Merkel hints that Germany may come to Ireland's aid; Former Bundesbank President: Eurozone bailout would open a Pandora’s Box
27 February 2009
EUobserver reports that German Chancellor Angela Merkel has given the strongest signal to date that
The article notes that while Merkel refused to be drawn on the exact nature of financial support, she made it clear that action to tackle excessive budget deficits would be a stipulation for receiving aid. She indicated such action could be carried out under Article 100 of the Maastricht Treaty that allows financial assistance to be given to countries experiencing "difficulties caused by natural disasters or exceptional occurrences beyond its control."
The Irish Times reports that German officials admit assistance for several EU members, including
Speaking at the LSE yesterday, Karl Otto Pohl, former President of Germany’s Bundesbank, said that if
He added that any bailout of European governments should fall at the door of the International Monetary Fund (IMF), adding that the institution’s resources had to be doubled or even trebled in order to deal with the crisis.
A separate EUobserver article notes that the Nordic Council of Ministers is sceptical about any proposal to issue ‘eurobonds’, which would see the sale of bonds guaranteed by all 16 members of the eurozone. Danish Prime Minister Anders Fogh Rasmussen said, “We should not water down national responsibility in financing public debt."
Meanwhile, the BBC reports that the banking sectors of central and eastern Europe are to get a 24.5bn euro rescue package to support them in the economic crisis. The European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the World Bank have pledged the investment.
The Telegraph notes that capital markets have become increasingly wary over proposals to use the EIB as “an all-purpose fireman to prop up weaker regions of the eurozone or come to the rescue of
The article notes that although there is no EU treaty mechanism for the sort of ‘EU bond’ proposed by
Irish Times EUobserver FT Telegraph FT 2 FT: Topolanek Telegraph: Hannan blog SKY EUobserver 2 Telegraph: Evans-Pritchard blog BBC WSJ: Kerry Figaro Les Echos WSJ FTD Guardian
Le Monde: “ECB facing a bill of over 1 billion euros due to bankrupt banks”
Le Monde reports that bankrupt banks have left the European Central Bank facing a bill of over 1 billion euros which must be shared between national central banks. Reportedly,
Le Monde FTD Guardian FAZ FT AFP
Verheugen: “I belong to those in the EU who are against a centralised state. I want independent nation states. I do not want a super-state”
During his visit to
Fianna Fáil TD Michael Mulcahy told Verheugen that “You guys in the European Commission and in the European Central Bank have got to roll up your sleeves,” and take various measures that he said would help Europe out of the economic downturn, including the creation of a “bad bank” to absorb toxic assets. Verheugen responded saying that the ECB is independent under the EU treaties, while also warning against protectionism: “We can’t reverse globalisation. It wasn’t imposed by
New poll: Reducing immigration and the EU’s powers should be top priorities of incoming Conservative government
A Daily Telegraph/YouGov survey published today shows that 52 per cent of voters said they wanted a future Conservative government to make its top priority reducing immigration. 62 per cent of Conservative backers and 42 of Labour voters wanted a cut in immigration.
In second place amongst the priorities came reducing the power of the EU and providing more to help families is third.
The poll also shows that in overall support the Conservatives are on 41 percent, down two on last month, and Labour on 31, down one point. The Liberal Democrats polled 15 per cent, down one. When asked who would make the better Prime Minister, 25 per cent said Gordon Brown, down two, and 33 per cent David Cameron, also down two.
EU students failing to pay off university loans say Conservatives
The Telegraph reports that 1,580 out of 2,240 students from outside the
Telegraph EU Referendum blog BBC Mail
FIFA’s 6 5 rule does not conflict with EU law, says independent report
The Institute for European Affairs (INEA) has issued a report, commissioned by FIFA, which argues that there is “no conflict in European law” on the free movement of workers with the idea of restricting foreign players in football teams. The 6 5 rule established that a football club must field at least six players in any match who would be eligible for the national team of the club’s country.
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Schengen could impede
European Voice reports that the Schengen agreement could cause a problem for the possible acceptance of any former
The 2008 US State Department report on human rights has highlighted issues within several countries including ethnic discrimination in the Belgian labour market and abuses against Roma in nine EU countries.
Hannan: Alleanza Nazionale to join EPP
On his Telegraph blog, Dan Hannan reports that the Italian Alleanza Nazionale party will join the EPP in June, as part of Silvio Berlusconi's new political movement, Il Popolo della Libertà. He goes to say that ten years ago, suggestions that the Conservatives were in talks with the Alleanza Nazionale were met with newspaper stories that they were in “secret talks” with “neo-fascists”. He argues that “I'm waiting for all those Guardianistas and BBC pundits and Labour MPs who have spent the past decade telling us how awful the ’neo-fascists’ are to turn their fire against the EPP. Having made clear that the Conservatives should in no circumstances sit with so loathsome a party as the Alleanza Nazionale, they will presumably now demand that we leave the EPP. Won't they? Or am I missing something?”
EurActiv reports that EU Budget Commissioner Dalia Grybauskaite is to run for the Lithuanian Presidency, with the backing of the current Prime Minister. She will reportedly take a leave of absence until the first round of elections on 17 May, and her portfolio will be assigned to another Commissioner.
The Parliament EurActiv Open Europe blog
Both the FT and the Times have a letter from the MP Bill Cash, in which he argues that the de Larosiere report calling for a European supervisory scheme for banks and financial institutions is “potentially disastrous” for the City of
US Secretary of State Hilary Clinton is to meet with officials from the EU Presidency, Council of Ministers and European Commission on a visit to
Writing on European Voice Borut Grgic, the founder of the Institute for Strategic Studies, argues that, instead of travelling to Central Asia to secure gas supplies like Russia and Iran, “Europe organises energy conferences – one after the other…
Austria and Luxembourg have declared that they will resist attempts to crack down on banking secrecy, despite calls from other EU states including
In an article in Le Monde Luc Chatel, French Secretary of State for Industry and Consumption, argues that
Eurotopics reports that five other EU states in addition to
Caroline Flint, Britain’s Minister for Europe, has warned Labour MPs and trade unions that their campaign against companies which recruit “foreign workers” and undercut local pay levels is playing into the hands of the BNP.
Greece, Cyprus,
In an interview with the FTD Polish PM Donald Tusk has cricitised state spending by the big member states, saying “the whole festival of big plans and big numbers which one can hear every couple of days makes me nervous”, adding that “in