Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.

May Concedes Negotiation Task

by Oui Wed Aug 22nd, 2018 at 07:56:27 AM EST

Stepping out of bounds with one-on-one talks with a few European counterparts before her holiday ... didn't lead to any advance.

PM May leaves negotiations where it belongs ... with Raab by Barnier in Brussels! Pressure cooker talks ... it's gonna be mighty difficult to get any clear deal before the transition period kicks in. EU wins another round.

But May can always follow friend Trump's advice: sue! Although I wonder if anyone should ever take his advice seriously looking at his predicament. Sinking deeper and deeper. Not a great partner to be tied down with to save Great Britain on trade and tariffs.

More below the fold ...


UK and EU to enter 'continuous' talks to resolve Brexit deadlock | The Guardian |

The UK and the EU have agreed to hold "continuous" Brexit talks after a cool encounter between lead negotiators in Brussels appeared to yield little progress.

"The negotiations are now entering the final stage," said Michel Barnier, the former French minister who is leading the talks for the EU. "We have agreed that the EU and the UK will negotiate continuously from now on."

Dominic Raab, who became Brexit secretary last month after a spate of resignations, said: "We need to step up the intensity of the negotiations as we enter the final phase and we have agreed to meet regularly to resolve those outstanding issues."

With the clock ticking down to an autumn deadline to reach an agreement, Raab said he remained confident of making a deal in October, while his French opposite number said parliamentary timetables meant a deal could be reached "certainly not later than the beginning of November".

    [EU advertisement - ;)]

Germany wants Europe to form a 'counterweight' to US | DW |

German Foreign Minister Heiko Maas has said that Europe should form a "counterweight" to the United States whenever Washington "crosses red lines."

In a guest article for German business newspaper Handelsblatt, Maas said Germany wants a "balanced partnership" with the United States, in which it "brings its weight where the US withdraws."

"Single-handedly, we will fail in this task. The main goal of our foreign policy is therefore to build a sovereign, strong Europe," Maas wrote.

Maas' article comes againts the backdrop of strained relations between the US and its European allies after US President Donald Trump imposed tariffs on steel and aluminum imports from the EU, and pulled out of a nuclear deal between Iran and major powers.

Europe has been scrambling to persuade Tehran to remain in the 2015 accord. But with European firms wary of far-reaching US financial penalties, it's proving to be a challenge.

Partner bleiben, aber sich emanzipieren - Bundesregierung legt erstmals USA-Strategie vor | Handelsblatt |

Display:
219 days until Brexit, somewhat less to prevent No Deal, and if the Leavers have figured out what they want it hasn't made the august pages of ET.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Wed Aug 22nd, 2018 at 03:24:33 PM EST
They've decided they want no deal because it's the only thing they can deliver. Currently working on paying the blame for the consequences to the EU, Remain, migrants, Muslims, brown people, fifth columnists, homosexuals and other deviants, Jews, Freemasons and the Illuminati.
by Colman (colman at eurotrib.com) on Wed Aug 22nd, 2018 at 09:22:14 PM EST
[ Parent ]
Liam Fox's target for post-Brexit exports is wishful thinking | The Guardian |

The timing of the government's latest export drive is far from accidental. With Theresa May intent on showing Brussels that Britain could not just survive but thrive in the event of a hard Brexit, Whitehall has come up with a plan for increasing the amount of goods and services sold overseas.

This is by no means the first attempt to broaden the horizons of UK plc. Back in 2015, the aim was to double exports to £1tn a year by 2020. That always looked a stretch and the target was dropped by the international trade secretary, Liam Fox, early last year.

Now Fox has returned with a different target: to raise exports as a share of gross domestic product from 30% to 35%.

Ministers would dearly love Britain to be up there with Germany as a European exporting powerhouse, but have so far failed to learn the right lessons. Germany runs the world's biggest current account surplus but that has little to do with export strategies cooked up by Angela Merkel's officials in Berlin.

