more dynamic European economy and to make decision-making more accountable.  View Article
CER/Grabbe & Lehne: The 2014 European elections: Why a partisan Commission president would be bad for the EU
A strong, independent, non-partisan Commission is vital for the EU and the euro. If political parties nominate its next president, the Commission could not referee EU rules.  View Article
Paul N Goldschmidt: Europe - Which Europe?
On the eve of the forthcoming European elections, it is high time to reassess the relevance of the Union and define to what extent its future constitutes a crucial challenge.  View Article
IMF/Shafik: Europe's choice - Risk stagnation or pursue integration
Europe should make a decisive push to revitalise its economy and complete the reforms needed to achieve a fully integrated EMU, writes Shafik on the IMF blog.   View Article

Financial

ECOFIN Council approves single supervisory mechanism for banking
The Council adopted regulations creating a single supervisory mechanism for the oversight of banks and other credit institutions, thus establishing one of the main elements of Europe's Banking Union. (Includes statements by President Barroso, Commissioner Barnier and ECOFIN chair Šadžius.)  View Article
Responses to Council's adoption of the SSM: EBF, BaFin
EBF chief executive Guido Ravoet said it was "a true milestone in the Banking Union project". BaFin president Dr Elke König called it a 'starting signal' for improvement in many areas.  View Article
Sorting out troubled banks: Economic and Monetary Committee starts work on rules
Rapporteur for rules on dealing with struggling banks Elisa Ferreira backed the key tenets of the Commission's proposal, including placing the EU executive at the heart of the system.   View Article
Remarks by VP Rehn at the Eurogroup press conference
"The guiding principles behind our approach to bank restructuring and resolution are that taxpayers should be protected and financial stability be maintained. In this context, there is a clear pecking order to be followed in case next year's balance sheet assessments reveal capital holes."  View Article
VP Rehn: Letter to EU Finance Ministers on treatment of public capital injections under EDP rules in balance sheet assessment/stress tests
Rehn said that any bank recapitalisations needed after next year's AQR and the EBA's stress test will, in general terms, be seen as one-off or temporary measures and therefore will not be counted against the Member State in the context of the EDP.  View Article
ECB/Mersch: "A cascade of backstops"
In an interview with the FAZ, Mersch laid out the benchmark for the balance sheet assessment, and elaborated on the different stages of bail-in and bail-out in the event of a shortfall.   View Article
Germany hardens stance on common eurozone safety net for banks
Germany has dug its heels in on how to deal with failing banks, with Berlin underlining its resistance to using the ESM as the ultimate backstop for the stress test next year.  View Article
FT: Brussels warns on bank bailout loophole
Brussels has warned EU states that they will not be able to circumvent competition rules and shield all creditors from losses in failed banks, even if provisions allowing taxpayer bailouts are included in law.  View Article
Commissioner Barnier: UK banks and the EU single market - what now?
Speaking at the BBA's annual international banking conference, Barnier looked at the changes already effected, the necessity of completing the Banking Union, and the eventual shift of focus to long-term financing.   View Article
BdB: Press ahead with Banking Union to strengthen the eurozone
BdB president Jürgen Fitschen encouraged the introduction of a single European resolution fund but argued that a single European deposit guarantee scheme would be premature at the present stage.  View Article
VP Rehn's blog: Better to be safe than sorry when exiting monetary stimulus
"Once the US fiscal stalemate is resolved ... there is another major policy issue around the corner: how to exit smoothly from unconventional monetary policy in a world of deep economic interdependence."  View Article
Jean-Claude Trichet: Central banking in the crisis - Conceptual convergence and open questions on unconventional monetary policy
Delivering the 2013 Per Jacobsson Lecture in Washington, Trichet looked at why the financial system of the advanced economies had proved as 'fragile as a house of cards'. He summarised the major observations and guiding principles on monetary policy in present times  View Article
CEPS/Delbecque: Proposal for a Stabilisation Fund for the EMU
This paper argues that it should be possible to complement Europe's Economic and Monetary Union with an insurance-type shock absorption mechanism to increase the resilience of member countries to economic shocks and reduce output volatility.  View Article
Peterson Institute/Funk Kirkegaard: The ECB's new pressure tactics on Member States' taxpayers
Since 2010, the ECB has generally prevailed in its clashes with euro area governments. Expect the game of chicken to continue, but expect volatility as a result.  View Article

