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by afew (afew(a in a circle)eurotrib_dot_com) on Sat Apr 14th, 2012 at 12:39:05 PM EST
The wrong battle at the wrong time | European Voice
EU law-making is on the line as the European Investment Bank comes out fighting against US financial regulation.

You might think that, after the financial crisis of 2007-08, all major public institutions, and in particular those dealing with finance and monetary issues, would be focused on preventing such systemic crises happening again.

Supporting the infant steps being made to regulate financial markets as well as shrinking their involvement in shadow-banking practices in the name of financial and social stability: these, you would think, would be prudent goals for significant public financial institutions.

This, though, is not the case with one of the major European financial institutions: the European Investment Bank (EIB).

by afew (afew(a in a circle)eurotrib_dot_com) on Sat Apr 14th, 2012 at 03:24:31 PM EST
[ Parent ]
The primary goal of all major institutions is to serve the wealthy and enslave/exterminate the rest of us. In this light, everything is going according to plan, everything is as it should be except "we" are not dying fast enough. Any institution not serving the wealthy is quickly bought out, corrupted and that's that.

The good news ... it's only a life sentence. You eventually leave this planet of idiots.
by THE Twank (yatta blah blah @ blah.com) on Sat Apr 14th, 2012 at 04:41:05 PM EST
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Just another day at a neo-liberal EU institution.

To be fair, when you create a bank and staff it with people from the banking world, you get people with banking attitudes. In this case the EU neo-liberal capture is derived from the country-level EU capture which means there are few public servants who are involved with banking. So you get an institution staffed by those from the private sector.

by Metatone (metatone [a|t] gmail (dot) com) on Sun Apr 15th, 2012 at 04:44:15 AM EST
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Passenger name records set to dominate Strasbourg agenda: theparliament.com
The EU-US passenger name record (PNR) agreement is set to top next week's Strasbourg plenary agenda.

Parliament's political groups vote on Thursday on new rules to govern the transfer of EU air passengers' personal data to the US authorities, with the majority of groups saying further discussions are needed.

MEPs are expected to urge the European commission to increase monitoring of internet censorship by autocratic regimes on Tuesday and call for a better enforcement of children's rights and more cooperation with the international criminal court.
by afew (afew(a in a circle)eurotrib_dot_com) on Sat Apr 14th, 2012 at 03:27:18 PM EST
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The US is winning the PNR game by salami tactics (slice by slice) - because the EU has no leverage.

It's unwilling to consider targeted sanctions (obvious ones would be to declare US airlines a security risk and put onerous reporting requirements on them, or to target US citizens entering Europe who fly First and Business class for extra security checks.)

Without leverage, the US will continue to make demands and negotiations will go nowhere.

by Metatone (metatone [a|t] gmail (dot) com) on Sun Apr 15th, 2012 at 04:52:42 AM EST
[ Parent ]
EU urged to 'put solidarity ahead of the euro': theparliament.com
Newly elected president of the European parliament's GUE/NGL group Gabi Zimmer has called for the EU to put social protection and solidarity ahead of the euro.

Zimmer, an MEP since 2004, replaces former GUE/NGL group chair Lothar Bisky, who retired last week for health reasons, with the new president praising Bisky's role in the European left and in German post-reunification politics.

Zimmer told reporters in the European parliament on Friday that although there is "no alternative to the EU", the way the 27 member state bloc is conducting its affairs is "wrong".

"We mustn't just see the EU in economic terms. We need social consideration and solidarity. We must look to the citizens," said the German deputy.

Zimmer said that the GUE/NGL group would be pushing for "social systems that deliver more rights and solidarity", adding that "the policy of the EU should be to put the people first and then the euro".
by afew (afew(a in a circle)eurotrib_dot_com) on Sat Apr 14th, 2012 at 03:27:59 PM EST
[ Parent ]
... We must look to the citizens, ...

These clowns should read ET and understand the system. Pure fantasy for this guy, or too much booze.

The good news ... it's only a life sentence. You eventually leave this planet of idiots.

by THE Twank (yatta blah blah @ blah.com) on Sat Apr 14th, 2012 at 04:44:43 PM EST
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If you'd bothered to go to the article, you'd have learned Gabu Zimmer is not a guy.

But, you know, drive-by comments are worth drive-by kudos.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Apr 15th, 2012 at 03:10:02 AM EST
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Nevertheless, Twank's comment does look to the reality that the EU is more concerned to protect the financial system than its citizenry.