Put simply, Germany has top quality products that the rest of the world wants to buy. It has an enviable reputation for design, product quality and after-sales service. A competitive currency allowed Germany to build up its industrial strength in the 1950s and 1960s, and is still a helpful factor today. Finance and industry work in partnership, giving exporters long-term security. When global demand is strong, as it was during the post-war boom and has again been the case recently, Germany has a surge in exports.

There are opportunities out there, even with the shadow of protectionism hanging over the global economy. But seizing them is not a matter of setting Gosplan-like targets. It is not even a matter of signing free trade deals. It is a matter of getting the basics right.



Global Warming - distance between America and Europe is steadily increasing.
by Oui on Thu Aug 23rd, 2018 at 08:16:49 AM EST
Britain would take unilateral action in the event of a no-deal Brexit | The Guardian |

In a speech coinciding with the publication of the first batch of technical notices laying out the government's contingency plans for a no-deal scenario, the Brexit secretary will say that Britain would not risk triggering a tit-for-tat battle with Brussels by imposing new border checks or travel restrictions.

"Our overarching aim is to facilitate the smooth, continued functioning of business, transport, infrastructure, research, aid programmes and funding streams," he will say.

"In some cases, it means taking unilateral action to maintain as much continuity as possible in the short term in the event of no deal - irrespective of whether the EU reciprocates.

...
One policy expected to be included is a pledge that the government will underwrite aid projects, to ensure British NGOs can still take part in EU-funded work.

...
In some areas such as farming - where the government's Rural Payments Agency already administers EU subsidies, and the Treasury has pledged to maintain the budget at its current level for this parliament - achieving continuity should be relatively straightforward. In others, the way the EU27 responds will be crucial.

The foreign secretary, Jeremy Hunt, warned in the Netherlands last week that parting from the EU on unfriendly terms would be "a huge geostrategic mistake," in "a period where the world is increasingly unstable"

ENDURING FRIENDSHIP

Life expectancy is seen as indicator of well-being in a modern state ...

The UK and the US are witnessing a decline in life expectancy

    A  new study, published in the British Medical Journal, indicates that the United Kingdom and the United States are the only 2 western countries where life expectancy is falling. Researchers conducted a retrospective cross-sectional study, which evaluated trends in national mortality data across 17 high-income countries during recent years.

Ranking of the 20 countries with the highest life expectancy as of 2016 [Germany also missing in top 20]

Global Warming - distance between America and Europe is steadily increasing.

by Oui on Thu Aug 23rd, 2018 at 09:07:57 AM EST
The UK and the US are witnessing a decline in life expectancy

Divided by a common language, united by crap nutrition.

One still has reasonably universal access to primary health care, but they seem intent on fixing that.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Thu Aug 23rd, 2018 at 10:16:39 AM EST
[ Parent ]
re: decline in life expectancy

The last time I read a study similarly headlined was in '16, I think. The average decline calculated for males of the european persuasion ("white") was 6 months. It added considerable momentum to the usual suspects' suspicions that white people were in danger of extinction.

next

Diversity is the key to economic and political evolution.

by Cat on Thu Aug 23rd, 2018 at 05:14:29 PM EST
[ Parent ]
to The International Bond Market, Informed by Bloomberg Reporting

U.K. to End Zero Risk for EU Government Bonds on No Deal Brexit < wipes tears >

The change would automatically require U.K. banks, and subsidiaries holding parts of their liquidity in government bonds, to commit additional capital against the securities, according to the Treasury.

wut
A deal that results in both sides recognizing their regimes as equivalent [?!] would avoid that scenario.
same currency, same 27 nation-states, same rates, same liabilities and income. m'k.

Diversity is the key to economic and political evolution.
by Cat on Thu Aug 23rd, 2018 at 05:20:13 PM EST
Clever way of punishing the EU :

"It's a bizarre decision," said Owen Callan, a Dublin-based analyst at Investec Plc, adding that some market-making would become "prohibitively expensive to do out of London."



It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Fri Aug 24th, 2018 at 09:54:37 AM EST
[ Parent ]
This is not as bizarre as it seems at first blush.

International bank capital standards assign zero risk to own government bonds in its own currency. This makes eminent sense since the central bank will never let its government default on its own-currency debt.

