EU leaders have agreed a deal they hope will secure the Lisbon Treaty a "Yes" vote in a second Irish referendum. Ireland won legally-binding assurances that Lisbon would not affect Irish policies on military neutrality, taxes and abortion, diplomats said.
Ireland won legally-binding assurances that Lisbon would not affect Irish policies on military neutrality, taxes and abortion, diplomats said.
French President Nicolas Sarkozy said leaders had agreed to Irish demands that the guarantees would be given the status of a treaty "protocol". But he stressed it would not affect the other 26 member countries.
But he stressed it would not affect the other 26 member countries.
A compromise was reached today (19 June) between EU leaders offering Ireland legally-binding guarantees on the Lisbon Treaty without requiring other countries to re-ratify the text. The carefully-worded agreement provides assurances sought by Irish Prime Minister Brian Cowen, but also stresses that the guarantees are Ireland-specific and do not affect other countries. Crucially, this satisfies the Irish government without requiring re-ratification by countries which have already backed the treaty. British Prime Minister Gordon Brown had yesterday raised concerns that any substantive change to the Lisbon Treaty, which has already been approved by national parliaments, would require the House of Commons to approve the treaty once more. Brown, who has been facing domestic political problems in recent weeks, was reluctant to re-open the debate on the treaty. Close contacts between British and Irish officials resulted in the inclusion of additional paragraphs in the final conclusions issued by EU leaders.
The carefully-worded agreement provides assurances sought by Irish Prime Minister Brian Cowen, but also stresses that the guarantees are Ireland-specific and do not affect other countries. Crucially, this satisfies the Irish government without requiring re-ratification by countries which have already backed the treaty.
British Prime Minister Gordon Brown had yesterday raised concerns that any substantive change to the Lisbon Treaty, which has already been approved by national parliaments, would require the House of Commons to approve the treaty once more.
Brown, who has been facing domestic political problems in recent weeks, was reluctant to re-open the debate on the treaty. Close contacts between British and Irish officials resulted in the inclusion of additional paragraphs in the final conclusions issued by EU leaders.
June 19 (Bloomberg) -- European Union leaders agreed to their most sweeping overhaul of financial regulation, sharpening scrutiny of banks and risks after spending more than half a trillion dollars propping up lenders in the credit crisis. The leaders of the 27 countries meeting in Brussels backed the creation of agencies to unify oversight of banks, insurers, investment firms, credit-rating companies and hazards in the broader economy, according to a draft of a statement to be issued today. The U.K. won a compromise to scale back the authorities' power to make decisions involving national money.
The leaders of the 27 countries meeting in Brussels backed the creation of agencies to unify oversight of banks, insurers, investment firms, credit-rating companies and hazards in the broader economy, according to a draft of a statement to be issued today. The U.K. won a compromise to scale back the authorities' power to make decisions involving national money.
Telegraph: Gordon Brown looks to have surrendered significant powers over the City of London to new bodies of European Union financial regulators
The European Commission and other EU officials are celebrating after the Prime Minister accepted on Thursday night the creation of European supervisors over national regulators. Senior EU officials described how in return for a promise that Brussels regulators can not have power to tell the British government when, and by how much, to bail out banks, Mr Brown has given ground on a broad range of other supervisory powers.
Senior EU officials described how in return for a promise that Brussels regulators can not have power to tell the British government when, and by how much, to bail out banks, Mr Brown has given ground on a broad range of other supervisory powers.
EU leaders agreed today (19 June) on a text which should pave the way for significant reform of European financial supervision. The deal comes two days after US President Barack Obama announced a major overhaul of American supervisory rules. After a long debate at the two-day European Council in Brussels, heads of state and government gave their green light to a common documentPdf external , and have seemingly overcome two major sticking points that were putting at risk crucial reform of the European financial supervisory architecture. At stake were the European Commission's proposal on the role of the new EU authorities to oversee cross-border groups, and the powers of the European Central Bank within the new European Systemic Risk Board (ESRB), which will send warning signals whenever the entire financial system is at risk. The UK led the criticism on both issues. However, pressure from other EU heavyweights, in particular Germany and France, and newsexternal arriving from Washington of Obama's ambitious plans on financial supervision pushed UK Prime Minister Gordon Brown to accept a compromise that takes into account British concerns.
After a long debate at the two-day European Council in Brussels, heads of state and government gave their green light to a common documentPdf external , and have seemingly overcome two major sticking points that were putting at risk crucial reform of the European financial supervisory architecture.
At stake were the European Commission's proposal on the role of the new EU authorities to oversee cross-border groups, and the powers of the European Central Bank within the new European Systemic Risk Board (ESRB), which will send warning signals whenever the entire financial system is at risk.
The UK led the criticism on both issues. However, pressure from other EU heavyweights, in particular Germany and France, and newsexternal arriving from Washington of Obama's ambitious plans on financial supervision pushed UK Prime Minister Gordon Brown to accept a compromise that takes into account British concerns.
"The economic crisis is consistent throughout the EU. I have not seen executives to declare "we passed the climax" Romanian incumbent President Traian Basescu. Basescu informed that Jose Manuel Barroso's candidacy for the role of the EC president is unanimously supported. "The discussions on the economic crisis in the EU were of maximum importance. I can tell you I haven't met executives that could say "we passed the climax". All top politicians are focused on the crisis' evolution and determined to continue to adopt measures to save as many jobs as possible."
"The discussions on the economic crisis in the EU were of maximum importance. I can tell you I haven't met executives that could say "we passed the climax". All top politicians are focused on the crisis' evolution and determined to continue to adopt measures to save as many jobs as possible."
European Commission President José Manuel Barroso warned EU leaders at a summit today (19 June) that European nations must avoid sleepwalking into another gas crisis, which he said could hit Europe within weeks as tensions between Ukraine and Russia resurface. Barroso said he had informed EU heads of state and government of difficulties developing for Ukraine to pay for Russian gas. "It is in fact a major crisis," Barroso said. "We have sent a fact-finding mission to Kiev and Moscow. I have spoken to Prime Ministers [Vladimir] Putin and [Yulia] Timoshenko, to IMF general director [Dominque] Strauss-Kahn and gas industry representatives. There is indeed the risk of another major crisis in weeks, not months, and we must protect European citizens." Barroso said that in the following week the Commission would host a meeting with representatives of international financial institutions, European gas companies and member countries to look into whether a short-term package of stop-gap funding could be put together. He added that the Commission had already advised "vulnerable countries" to take immediate measures. During the January gas crisis, Bulgaria and Slovakia proved to be particularly vulnerable, lacking alternative supply sources or sufficient gas storage.
Barroso said he had informed EU heads of state and government of difficulties developing for Ukraine to pay for Russian gas.
"It is in fact a major crisis," Barroso said. "We have sent a fact-finding mission to Kiev and Moscow. I have spoken to Prime Ministers [Vladimir] Putin and [Yulia] Timoshenko, to IMF general director [Dominque] Strauss-Kahn and gas industry representatives. There is indeed the risk of another major crisis in weeks, not months, and we must protect European citizens."
Barroso said that in the following week the Commission would host a meeting with representatives of international financial institutions, European gas companies and member countries to look into whether a short-term package of stop-gap funding could be put together.
He added that the Commission had already advised "vulnerable countries" to take immediate measures. During the January gas crisis, Bulgaria and Slovakia proved to be particularly vulnerable, lacking alternative supply sources or sufficient gas storage.
... except that he has no money to pay out, so this is just stupid political noise.
Gah that topic is so depressing. In the long run, we're all dead. John Maynard Keynes
