After months of complex negotiations, Parliament gave its blessing to the EU’s long-term budget for 2014-2020 on Tuesday. All the conditions set out in its July resolution – which followed a political agreement at the highest levels between Parliament, the Irish Presidency and the Commission were met. The overall budget for the next seven years […]
“Banks Can No Longer Exclude Citizens From Society,” – Klute
Everyone legally residing in the EU must have the right to open a basic payment account, and this right should not be denied on grounds of nationality or place of residence, said the Economic and Monetary Affairs Committee amending a draft law to this end, Monday, in Strasbourg. Fees and rules for these accounts should […]
Washington – Reding’s Christmas Dinner With The In-Laws… and about that puppy that got run over on the driveway.
The NSA was there, on almost every item of the agenda. Much like Christmas dinner with the in-laws, it would be impolite to get too upset about that time Uncle Sam reversed over the new puppy in the driveway. And so, cousin NSA sat in the corner as the grown-ups talked about how bad the […]
1-in-3 of Europe’s SMEs Not Getting Finance They Need
One third of SMEs didn’t get the full financing they had planned for during 2013, and 15% saw access to finance as a significant problem for their companies. Europe’s companies believe that bank financing conditions worsened during 2013, with respect to interest rates, collateral and required guarantees. Despite this sorry tale, 85% of all loans […]
‘Spain! Get With The Programme!’ Says Commission
Olli Rehn sent Spain to the naughty step, again. For the first time, the European Commission has issued opinions on euro area Member States’ Draft Budgetary Plans, which from this year must be submitted to the Commission by 15 October, at the same time as draft budgets are sent to national parliaments. Presenting a major package […]
The Mother of All Budgets. Budget Committee Approves MFF…
The Mother of All Budgets is inching towards the maternity suite. Parliament’s Budgets Committee has approved the EU’s long-term budget (Multi-annual Financial Framework – MFF) for 2014-2020 and the deal struck in this week’s negotiations on the budget for 2014, the first year under the new MFF. Parliament’s final votes on these budgets are scheduled […]
EU Budget 2014 – “Deal”. Parliament and Council Get It Together…
After negotiating through the night, Parliament and Council struck a deal on the EU budget for 2014, which also provides for remedying payments shortfalls in in the current fiscal year. MEPs ensured that victims of catastrophic flooding and drought in 2013 will be compensated, and that its priorities for 2014 in areas such as employment, […]
Agent 0.00, Draghi Neither Shaken Nor Stirred
Mario Draghi, President of the European Central Bank, yesterday explained the ECB’s rationale for lowering interest rates. Speaking in Frankfurt, Draghi said: “… the economic analysis indicates that we may experience a prolonged period of low inflation, to be followed by a gradual upward movement towards inflation rates below, but close to, 2% later on. […]
The ECB Preview, Going In Circles
Last week’s data has given rise to renewed speculation about further ECB action. Headline inflation below 1% and unemployment above 12% have fueled market speculation that the ECB could cut rates at this week’s meeting. In our view, this speculation is premature for two main reasons: (1) the ECB simply does not have a reputation […]