Except, of course in the eurozone where there is no federal debt and the ECB and national central banks are barred from directly financing their governments.

As it turns out, the prohibition of monetary financing applies to all EU member states, but I would be shocked if the EU tried to tell a non-eurozone central bank it cannot buy its own government's bonds.

Now, the EU capial requirements regulation incorporates this idea by giving EU member state government debt zero risk weights in bank capital.

Arguably this makes the CRR lenient because it assigns zero risk weights to eurozone government bonds that the eurozone policy establishment has already proved it's willingness to force into default (see Greece's "private sector involvement" in 2012).

In addition, the CRR assigns zero risk weight to third-country government bonds when that country has an equivalent bank regulatory regime to the EU.

So, if the UK crashes out of the EU and the EU does not grant the UK regulatory equivalence, then UK government bonds held by EU-supervised banks may automatically acquire a risk weight (unless the UK retains an AAA credit rating).

The UK, acting reciprocally, would then assign risk weights to EU27 member state government bonds.

Now, what is perhaps bizarre is the implication in all these press stories that the UK would turn this into a bargaining chip in order to extract regulatory equivalence as an EU27 concession. This is because in the absence of equivalence it would become prohibitively expensive to hold EU government bonds in UK portfolios. The natural response would be to move those portfolios intra-group to an EU27-based subsidiary. The only damage would be tó the City of London which would lose market share in the bond market.

But, as Boris Johnson said, "fuck business", and presumably fuck the City as well.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman

by Migeru (migeru at eurotrib dot com) on Fri Aug 24th, 2018 at 06:27:57 PM EST
[ Parent ]
That's an atrocious article from Bloomberg, and the accompanying video is just cringeworthy. Reuters does a better job of explaining what the issue is:
Banks in the EU don't have to hold capital against holdings of their own government's bonds, a rule known as zero risk weight, as such domestic debt is considered "risk free".

The government said in its SI published on Tuesday that if Britain leaves the bloc with no transition deal next March, the EU would automatically become a "third country".

This means that the zero risk weight rule would no longer apply to EU banks in Britain.

"Therefore, this SI will remove preferential treatment for EU27 exposures," the document said.

As far as I can tell this applies only to UK subsidiaries of EU27 banks holding bonds of their parent's home country in their UK portfolio.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Aug 24th, 2018 at 04:25:03 PM EST
[ Parent ]
Then again, the Capital Requirements Regulation does treat bonds issued by all member states equally:
Art. 144.4. Exposures to Member States' central governments, and central banks denominated and funded in the domestic currency of that central government and central bank shall be assigned a risk weight of 0 %.


A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Aug 24th, 2018 at 04:35:01 PM EST
[ Parent ]
But Teh Market does not.

KACHING!

Diversity is the key to economic and political evolution.

by Cat on Fri Aug 24th, 2018 at 05:22:42 PM EST
[ Parent ]
But we're talking about the regulatory capital charges on banks, not the market value of bond portfolios.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Aug 24th, 2018 at 06:12:07 PM EST
[ Parent ]
Some of us watch what they do, not what they say.

< wipes tears >

"What this means, I believe, is that a country with its own currency would not be subject to the kind of self-fulfilling panic that is now arguably hitting Italy."

Never. Gets. Old.

Diversity is the key to economic and political evolution.

by Cat on Fri Aug 24th, 2018 at 06:25:28 PM EST
[ Parent ]
Italy does not have its own currency.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Aug 24th, 2018 at 06:30:21 PM EST
[ Parent ]
The United Kingdom does.
< wipes tears >

Diversity is the key to economic and political evolution.
by Cat on Fri Aug 24th, 2018 at 08:17:58 PM EST
[ Parent ]
same currency, same 27 nation-states, same rates, same liabilities and income. m'k.
What do you mean? This doesn't apply to the EU27, not even for the eurozone, let alone to the EU and the UK together.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Aug 24th, 2018 at 06:11:14 PM EST
[ Parent ]
(a FT column title and a classic joke about incongruent measures of risk-free government debts)

The reporter stated: "A deal that results in both sides recognizing their regimes as equivalent would avoid that scenario."

