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Russia's deputy energy minister Anatoly Yanovsky has clashed with MEPs over the EU's "overdependence" on Russian gas.Speaking in parliament on Wednesday, UKIP deputy Roger Helmer called on the EU to cut its "overdependence" on energy from Russia.He said that instead of relying on Russia to meet its energy needs, the EU "would be better" exploiting the "rich" potential of shale gas in Europe.Helmer, who is responsible for energy issues for UKIP, said, "Europe needs to become less dependent on its energy, particularly from Russia."We have learned the consequences of an overreliance on energy from unstable parts of the world. The Russians can turn off the taps whenever they want, as they did, of course, a few years ago."Russia can also use this European dependence on their energy for gaining extra leverage over us."
We have learned the consequences of an overreliance on energy from unstable parts of the world.
Scotland? It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
An influential House of Commons committee is considering a measure that could see some of Scotland's most famous whisky labels removed from bottles as part of a clampdown on excessive drinking. The Health Select Committee, which is to hold an inquiry into the UK Government's recently published alcohol strategy, will look into a series of proposals including plain packaging for alcohol sold in shops, similar to a plan being considered for cigarette packets. Yesterday MPs were warned that removing well-known trademark images such as Johnnie Walker's striding man and the Famous Grouse on bottles, could damage the Scotch whisky industry, which is worth £4 billion in exports alone.
The Health Select Committee, which is to hold an inquiry into the UK Government's recently published alcohol strategy, will look into a series of proposals including plain packaging for alcohol sold in shops, similar to a plan being considered for cigarette packets.
Yesterday MPs were warned that removing well-known trademark images such as Johnnie Walker's striding man and the Famous Grouse on bottles, could damage the Scotch whisky industry, which is worth £4 billion in exports alone.
The European Parliament and member states have reached an agreement on new rules that will further reduce the cost of using a mobile telephone abroad within the European Union. The legislation replaces price caps for mobile roaming that were first introduced in the EU in 2007 but which expire at the end of June this year. The price caps are significantly lower than those proposed by the Commission in July 2011, although they are not as low as those put forward by MEPs. Angelika Niebler, a German centre-right MEP who led the Parliament's negotiations on the issue which concluded late on Tuesday (27 March), said that the new law would bring about "more competition in the market to put an end to the ripping-off of consumers". Neelie Kroes, the European commissioner for the digital agenda, said: "Consumers are fed up with being ripped off by high roaming charges. The new roaming deal gives us a long--term structural solution, with lower prices, more choice and a new smart approach for data and internet browsing."
The European Parliament and member states have reached an agreement on new rules that will further reduce the cost of using a mobile telephone abroad within the European Union.
The legislation replaces price caps for mobile roaming that were first introduced in the EU in 2007 but which expire at the end of June this year.
The price caps are significantly lower than those proposed by the Commission in July 2011, although they are not as low as those put forward by MEPs.
Angelika Niebler, a German centre-right MEP who led the Parliament's negotiations on the issue which concluded late on Tuesday (27 March), said that the new law would bring about "more competition in the market to put an end to the ripping-off of consumers".
Neelie Kroes, the European commissioner for the digital agenda, said: "Consumers are fed up with being ripped off by high roaming charges. The new roaming deal gives us a long--term structural solution, with lower prices, more choice and a new smart approach for data and internet browsing."
On the other, I have to give voice to my cynical feeling that the only reason this is getting pushed through is that it actually bites on MEPs and Commission workers who are in Brussels and away from their home country...
EU diplomats around the world are facing calls to have their annual leave cut amid a claim that offices are left "empty for many months of the year". MEP Ingeborg Graessle says in a working document that some officials can take 17-18 weeks off including overtime. The EU's External Action Service (EEAS) says it is trying to change a system inherited before its creation in 2010. But EU officials have described as "ridiculous" the idea that offices abroad are being left untended. One source said that most of the people sent to work in EU delegations and embassies around the world were "thoroughly committed to their job"
EU diplomats around the world are facing calls to have their annual leave cut amid a claim that offices are left "empty for many months of the year".