Economic

ECOFIN Council results: EMU / European Semester
The Ministers finalised their input in preparation for the October Council by discussing economic policy areas and indicators for more effective functioning of the EMU. They also exchanged ideas on how to refine the process of the European Semester further. (Includes link to VP Rehn's remarks.)  View Article
Presidents Van Rompuy/Barroso: Statements at the conference on restoring socio-economic convergence in Europe
Europe can and must do more to strengthen social integration and institutions in view of the social fallout from the crisis and in line with reinforced economic governance. (Includes link to Commissioner Andor speech.)  View Article
Commissioner Šemeta: Economic governance after the crisis in the EU
Speaking at the Inter-parliamentary Conference on the European Semester, Šemeta said: "We do need more Europe, but one where our citizens can understand and can experience its benefits".  View Article
DG ECFIN: Quarterly report on the euro area
Clear and resolute efforts by all policy actors concerned will give the euro area the best chance to recover and grow by turning formerly vicious circles into virtuous ones.  View Article
ECB/Draghi: The euro area economy - Current prospects 
and challenges ahead
Draghi said that the eurozone economy would stay 'subdued and uneven'. He suggested a three-pronged strategy for policy-makers to respond to the still fragile macro-economic recovery. (Includes links to IMFC statements from Draghi, VP Rehn and OECD/Gurría.)  View Article
2013 IMF-World Bank Annual Meetings: Policy action needed to spur faster, more balanced recovery / No more business as usual
Lagarde said that policymakers could energise a global economic recovery that is too slow and unbalanced by strengthening policy action on a broad front. WBG President Kim announced a new initiative to provide universal financial access to all working-age adults by 2020. (Includes IMFC statements.)  View Article

Budgetary

Council agrees additional funds for 2013 budget
The Permanent Representatives Committee has agreed the Council's position on a package of three draft amending budgets for 2013. The funds represent the second tranche of the €11.2 billion demanded by MEPs earlier this year in exchange for approving the cut to the EU's long-term budget for 2014-20.   View Article
EP: 2014 budget - Disputes over cuts and unpaid bills explained
The EU's 2014 budget has pitted the Parliament against the Council over disagreements over what should be cut, what needs to be saved and what needs to happen with unpaid bills. During next week's plenary MEPs are expected to vote in favour of reversing cuts proposed by the Council.   View Article
Commissioner Barnier: The new EU budget calendar
The new autumn schedule will make it possible to follow the way in which the CSRs submitted every spring to each Member State are taken into account in the draft budgets of the following year, allowing Member States to make adjustments where necessary.  View Article
VP Rehn's remarks at the ECOFIN Council
Rehn said the Commission would take into account public investment plans for productive investment related to co-financing of European projects, under specific conditions and within the clear limits set by the Stability and Growth Pact, when Member States' draft budget plans for 2014 were assessed.  View Article

Member State events

Remarks by Council President Van Rompuy at joint press conference with Cyprus President Anastasiades
Van Rompuy welcomed the positive conclusion of the first review mission of the adjustment programme, and commended the hard work done by the Cypriot authorities.  View Article
Kathimerini: Samaras pleads for solidarity in Brussels but third programme looms for Greece
Greece is facing the possibility of further austerity measures next year, with its looming financing gap making a third bailout and subsequent consolidation programme appear highly likely.  View Article
WSJ: Ireland unveils budget running up to exit from bailout programme
Ireland's government has set out its plan for a seventh year of painful austerity in 2014, hoping to convince bond investors of its commitment to cutting its budget deficit as it prepares to survive without bailout loans from the EU and IMF.  View Article
FT: Ireland on course to exit bailout in December
Dublin will exit its international bailout on schedule on December 15 and will not be forced back into one, Irish PM Enda Kenny has said.  View Article
FT: Lisbon unveils tough budget in effort to avert new bailout
Lisbon has unveiled a tough austerity budget for 2014 that is seen as a crucial step in government efforts to avert the need for a second bailout when Portugal's €78 billion rescue programme ends in June.  View Article
Reuters: Italy presents 2014 budget with tax, spending cuts
The Italian cabinet has approved a 2014 budget containing tax and spending cuts aimed at stimulating the recession-bound economy while keeping the budget deficit inside the EU's 3 per cent of output ceiling.  View Article
Germany: Greens decide not to pursue further talks with Merkel's CDU/CSU
The Greens have decided they don't see sufficient common ground to form a stable new government, although the scope is there for future cooperation. This leaves Merkel's CDU/CSU with the Social Democrats as the only potential coalition partner.  View Article
Germany in the EU - Commentary review
Is German euroscepticism a myth? Can reforms in Germany help ailing southern countries? Should a more liberal reform agenda be negotiated in the coalition talks for the new German government?  View Article
French-Dutch eurosceptic alliance forming within the context of rising populism across Europe
Far-right French and Dutch populist party leaders Marine Le Pen and Geert Wilders are in talks about forming an anti-Europe alliance. Le Pen's Front National won the local by-elections and leads the French polls for the European elections in May.  View Article
GOV.UK: Cut EU red tape - Report from the Business Taskforce
PM Cameron has welcomed radical business-led proposals to cut back EU regulation and to unleash the potential of the EU single market, helping European businesses to thrive in the global race. (Includes link to Hansard Society report, 'Measured or Makeshift – Parliamentary scrutiny of the EU'.)  View Article
FT: Finland prime minister ready to support further eurozone bailouts
A fervent defender of eurozone austerity, Finland appears to be softening its image as being 'more German than the Germans' in the face of growing support for 'populist' eurosceptic parties ahead of the EP elections.  View Article
Netherlands: Final agreement on 2014 budget reached
After several weeks of intense negotiations, the late-night agreement between the cabinet and three opposition parties has given PM Rutte some breathing space, but nothing is yet certain, said the Dutch papers.  View Article





© Graham Bishop

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