You and I agree (somewhat) that this statement is preposterous.

I snidely disagreed with it -- on its face, in principle and in practice: The supposition "same currency, same 27 nation-states ["regimes"], same rates, same liabilities and income" is patently false.

You agreed with with my response before you disagreed with my response: "That's an atrocious article from Bloomberg"; "This is not as bizarre as it seems at first blush." An elaborate discursion into capital classes, capital stipulations, capital requirements, and regulatory enforcement* prerogatives presumed to balance an equation of comparable risk-free debentures ensues.

The fact remains: Neither government bureaucracies nor central bank governors operate non-profit enterprises, sadly, desperately. P > R-C

-----
* without the bother of σ: primary and secondary price "signal" variance, rating agencies' "signal" variance, taxation authority and income variance, FX reserve S/D variance, and one of my personal favorites, "eligible" collateral (surety) variance.

Diversity is the key to economic and political evolution.

by Cat on Fri Aug 31st, 2018 at 04:05:52 PM EST
[ Parent ]

UK warns of red tape, card charges in 'no-deal' Brexit | DW |

In recent weeks, there have been concerns that the country could crash out of the 28-nation bloc without a deal amid infighting within British Prime Minister Theresa May's divided Conservative government.

Raab said he remained confident the UK and the EU would reach a deal, but said that he was releasing the documents to help people and businesses prepare for any disruption caused in case there is no deal.

The guidelines stated that companies trading with Europe would face new customs and excise rules and require paperwork covering customs and safety declarations. If Britain left without a deal, "the free circulation of goods between the UK and EU would cease," the guidance said.

What do the papers say?

  • Britons will have to pay more to make credit card payments in the EU.

  • Businesses on the continent could be cut off from investment banks in London.

  • Britons living in the EU could lose access to their UK bank accounts.

  • Companies trading with Europe would face new paperwork to cover customs and safety declarations.

  • Britain will unilaterally accept some EU rules and give EU financial services firms continued access to the UK market.

  • The UK will recognize EU standards for medicines. This means that drugs from the bloc won't need to be re-tested in the UK.

  • Contingency plans to avoid shortages of medicines.


Global Warming - distance between America and Europe is steadily increasing.
by Oui on Thu Aug 23rd, 2018 at 07:11:22 PM EST
So this is what taking back control looks like...

Index of Frank's Diaries
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu Aug 23rd, 2018 at 07:29:39 PM EST
[ Parent ]
Sweaty and nervous, Raab fumbles his Brexit no-deal announcement - Ian Dunt - politics.co.uk

Ian Dunt at politics.co.uk is always a good read.

[Raab's] task was, to be fair, unenviable. He needed to make no-deal look terrible and also fine, because it is only by the simultaneous maintenance of both of these contradictory propositions that the Tory party can be held together.

On Raab's performance today, he concludes:

It's hard to see what has been achieved today. By outlining what no-deal would entail, it makes it clear that no sane country would do it. Even in this context, the plans themselves require some kind of deal for them to operate, which means that they do not even satisfy the definition of no-deal contingency measures. They admit to the EU now, just as we enter the climax of Brexit talks, that no matter what they do the UK will unilaterally recognise their regulatory standards, thereby giving away the negotiating position which Theresa May claimed to be so keen to protect for the last two years. They do not offer the chance to prepare for no-deal, because the kind of work that would be required is simply too time-consuming to be done in the time available. They do not placate the ERG hardliners, because they are based on reality rather than Biblical fiction. And they do not do the government much good as a scare story, because they toned down the language to mollify the headbangers.