MEP Ingeborg Graessle says in a working document that some officials can take 17-18 weeks off including overtime.
The EU's External Action Service (EEAS) says it is trying to change a system inherited before its creation in 2010.
But EU officials have described as "ridiculous" the idea that offices abroad are being left untended.
One source said that most of the people sent to work in EU delegations and embassies around the world were "thoroughly committed to their job"
Bulgaria has abandoned plans to build a new nuclear power station at Belene, close to the Romanian border. The country's deputy finance minister says the cabinet wants to build a gas-powered plant on the site instead. A Russian-built reactor, which had been ordered for the facility, could now be installed at an existing nuclear plant at Kozloduy. Environmentalists had opposed the plant, which had first been proposed when Bulgaria was under communist rule.
Bulgaria has abandoned plans to build a new nuclear power station at Belene, close to the Romanian border.
The country's deputy finance minister says the cabinet wants to build a gas-powered plant on the site instead.
A Russian-built reactor, which had been ordered for the facility, could now be installed at an existing nuclear plant at Kozloduy.
Environmentalists had opposed the plant, which had first been proposed when Bulgaria was under communist rule.
The story of the killers has dominated headlines in Germany for months now and given rise to one of the biggest scandals in post-war Germany. It turns out intelligence agencies had had the group under surveillance for years, and even found a bomb-making factory in their garage back in 1998. So why were the trio not stopped earlier? Why were they allowed to disappear and then stay underground? And why was it that security services blamed the murders on the Turkish mafia at the time? A right-wing motive was never investigated. The failures have prompted some to ask whether there is more than incompetence to blame, whether Germany's police and security services contain elements sympathetic to the far right - an accusation the institutions vehemently deny. A parliamentary inquiry is currently under way into their activities, and Newsnight has seen a secret internal report revealing serious blunders by law enforcement agencies.
The story of the killers has dominated headlines in Germany for months now and given rise to one of the biggest scandals in post-war Germany.
It turns out intelligence agencies had had the group under surveillance for years, and even found a bomb-making factory in their garage back in 1998.
So why were the trio not stopped earlier? Why were they allowed to disappear and then stay underground? And why was it that security services blamed the murders on the Turkish mafia at the time? A right-wing motive was never investigated.
The failures have prompted some to ask whether there is more than incompetence to blame, whether Germany's police and security services contain elements sympathetic to the far right - an accusation the institutions vehemently deny.
A parliamentary inquiry is currently under way into their activities, and Newsnight has seen a secret internal report revealing serious blunders by law enforcement agencies.
The lower house of the Netherlands parliament has condemned a website set up by the right-wing Freedom Party (PVV), which invites Dutch citizens to denounce "nuisance" caused by Europeans from Poland, Romania and Bulgaria. The motion approved yesterday (27 March) says the PVV website (see background) characterises an entire category of people - those from Central and Eastern Europe - as undesirable. "The Lower House, after having heard arguments, states that the PVV website ... unnecessarily puts a group of people in the cross-hairs," said the motion, approved by a 94-56 vote. PVV has 23 MPs. The European Parliament has called the website "deplorable" and pressed Prime Minister Mark Rutte to distance himself from it. The motion was tabled by the central-left D66 party.
The lower house of the Netherlands parliament has condemned a website set up by the right-wing Freedom Party (PVV), which invites Dutch citizens to denounce "nuisance" caused by Europeans from Poland, Romania and Bulgaria.
The motion approved yesterday (27 March) says the PVV website (see background) characterises an entire category of people - those from Central and Eastern Europe - as undesirable.
"The Lower House, after having heard arguments, states that the PVV website ... unnecessarily puts a group of people in the cross-hairs," said the motion, approved by a 94-56 vote. PVV has 23 MPs.
The European Parliament has called the website "deplorable" and pressed Prime Minister Mark Rutte to distance himself from it.
The motion was tabled by the central-left D66 party.
Crunch day today. It could be an act of Wilders though, as his political position weakened last week. One of his MPs has broken rank and gone independent, which means that the Rutte-government no longer has a factual majority.
