ECJ to decide on asylum case that could limit member states' ability to transfer asylum seekers back to point of EU entry
30 July 2010
The Irish Times reports that an asylum appeal case referred to the European Court of Justice could set an important legal precedent affecting thousands of asylum claims in the EU. Five asylum seekers have launched an appeal against a transfer order to
The appeal against the transfer draws on advice issued by the UN High Commissioner for Refugees (UNHCR) in December, which asked all EU states to refrain from transferring asylum seekers to
Eurozone's €440bn bailout fund up and running after Italian approval
The Irish Independent notes that the €440bn eurozone rescue fund is now operational after the Italian Parliament approved the plan. The vote in
MifID review could see overhaul of financial market rules;
New EU supervisor could be awarded powers to investigate
As part of a review of the EU's Markets in Financial Instruments Directive (MiFID), the Committee of European Securities Regulators (CESR), soon to be turned into the European Securities and Markets Authority (ESMA), is proposing an overhaul that will change business models of stock exchanges, brokers, banks and new trading venues, reports the WSJ. One key recommendation is the mandatory creation of a consolidated "tape" or "pipe" that contains all the prices from share trades across the whole market to give investors a comprehensive view. The CESR wants a revised MiFID to say that unless the market comes up with a consolidated tape within about two years, ESMA can set one up. Bloomberg reports that the proposals also suggest new powers for ESMA, allowing them to investigate and set standards for high frequency traders.
Meanwhile, Open Europe Director
New EU rules on bankers' bonuses expanded to 2,500 City firms
The Financial Services Authority has proposed expanding the firms covered by rules on bonuses and compensation from 27 of the biggest
However, according to the FSA's interpretation, firms may be considered exempt from part of the pay restrictions if they are not regarded as big enough, or important enough, to pose dangers to the stability of the financial system. The FSA will now consult the financial sector on the proposal with a view to making the new rules effective from 1 January 2011.
FSA press release BBC: Peston blog Guardian Bloomberg FT CityAM
Economic confidence boosted in Europe but down in Spain
EUobserver reports that economic confidence in
EUobserver European Voice EUbusiness EurActiv.es Guardian FT: Analysis EurActiv
Commission to appoint an unnamed "technician" to oversee implementation of data transfer agreement with the
EUobserver reports that the European Commission will send a "technician" to
International anti-counterfeiting treaty could limit developing world's access to cheap medicines
European Voice reports that five campaign groups, including Oxfam, have warned that the international Anti-Counterfeiting Trade Agreement (ACTA) currently being negotiated by the EU, could deny patients in developing countries access to cheap generic medicines. The secrecy of the negotiations has received continued criticism.
A leader in the Economist argues that the EU's banking sector's problems are too big to be resolved by the recent stress tests alone.
Economist: Leader Irish Times: Fell Irish Times Berlingske Tidende
Zapatero to face tough test passing autumn budget
An article in the Economist argues than Spanish PM Jose Luis Zapatero will face tough upcoming tests with passing an autumn budget, and regional elections in November in
Il Sole 24 Ore reports that Italy is on the verge of Parliamentary crisis because of the rift between Prime Minister Silvio Berlusconi and his main ally Gianfranco Fini, who is speaker of the lower house of Italian Parliament and co-founder of Berlusconi's People of Liberty party.
Economist: Charlemagne Il Sole 24 Ore Le Monde Guardian Times
An article in the Guardian looks at David Cameron's recent foreign tour and his direct and "outspoken" approach in foreign affairs. An unnamed senior government figure is quoted as saying: "He has also not shied away from speaking his mind in the EU on financial services and the importance of not harming the City of
AFP reports that the European Commission has refused to intervene in the French government's decision to repatriate Roma people who have committed public-order offenses, and to dismantle all illegal camps. "EU rules on free movement of European citizens give member States the right to control their territory and fight against crime", said a spokesperson for EU Commissioner for Justice Viviane Reding.
The WSJ notes that German unemployment is nearing the level it was at before the economic crisis in 2008.
Le Figaro reports that the Dutch Liberal party (VVD) is intensifying negotiations with far-right leader Geert Wilders over the composition of the next coalition government.
Rating agency Moody's has lowered
Svenska Dagbladet Dagens Nyheter
The EU approved new legislation on Thursday to accelerate the creation of the 'single European sky', which aims to improve the coordination of air transport. The legislation will enter into force in 2012, reports El Mundo.
PA reports that David Cameron has written a letter to Conservative MPs outlining the achievements of the coalition and explaining how he is delivering for the Conservative Party. Among the Government's achievements he highlighted were a referendum, guaranteed by law, on any future European Treaty that shifts powers from
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