It is another event in which an awful lot of work has been done to accomplish nothing. Just another day in Brexit land.

by oldremainmer48 on Thu Aug 23rd, 2018 at 08:56:04 PM EST
[ Parent ]



The top five U.S. exports to Ireland by value through June [2017] were the categories of Civilian aircraft, parts; Plasma, vaccines, blood; Medicines in individual dosages; Medicines not in individual dosages; and Computers, respectively. They accounted for 51.81 percent of total exports to Ireland. [illustrated]
It sure looks like, Ireland and Luxumbourg are EU ports of entry for US manufactures distributing pharma to rest of EU that demand it. So. To seek savings for the UK market, Tory gov will be negotiating direct delivery and tariff on those medical supplies with the US manufacturers. Any day now, while GBP:USD is advantageous.

archived


Diversity is the key to economic and political evolution.

by Cat on Thu Aug 23rd, 2018 at 08:36:33 PM EST
[ Parent ]
No-deal Brexit will break up UK, warns Van Rompuy | The Guardian |

Crashing out of the EU without a deal would risk the break-up of the United Kingdom, the former president of the European council has warned.

Herman Van Rompuy, the former Belgian prime minister who was council president until 2014, told the Observer that he believed the threat of a no-deal Brexit was a new "operation fear" tactic being used by the government. But he said it would not work with the EU and warned that such an outcome would end up creating new pressures over Scottish independence.

"The no-deal issue is not just a problem for the UK or Brussels," he said. "It is also an existential threat to the UK itself. One can imagine that a no deal will have a big impact and cause concern in some of the regions. Speaking of regions such as Scotland, it could have consequences for them and others."

No-deal Brexit 'would not threaten UK' - Lidington | BBC News- Aug. 23, 2018 |
SNP holds first national assembly to debate Scottish independence blueprint | The Scotsman - Aug. 25, 2018 |

Global Warming - distance between America and Europe is steadily increasing.

by Oui on Sat Aug 25th, 2018 at 06:39:28 PM EST
[ Parent ]
The last time I read about anything approaching this level of insanity was the opening month of WW One when the Imperial Russian Army did a kamikaze into west Prussia which culminated 3 years (more-or-less) later with the Bolsheviks storming the Winter Palace.  

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Fri Aug 24th, 2018 at 01:14:47 AM EST
East Prussia surely?

But I'm also reminded of the weeks preceding Gulf War II.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Fri Aug 24th, 2018 at 09:59:51 AM EST
[ Parent ]
You're right: East Prussia ... I blame Obama

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Sat Aug 25th, 2018 at 02:46:51 AM EST
[ Parent ]

Business chiefs left angry and astounded by Government's `phone Dublin' Brexit advice
Northern Ireland Chamber of Commerce and Industry chief executive Ann McGregor said yesterday's Brexit papers had "two key outcomes for Northern Ireland businesses - it confuses them more and increases their costs".


Diversity is the key to economic and political evolution.
by Cat on Fri Aug 24th, 2018 at 06:59:24 PM EST
by Cat on Fri Aug 24th, 2018 at 07:01:20 PM EST
[ Parent ]
I can't even...

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Sun Aug 26th, 2018 at 04:01:43 PM EST
[ Parent ]
Mr Raab also said the government would do nothing <comma> to disrupt the terms of the Good Friday Agreement.


It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II
by eurogreen on Mon Aug 27th, 2018 at 09:00:31 AM EST
[ Parent ]
Gibraltar National Anthem, 00:01:58

Diversity is the key to economic and political evolution.
by Cat on Fri Aug 24th, 2018 at 08:16:02 PM EST
[ Parent ]


Global Warming - distance between America and Europe is steadily increasing.
by Oui on Wed Aug 29th, 2018 at 06:04:25 PM EST
No-deal Brexit is only alternative to Chequers plan, says Lidington | The Guardian |

The Cabinet Office minister, David Lidington, has warned that relations between Britain and France are at "a fork in the road" - and the only alternative to the prime minister's Chequers plan is a no-deal Brexit.

Ministers are concerned the French government remains deeply sceptical about the approach spelled out in its July white paper, prompting Theresa May to fly to Emmanuel Macron's holiday home earlier this month to try to win the president over.

David Lidington warns EU that Chequers plan is only alternative to no-deal | The Independent |

Speaking to the Mouvement des Entreprises de France (MEDEF) conference, Mr Lidington said: "With exactly seven months until the end of Article 50 process and less than two months ahead of the October European Council, we face the choice between the pragmatic proposals we are discussing now with the European Commission, or no deal.

"The alternative models do not meet the level of ambition or the outcome we all want to see delivered.