BRUSSELS - New EU rules currently being worked on to make banks take less risks and hold more capital may have "unintended consequences" on the eastern European economies where companies are more reliant on bank loans than in the West. "I'm only advocating for central and eastern Europe because it is the most dynamic region of the EU," Gernot Mittendorfer, chief risk officer at Erste Group Bank - an Austrian bank active in countries like Hungary, Romania, Serbia. "We have to be careful what impact all these regulations will have in the region, because I think Europe will be better off having this area well-funded," he told this website on Tuesday (27 March). The Austrian banker explained that because financial markets are relatively new to the region, bank loans remain the main source of funding for small and medium enterprises in the area.
BRUSSELS - New EU rules currently being worked on to make banks take less risks and hold more capital may have "unintended consequences" on the eastern European economies where companies are more reliant on bank loans than in the West.
"I'm only advocating for central and eastern Europe because it is the most dynamic region of the EU," Gernot Mittendorfer, chief risk officer at Erste Group Bank - an Austrian bank active in countries like Hungary, Romania, Serbia.
"We have to be careful what impact all these regulations will have in the region, because I think Europe will be better off having this area well-funded," he told this website on Tuesday (27 March).
The Austrian banker explained that because financial markets are relatively new to the region, bank loans remain the main source of funding for small and medium enterprises in the area.
As far as I'm aware this is true not only in the East, but across the entire Eurozone. Which medium enterprises make it into other forms of financial fund raising on a large scale?
there are more cars in italy than there are current licenses, etc...
of course this is probably all predicated on cheap oil, so there may be a lot more risk than people imagine. The power of knowledge is in mortal combat with the knowledge of power. It really is that simple... That's the Edenic apple we are all munching on.
New EU rules currently being worked on to make banks take less risks and hold more capitaleschew credit risk and focus on price risk may have "unintended consequences" on the eastern European economies where companies are more reliant on bank loans than in the West. ... "I'm only advocating for central and eastern Europe because it is the most dynamic region of the EU,"
...
"I'm only advocating for central and eastern Europe because it is the most dynamic region of the EU,"
(Reuters) - European leaders are caught between former White House chief of staff Rahm Emanuel's injunction "You never want a serious crisis to go to waste" and Luxembourg Prime Minister Jean-Claude Juncker's admission that "We all know what to do. We just don't know how to get re-elected after we've done it." Signs of reform fatigue are growing in euro zone countries as bond market pressure for a radical budget and economic overhaul has eased slightly. While several governments have pushed through changes in pension, employment and welfare systems that would have been unthinkable before the currency area's debt crisis, the reform push is losing momentum in the face of political resistance.Italy's unelected prime minister, Mario Monti, made a veiled threat to quit this week for the first time in an attempt to force through a shake-up of labour laws intended to make it easier for companies to fire workers. Monti warned Italians that his team of reforming technocrats might not stay in office until a 2013 election if trade unions and politicians picked his plan apart.
(Reuters) - European leaders are caught between former White House chief of staff Rahm Emanuel's injunction "You never want a serious crisis to go to waste" and Luxembourg Prime Minister Jean-Claude Juncker's admission that "We all know what to do. We just don't know how to get re-elected after we've done it."
Signs of reform fatigue are growing in euro zone countries as bond market pressure for a radical budget and economic overhaul has eased slightly. While several governments have pushed through changes in pension, employment and welfare systems that would have been unthinkable before the currency area's debt crisis, the reform push is losing momentum in the face of political resistance.
Italy's unelected prime minister, Mario Monti, made a veiled threat to quit this week for the first time in an attempt to force through a shake-up of labour laws intended to make it easier for companies to fire workers. Monti warned Italians that his team of reforming technocrats might not stay in office until a 2013 election if trade unions and politicians picked his plan apart.
