EU to bring forward new financial regulations within weeks; Germany unveils shopping list of new legislation
26 September 2008
In a speech yesterday, Nicolas Sarkozy launched what Le Figaro describes as a “real crusade” against “speculators” and the “excesses of financial capitalism.” He laid out a set of proposals including more regulation and control of banking activities and capping of the pay of the leaders of financial organisations. He said “self regulation is finished.”
German Finance Minister Peer Steinbruck said the crisis marks the beginning of a multi-polar world, where the
The EU Commission is also drafting legislation to force banks to retain some 10% of the credit risk. According to Eurointelligence, Jan Pieter Krahan, Professor of finance in
A separate article in the FT says, “The next few weeks will be critical. That is when
The Economist argues that “Mr Sarkozy’s call to make high finance ‘moral’ has deep roots. When crisis management turns to a debate on new regulation, Americans and Europeans will start from different places.”
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Idea for
In the Independent, Anthony Browne, Director of Policy Exchange, argues that illegal immigrants who have been living in the
Meanwhile, the BBC reports that EU ministers have agreed on a sweeping new Immigration Pact, which will make it harder for EU member states to grant mass amnesties for illegal migrants. The Pact, which has political rather than legal force, urges member states not to offer mass amnesties to illegal immigrants, as done in the past by
EU ministers also agreed on an EU "blue card" scheme to attract workers in demand, such as engineers and nurses. Le Figaro describes the Blue Card as “the equivalent of the famous
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The UK Government is lobbying for important changes to the EU target of sourcing 20% of energy from renewable sources, according to the BBC. The Government says targets for renewables use in aviation are pointless while there is uncertainty over the use of biofuels. A BERR spokesman said that the rules demanding a percentage of renewables on new and refurbished homes were too prescriptive, arguing that it should be up to member states to decide on their own strategies for homes, so long as they stayed within the overall target. The same logic applied to the EU's proposed binding interim targets for renewables, he added.
Claude Turmes, the MEP leading negotiations on the renewable energy legislation for the European Parliament, told the BBC: "I find it outrageous. Prime Minister Brown came here and said he would stick to the 20%. Now his civil servants in
Government unveils first
There is wide coverage of yesterday’s unveiling of
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Agence Europe reports that just days ahead of the general election in
into the Austrian constitution compulsory referendums on any future substantial changes to the Treaty of the European Union. During the vote in the Austrian parliament this week, the proposal by the far right party (FPÖ) received the support of the SPÖ and an absolute majority of parliamentary representatives, but did not reach the two-thirds of votes required for any constitutional change. The Christian Democrat Party (ÖVP) and the Greens voted against. This week in parliament, the President of the Social Democrat Group, Josef Cap, justified the SPÖ's position by the “need to better integrate citizens in the process of European construction to avoid the gap between them and the decisions of the European Commission and government from growing still wider”.
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EU countries to take up to 10,000 more Iraqi refugees
European Union countries, responding to appeals from the United Nations, are ready to take up to 10,000 more Iraqi refugees and will send a mission to the Middle East to identify the most vulnerable people as
Quinn: Irish political class trying to stifle opposition groups such as Libertas
The Irish Independent has a comment piece from David Quinn arguing that the Irish political class is attempting to ensure that no organisation like Libertas can ever appear on the scene again. He argues that these “moves are being advanced in the name of democracy but in fact they are deeply undemocratic in that they will make it harder than ever to challenge the existing political cartel.”
EU to ask US Congress about alleged American funding of Libertas
The European Parliament is to ask the US Congress about alleged US fundraising for the Irish anti-Lisbon Treaty lobby group Libertas, after MEPs raised concerns during a Parliament session earlier this week. The EP may send a delegation to the
Ganley said the EP’s move was a throwback to an earlier period in history, while being quoted in the Irish Independent: “In the past, those that dared to defend freedom and democracy were forced to pay an inordinate price. The allegations are utterly baseless." Irish MEP Kathy Sinnott also criticised the move, saying that the delegation to the
Meanwhile, Agence Europe reports that the conference of presidents of the political groups of the European Parliament held a long debate yesterday on the financing of the Irish “no” campaign against the Lisbon Treaty, calling for all information on the origin of funds for Libertas to be forwarded to the Standards in Public Office Commission (SIPO) in Ireland.
Irish Times Irish Independent Irish Independent-Quinn Open Europe blog Dan Hannan blog
European Parliament rejects calls to regulate blogs but cracks down on blogging EP official
EUobserver reports that the European Parliament has rejected calls for the EU to initiate a process to regulate bloggers.
However, at the same time, Gawain Towler, Press Officer of the
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Irish government complains about “marriages of convenience” and abuse of free movement rules
The Irish Independent reports that
EU fishing quotas force struggling fisherman to waste fish stocks
The BBC reports that the Scottish Government estimates that one million tonnes of valuable fish are dumped annually as a result of EU laws, prompting the recent fishing industry conference to brand the current rules as “madness”. The Scottish Environment Minister is quoted in the Scotsman calling the wastage “appalling”.
The Scotsman highlights the fact that at a time of “high food prices and …economic downturn” trawler men should be catching less and landing more.
MEPs back tough stance on car pollution
Despite strong pressure from what the Guardian calls a ‘Franco-German Pact’, the EU Parliament has upheld ambitious plans to reduce carbon dioxide emissions from new cars. The planned EU regulations, which would force car manufacturers to reduce emissions by 17% or face ‘stringent’ fines, were opposed by the powerful German car lobby and by current EU President Nicolas Sarkozy.
Ivan Hodac, the Secretary General of the European Automobile Manufacturers' Association, quoted in the International Herald Tribune, says that this “blow” to manufacturing “is bad news for
Commission poll: 97% of British people are unaware of European elections.
Jörg Haider, the far-right politician who triggered EU sanctions against
World
The front page of the Guardian notes that