"So, we need the EU to engage with us on our positive vision of the future relationship."

He added: "I truly feel that we are at a fork in the road. There are trends on both sides of the Channel, both sides of the North Sea, and both sides of the Atlantic that could see us drift apart."

France and Germany make contingency plans for no-deal Brexit | France24 |

Global Warming - distance between America and Europe is steadily increasing.

by Oui on Wed Aug 29th, 2018 at 06:05:15 PM EST
Well yes, there's "a fork in the road". since June 23, 2016 to be precise. Predictably enough, it's the Continentals' fault, as usual.
by Bernard on Wed Aug 29th, 2018 at 06:31:26 PM EST
[ Parent ]
yeah, I don't know what mischief is up to. I'd shrug, but today's surprise offered quite the counterfactual.

Bloomberg breaking this morning
Pound Climbs to Three-Week High as Barnier Pledges Unique Deal
1:$130.00 (1: €1.11)

RTE elaborates this afternoon
Barnier says EU prepared to offer UK unprecedented relationship

"We are prepared to offer Britain a partnership such as there never has been with any other third country," Mr Barnier told reporters in Berlin after a meeting with German Foreign Minister Heiko Maas.
[...]
He hinted that the UK could be willing to compromise on giving some role to EU institutions, such as the European Court of Justice, in reaching an agreement on the border between Northern Ireland and the Republic.
[...]
Officials on both sides say an agreement by October is unlikely, and they are now aiming for a mid-November deadline.
Speculators' reaction seems to me over-optimistic given misdirection from UK this past year. Indeed, independent.ie ran (unqualified) early downside prediction despite today's PR (paired with "Global central banks set to dump £100bn of sterling in hard Brexit").

Euro tipped to near parity with sterling under hard Brexit

It does not allow for an even more destabilising so-called worst-case scenario - where planes don't fly and medicine supplies run out.

An alternative scenario, of an orderly transition, would boost the pound - to 87 pence in the final quarter of this year and 88 pence versus the euro in early 2019, Investec thinks.

With scant progress in talks to date, traders are increasingly pricing in a harder scenario.

I suppose, without acknowledgement, the editors weighted steady IE-US surplus trade against EU27 -1 rebalancing.

Diversity is the key to economic and political evolution.
by Cat on Wed Aug 29th, 2018 at 07:00:28 PM EST
[ Parent ]


Diversity is the key to economic and political evolution.
by Cat on Wed Aug 29th, 2018 at 07:03:28 PM EST
[ Parent ]
"Store or value" has been sliding since the referendum, but ...this story at this time, "One-in-three chance of London house price crash, says expert poll ," is plain mean, topping agitation by unrequited homeless on both islands.

Notice the inset headline, too, Record proportion of Londoners selling up to move north (Midlands). I wonder idly how low GBP must go before more migrants slide into Scotland. GBP:RMB parity? I have already read (in comments) elsewhere of political tension between the "natives" and settlers, nationalists vs. unionists.

Diversity is the key to economic and political evolution.

by Cat on Wed Aug 29th, 2018 at 11:15:26 PM EST
[ Parent ]
Brexit has reached a dead end | DW Opinion - Aug. 14, 2018 |

The UK's Brexit negotiations with the European Union are at an impasse -- that's according to Prime Minister Theresa May. In a letter to her own divided Conservative party, she admits that, surrounded by red lines she is not allowed to cross, she can neither push ahead nor turn back. Brexit can't be too soft or too hard, or else the various parties and the EU will be unable to reach an agreement.

Brussels has rejected May's latest proposal, which would have meant negotiating a kind of free trade area only for goods. Just 11 percent of UK citizens liked that plan, according to opinion polls.



Global Warming - distance between America and Europe is steadily increasing.
by Oui on Wed Aug 29th, 2018 at 07:50:15 PM EST
Closing ranks: Barnier flew to Berlin ...

Germany and EU tell UK: No Brexit cherry-picking | DW |

Berlin and Brussels showed a united front on Wednesday delivering a single message to London: There will be no cherry-picking when it comes to the single market.