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Sun Apr 15th, 2012 at 03:41:39 AM EST
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Because who is Gabi Zimmer? The EU? She is actually saying that "the EU is more concerned to protect the financial system than its citizenry".

Screw this endless "they're all the same, rotten and sold-out" crap. Why would we even bother trying to do anything with the amount of cynical whining that goes on around here?

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Apr 15th, 2012 at 03:49:05 AM EST
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Huh ? An MEP makes a point which echoes a viewpoint here that the institutions of the EU tend towards protecting the financial system whilst ignoring structural faults which impact the citizenry  excessively. Yet, if we agree, we're tarring all MEPs with the same brush due to excessive cynicsim.

That's over-raecting

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Sun Apr 15th, 2012 at 06:00:14 AM EST
[ Parent ]
Gabi Zimmer is not just "an MEP", she was just appointed (as the article says) head of the GUE/NGL group in the EP. That one of the political leaders in Parliament should make an opening statement of general principle that coincides roughly with principles we would defend, is something I find too rare to be other than encouraging and useful.

Twank calls her a clown, speaks of fantasy and booze. That's not "agreeing", it's reviling someone for, apparently, not "getting it". So someone in the political world who isn't coming out with TINA newspeak is a fool, deluded, or inebriated (while of course, those who do the TINA newspeak are bought-and-sold hacks). What is that other than an out-of-hand rejection of all politics and political personnel?

So when you say "if we agree", sorry, you are projecting agreement on a comment that doesn't show it, and in doing so, turning the sense of this exchange upside-down.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Apr 15th, 2012 at 09:45:06 AM EST
[ Parent ]
Bank Overhaul Mess Is Noose Around EU's Neck, EBF Says - Bloomberg

Global financial regulators have failed to create clear standards for banks, meaning lenders are hoarding cash instead of providing loans needed to drive growth, European Banking Federation President Christian Clausen said.

"This is the biggest change in the banking system ever seen; all items in the balance sheet are in play," Clausen said in an interview in Stockholm yesterday. "The incentive for banks, even though they have built up their capital, to actually go out and support good initiatives is very limited."

Since the 2008 global financial crisis routed markets, sent unemployment soaring and some governments toppling, policy makers have looked for ways to guard against a repeat of the turmoil by requiring banks to build up bigger buffers. The Basel Committee on Banking Supervision wants lenders to target core capital of at least 7 percent of their risk-weighted assets, compared with as little as 2 percent before the crisis. The European Banking Authority has set a temporary 9 percent target for some lenders.

by afew (afew(a in a circle)eurotrib_dot_com) on Sat Apr 14th, 2012 at 03:52:49 PM EST
[ Parent ]
ECB Seen Favoring Bond Buying Over Bank Loans - Bloomberg

The European Central Bank will restart its controversial government bond purchases rather than offer banks another round of unlimited three-year loans as the sovereign debt crisis worsens, a survey of economists shows.

Of 22 economists polled this week, 17 predicted the ECB will be forced to resume the Securities Markets Program (ECBCSMP), while only one forecast it will offer another batch of three-year cash. Nine said the central bank may consider shorter maturity loans of one or two years.

"Market stresses will eventually force the ECB to restart the bond program, but it's not imminent," said Ken Wattret, chief euro-area economist at BNP Paribas in London, who participated in the survey conducted April 11-12. "Trying to get consensus on the council for it will be difficult."

by afew (afew(a in a circle)eurotrib_dot_com) on Sat Apr 14th, 2012 at 03:54:12 PM EST
[ Parent ]
It seems the economists surveyed assume that pragmatism (things that work) will trump politics (German opposition to bond buying.)

That may be true, but I'm not that hopeful.

by Metatone (metatone [a|t] gmail (dot) com) on Sun Apr 15th, 2012 at 04:55:28 AM EST
[ Parent ]
Spain's King Juan Carlos under fire over elephant hunting trip | The Guardian
While ordinary Spaniards cope with harsh austerity, recession and soaring unemployment, the country's royal family has been enjoying expensive hunting trips, one of which resulted in King Juan Carlos ending up in hospital.

The 74-year-old monarch's fall in a park in Botswana provided an excuse for Spanish newspapers, who normally treat their royal family with kid gloves, to plaster their pages with photos of the king standing proudly in front of a dead elephant.

He just happens to be Honorary President of the WWF in Spain....
by gk (g k quattro due due sette "at" gmail.com) on Sun Apr 15th, 2012 at 02:41:08 PM EST
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