Britons suffered the biggest drop in disposable income in more than three decades last year in a squeeze that may continue this year as energy prices increase. Real household disposable income fell 1.2 percent, the Office for National Statistics said today in London. That's the biggest drop since 1977 when the then Labour government sought to cap incomes growth in an attempt to bring down inflation. The report also showed that the economy shrank 0.3 percent in the fourth quarter, more than the 0.2 percent contraction previously estimated.
Britons suffered the biggest drop in disposable income in more than three decades last year in a squeeze that may continue this year as energy prices increase.
Real household disposable income fell 1.2 percent, the Office for National Statistics said today in London. That's the biggest drop since 1977 when the then Labour government sought to cap incomes growth in an attempt to bring down inflation. The report also showed that the economy shrank 0.3 percent in the fourth quarter, more than the 0.2 percent contraction previously estimated.
As many as 13 million Germans, 15.6 percent of the population, are in danger of falling into poverty, the latest statistics, from 2009, show. That is a significantly higher proportion than in Austria, the Netherlands and the Czech Republic. Overall, though, Germans are relatively well-off, since the overall average of the European Union is 16.4 percent. The official definition of being "in danger of poverty" is anyone whose income - including state benefits - is less than 60 percent of the national average. In Germany that means anyone living on less than 940 a month is officially vulnerable to poverty.
European Commission: Social cohesion in the Czech Republic: a blessing or a trap? (10. September 2006)
When using indicators of inequality of income distribution and the at-risk-of-poverty rate, the Czech Republic has one of the highest levels of social cohesion in the EU, comparable to that of the Nordic countries. Though social transfers play a significant role in reducing the Czech poverty rate, it is the country's relatively equal distribution of primary income that contributes most to the level of social cohesion overall. This can be explained by several factors, in particular by the quality of education, the homogeneity of society, regulation of rental housing, the gradual nature of the transition process and other historical reasons. Economic theory and empirical evidence are not clear-cut on what the impact of social cohesion is on economic efficiency and growth. Though social cohesion can have a positive economic impact on growth, the tax-transfer system, if badly designed, may have harmful consequences for labour supply and for the sustainability of public finances as seems to be the Czech case.
European governments are preparing for a one-year increase in the ceiling on rescue aid to 940 billion euros ($1.3 trillion) to keep the debt crisis at bay, according to a draft statement written for finance ministers. The euro-area finance chiefs will probably decide at a meeting in Copenhagen tomorrow to run the 500 billion-euro permanent European Stability Mechanism alongside the 200 billion euros committed by the temporary fund, a European official told reporters in Brussels yesterday. Beyond that, they are also set to allow the temporary fund's unused 240 billion euros to be tapped until mid-2013 "in exceptional circumstances following a unanimous decision of euro-area heads of state or government notably in case the ESM capacity would prove insufficient," according to the draft dated March 23 and obtained by Bloomberg News.
European governments are preparing for a one-year increase in the ceiling on rescue aid to 940 billion euros ($1.3 trillion) to keep the debt crisis at bay, according to a draft statement written for finance ministers.
The euro-area finance chiefs will probably decide at a meeting in Copenhagen tomorrow to run the 500 billion-euro permanent European Stability Mechanism alongside the 200 billion euros committed by the temporary fund, a European official told reporters in Brussels yesterday.
Beyond that, they are also set to allow the temporary fund's unused 240 billion euros to be tapped until mid-2013 "in exceptional circumstances following a unanimous decision of euro-area heads of state or government notably in case the ESM capacity would prove insufficient," according to the draft dated March 23 and obtained by Bloomberg News.
h/t Eurointelligence
A draft declaration for the Copenhagen Ecofin suggests an increase in the ESM to 940bn through a temporary merger of EFSF and ESM; this is not a done deal yet as there remain conflicting reports about the likely agreement; high level sources are still talking about a range of 700bn to 940bn, which means it is not clear whether the unused funds of the EFSF will be carried forward; Weidmann compares the ECB's liquidity policies to the Tower of Babel; Marek Belka said Greece should talk about a parallel currency to address the competitiveness issue; says Thomas Mirow was doing a good job at the EBRD, and warns the eurozone not to include the EBRD in the eurozone jobs carousel; Nicolas Sarkozy does not want to nominate Wolfgang Schäuble as head of the Ecofin before the presidential election, as it would cement the impression that Germany is running the show; the European Commission's troika representative says Greece is not out of the woods yet; bank lending to the private sector is still falling in the eurozone, with wide intra-regional variations; data suggest that LTRO did not yet have an effect on the real economy; the crisis has raised the French household savings rate to 16.8%; investors reject the enforcement of CACs in 10 out of 12 Greek foreign-law bonds; Belgium needs to make a further 5bn in savings next year to meet the 2013 deficit target; Edward Hugh, meanwhile, does the math on the Spanish debt, and it looks much worse than the official statistics suggest.