European Union's chief Brexit negotiator Michel Barnier came to the German capital for talks with German Foreign Minister Heiko Maas, after which they appeared before a handful of cameras and reporters to offer similar statements.

"In the end, it will come down to the fact that we will resist the so-called cherry-picking," said Maas, following familiar declarations of sorrow that Britain had chosen to part ways, and that Germany, like all the other 27 remaining EU member states, wanted a close relationship with the UK in future.

However, both men remained optimistic that an agreement could be reached - that there would be no "disorganized Brexit." Barnier said a deal had been reached on a majority of the issues, while Maas professed that the "last big hurdle" was the question of the border between the Republic of Ireland and Northern Ireland.

"We are firmly convinced that the exit agreement must guarantee that Brexit must not lead to a hard border in Northern Ireland," said Maas. "It is important that this guarantee must be valid regardless of how the EU and Britain will shape its new relationship."

'Single market means single market'

Echoing British Prime Minister Theresa May's soundbite that "Brexit means Brexit," Barnier switched to English to deliver his own quip in retort: "single market means single market." This organization of trade within the EU, he said, remained "non-negotiable."



Global Warming - distance between America and Europe is steadily increasing.
by Oui on Wed Aug 29th, 2018 at 07:51:07 PM EST


Global Warming - distance between America and Europe is steadily increasing.
by Oui on Wed Aug 29th, 2018 at 07:51:44 PM EST
[ Parent ]
Even the media are cherry-picking their favorite soundbite for a headline suited to their readers ...

Michel Barnier: EU negotiator 'failing to make himself available' | The Guardian |

... UK officials were said to be "tearing their hair out" at the EU's failure to live up to their pledges to intensify talks at the highest level. The issue has been a reversal of the positions earlier in the talks, when Barnier made the point to EU diplomats in private that he would have liked to see more of David Davis, the then Brexit secretary, in Brussels.

The tension in the talks has been exacerbated by a lack of progress in the negotiations last week, despite claims by both sides that the discussions had been "positive".

The Guardian has learned that discussions over Northern Ireland proved to be some of the most difficult yet, with both sides digging in. Irish government officials, briefed on the meeting, were told that the UK side had insisted that progress on avoiding a hard border on the island of Ireland could not be made unless there was progress on Chequers.

The EU, in turn, repeated that the British government needed to live up to the commitments it made on an "all-weather" solution to avoiding a hard border through a backstop solution in the withdrawal agreement, which would snap into place if a wider deal or bespoke technological solution did not solve the problem.

Sources said the talks were so difficult that the only positive that could be taken was that the clash between the officials had been aired now rather than later in the year.

...
Barnier - who tweeted a picture of himself on Sunday posing in the sun in Albertville, in his home region of Savoie in south-east France - has been in Germany, and was understood to be again leaving Brussels for Croatia on Friday afternoon, following what was set to be an early morning meeting with Raab.

Barnier subsequently changed his flights, however. Five hours of talks with Raab are now pencilled in to his diary awaiting confirmation, it is understood.



Global Warming - distance between America and Europe is steadily increasing.
by Oui on Wed Aug 29th, 2018 at 11:41:39 PM EST
'Scallop war': French and British fishermen skirmish over shellfish | France24 |

The British were heavily outnumbered at five boats to around 35 French vessels, according to maritime official Ingrid Parot, and were eventually chased from the scallop-rich waters of the Baie de Seine area of Normandy.

The skirmish took place more than 12 nautical miles out to sea where the British are legally allowed to fish all year round.

But their French counterparts, restricted to fishing for scallops between October 1 and May 15, have accused the British of depleting stocks and want them to face the same rules.

Common Fisheries Policy (CFP)
Don't blame the EU for the decline in some British fishing ports | LSE |
UK fishermen may not win waters back after Brexit, EU memo reveals | The Guardian - Feb. 2017 |

Global Warming - distance between America and Europe is steadily increasing.

by Oui on Thu Aug 30th, 2018 at 06:23:36 AM EST
Panasonic to move European headquarters out of UK | Nikkei Asian Reeview |

Panasonic will move its European headquarters from outside London to Amsterdam in October to avoid potential tax issues linked to the U.K.'s scheduled exit from the European Union.

Japan could treat the U.K. as a tax haven if it lowers its corporate rate, Laurent Abadie, CEO of Panasonic Europe, told Nikkei here, referring to the country's attempt to lure businesses with low levies. Abadie was attending IFA 2018, the continent's largest electronics fair.

Given various business implications from Brexit, the company has been considering the relocation for 15 months, he added.

Britain said in 2016 that it would gradually lower its 20% corporate tax rate to retain multinational corporations after its departure from the unified European market. But excessive tax cuts could earn the country tax-haven designation, creating the possibility that companies operating there could be slapped with back taxes by their home countries.

Moving the regional headquarters to continental Europe will also help Panasonic avoid any barriers to the flow of people and goods, Abadie said.

Trump Calls 20% Corporate Tax Rate in Plan a 'Perfect Number'

Global Warming - distance between America and Europe is steadily increasing.

by Oui on Thu Aug 30th, 2018 at 09:44:48 AM EST
Does that mean that no Japanese corporations have their headquarters in Ireland?
by gk (gk (gk quattro due due sette @gmail.com)) on Thu Aug 30th, 2018 at 09:50:52 AM EST
[ Parent ]
The Irish money is still chasing the City. And the Fed.

Diversity is the key to economic and political evolution.
by Cat on Thu Aug 30th, 2018 at 03:56:42 PM EST
[ Parent ]
Yes, but the low taxes in Ireland should already mean that the Japanese classify them as tax havens. Does the Japanese rule only apply to non-EU countries? (in which case the UK should lower tax rates instead of leaving the EU, instead of because of leaving it.)
by gk (gk (gk quattro due due sette @gmail.com)) on Thu Aug 30th, 2018 at 04:44:08 PM EST
[ Parent ]
the Leavers think the UK with 66.6 million people is a more lucrative market than the EU with 446 million people once they've lowered the corporate tax ... which multinationals don't much actually pay anyway  

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Thu Aug 30th, 2018 at 03:23:08 PM EST
[ Parent ]
Well, once Canada and India have rejoined the Empire...
by generic on Thu Aug 30th, 2018 at 03:29:32 PM EST
[ Parent ]
... Japanese CFOs will fight for mailboxes on
VANUATU!

Diversity is the key to economic and political evolution.
by Cat on Thu Aug 30th, 2018 at 04:00:49 PM EST
[ Parent ]
And what about the US?
by gk (gk (gk quattro due due sette @gmail.com)) on Thu Aug 30th, 2018 at 04:07:15 PM EST
[ Parent ]
They are in
 ... five has become nine and trumps democracy.

Well noted ... white AngloSaxon.

Global Warming - distance between America and Europe is steadily increasing.

by Oui on Thu Aug 30th, 2018 at 04:43:17 PM EST
[ Parent ]
hmm, yes, well, government remains the single most pervasive, prejudicial institution of racist --national-- ideology and political economy. The history of the census instrument, its design and purposes, is pretty ... interesting. I think you and I have touched on this subject before.

But I have encountered many a UID in my journeys who are incapable of relating the form to the substance of their race-and-ethnicity preferences and "empowerment."

Diversity is the key to economic and political evolution.

by Cat on Thu Aug 30th, 2018 at 10:44:56 PM EST
[ Parent ]
Barnier stands firm on post-Brexit border in Irish Sea | The Guardian |

Michel Barnier is refusing to back down on erecting a border in the Irish Sea to avoid a hard border on the island of Ireland, and has publicly asked the British government for data to prove that the checks on goods flowing within the territory of the UK would be few in number.

The EU's chief negotiator, who has been strident on the issue during the behind-the-scenes negotiations, made public his request for the information as he warned he needed an agreement on Northern Ireland and other outstanding withdrawal issues "by November at the latest".



Global Warming - distance between America and Europe is steadily increasing.
by Oui on Fri Aug 31st, 2018 at 08:31:58 PM EST


Global Warming - distance between America and Europe is steadily increasing.
by Oui on Wed Sep 12th, 2018 at 10:20:53 AM EST


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