Now Victor quotes me on two counts: the real size of Spain's debt, and the effectiveness of Spain's institutions."Spanish sovereign debt is already over 80 per cent of GDP," said Edward Hugh, a Barcelona-based economist. "I think it's getting nearer 90 per cent"......Mr Hugh also said the situation in Spain could not be compared to the confusion in the public accounts of Greece because much of the Spanish data are public and made available by the Bank of Spain, or can be deduced from official sources. But he added that the centre-right government's transparency risked curbing Spain's room for manoeuvre should the crisis deepen further.Well, while it's the first claim that is controversial and in need of justification (and believe me Victor Mallet demanded to see the justification for the numbers before putting up the quote) let's start with the second one first as it forms an important part of the background. I think it is very important to understand that Spain is not Greece, in the important sense that the people in charge do in fact normally know what is going on. They have auditors and inspectors whose job it is to know, and they do do their job. So the Bank of Spain knows virtually everything there is to know about each and every one of Spain's many banks and savings banks, about the state of their balance sheets, about the level of bad loans, etc etc. Naturally, knowing what they do is one thing and what they tell you is another matter.
"Spanish sovereign debt is already over 80 per cent of GDP," said Edward Hugh, a Barcelona-based economist. "I think it's getting nearer 90 per cent"......Mr Hugh also said the situation in Spain could not be compared to the confusion in the public accounts of Greece because much of the Spanish data are public and made available by the Bank of Spain, or can be deduced from official sources. But he added that the centre-right government's transparency risked curbing Spain's room for manoeuvre should the crisis deepen further.
Her mind in torment, wheeling like some lion at bay, dreading the gangs of investors and bond traders closing their cunning ring around her ready for the finish, Angela thrashed around looking for the rules and pacts that would save her embattled army. To no avail, her chariot struck a rock which, like the one to the west of Grosseto which saw-off the unfortunate Costa Concordia along with her Captain, was on no known map, having not previously been measured, and she went hurtling down that crazed path which leads only towards a preappointed destiny with both history and oblivion.
On the other hand, I'm not suggesting that Spain is a special case for the quantity of accounts pending for receiveables. What separates Spain from France, Denmark, Luxembourg, Norway, and Finland is that the Spanish economy is broken, and we don't have measures available at the moment which are able to fix it - this is an unavoidable cost of maintaining the Euro, without which we would surely face disaster. Spain's citizens are just going to have to learn to live with this situation, regretable as it is.
An unemployed Austrian man sawed his foot off, apparently to avoid being found fit to go back to work.
http://www.euractiv.com/future-eu/delors-points-finger-europes-killers-news-511850#.T3R3CBfsTjw.twit ter
Addressing directly Van Rompuy, who is discretely steering EU summits since he took office two and a half years ago, he said: "No, Mr. Van Rompuy, you are not defending the community method ... The community method is the constant primacy of the European interest. It should be the fight of each Commissioner to be there not because it's nice to be there and because the job is well paid, but to be there for the sake of the European interest."
"No, Mr. Van Rompuy, you are not defending the community method ... The community method is the constant primacy of the European interest. It should be the fight of each Commissioner to be there not because it's nice to be there and because the job is well paid, but to be there for the sake of the European interest."
But how I wish Hollande would come out with all this!
(That's me passing kudos to a politician. wow.) "Life shrinks or expands in proportion to one's courage." - Anaïs Nin
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