Open Europe : Daily Press Summary

[Politics.be]

Catalan Economy Minister: Spain’s bailout request “a matter of weeks away”Catalan Economy Minister Andreu Mas-Colell told a press conference yesterday that he thinks Spain’s request for EFSF/ECB bond-buying is “a matter of weeks away”. Meanwhile, El Pa�*s reports that Spanish trade unions are planning a general strike for 14 November, in protest against the Spanish government’s latest austerity measures. Separately, European Parliament President Martin Schulz said in an open letter that he will not take disciplinary action against European Parliament Vice-President Alejo Vidal-Quadras, who last week suggested that the Spanish government should consider sending the Guardia Civil – Spain’s military police – to Catalonia if the Catalan government pushes ahead with plans for a referendum on independence.Open Europe blog El Pa�*s El Economista Cinco D�*as El Mundo IHT: González & Clotet Telegraph European Voice Le Figaro: Lagarde

Troika demands further Greek cuts on the back of lower growth forecasts for 2013
Kathimerini reports that the EU/IMF/ECB troika is demanding that Greece find a further €1.4bn in savings for next year, since it believes the Greek economy will contract by 5% in 2013, more than the government forecast of a 3.8% contraction. With a deal unlikely to be agreed by the Monday deadline, officials have suggested that an extra eurozone meeting could be held in November to disperse the next tranche of bailout funds. The Communist party has organised a series of protests against austerity across Greece today.
Kathimerini Kathimerini 2 WSJ WSJ 2 Euractiv Sole 24 Ore Conservative Home: Lillico

The European Commission is about to request up to €10 billion from national governments to make up for shortfalls in the EU’s budget for 2012. The request is expected on 23 October, according to Euractiv.
European Voice European Voice 2 Euractiv FTD

Andrea Leadsom: This is the time to create a “British vision” for Europe based on “more trade and less interference”
Writing on Conservative Home, Andrea Leadsom MP, co-founder of the Fresh Start Project, sets out the case for renegotiating the UK’s EU membership and identifies financial services, business growth, regional policy and fisheries policy as “policy areas that are crying out to be renegotiated” in the shorter term. She concludes, “Now is the time to create a British vision for our relationship with the EU – not the Norwegian option, not the Swiss option, not the Turkish option, not the UKIP option, but the British option...more trade and less interference.”

In the Telegraph, David Heathcoat-Amory, a former minister for Europe, writes that trade should “be the core discipline, and on that foundation all other agreements would be built, case by case,” according to an “opt-in principle.
Conservative Home: Leadsom Telegraph: Heathcoat-Amory City AM: Mckenzie & Hodson

In a feature article with Polish daily Gazeta Wyborcza Open Europe’s Pawel Swidlicki argues that many people in the UK see the EU as an organisation which interferes too much in the day-to-day activities of citizens and businesses, generating unnecessary costs. However, rather than wanting to leave altogether, a majority of public opinion could be reconciled with continued EU membership given new membership terms.
Gazeta Wyborcza: Swidlicki

In an interview with Hungarian daily Magyar Nemzet, Open Europe’s Pieter Cleppe argued, “ Guido Westerwelle’s ‘Future of Europe’ group should not be given much weight, as the foreign ministers involved have themselves stressed that they do not agree with all the proposals.”
Open Europe blog

In an interview with the FT, Polish Finance Minister Jacek Rostowski said Poland would only join the euro when it believed its future and safety were completely assured. Rostowski also said “We believe that if we have an unaccountable single eurozone supervisor, we may be sowing the seeds of a major eurozone crisis five or ten years down the line.”
FT FT blog

European Commission President Jose Manuel Barroso yesterday stated that he would “make it clear” to eurozone leaders at the next summit meeting that they must stick to the measures agreed in June which allow the ESM, the eurozone’s permanent bailout fund, to directly bail out banks.
EUobserver Expansión FT

Portuguese Finance Minister V�*tor Gaspar told the press yesterday that “enormous” tax hikes will be needed to meet the deficit target agreed with the EU/IMF/ECB Troika for next year, Jornal de Negócios reports.
Jornal de Negócios Diário Económico Expansión El Economista Les Echos Times Le Monde FT CityAM WSJ

French Foreign Minister Laurent Fabius warned French MPs yesterday that “a negative vote would trigger speculation against France, which we would not be able to counter…because the ESM is only available for countries that have ratified the treaty.”
Le Figaro Coulisses de Bruxelles FT FT: Editorial NOS TV

City AM reports that Financial Secretary to the Treasury Greg Clark is pleased with the EU’s Liikanen proposals for banking as they go further than the international Basel plans, and follow the UK’s own plans to ring-fence banks’ retail operations.
FT CityAM FT Editorial Sueddeutsche Reuters

The European Banking Authority (EBA) has said EU banks will have to keep their core Tier 1 capital at 9% of risk-weighted assets. The EBA also reported that banks have raised €205bn in additional capital in the first six months of this year and (excepting banks in Greece and Spain’s Bankia that were not covered) and only four banks out of 71 still need more help to reach 9%.
CityAM WSJ Reuters Le Monde El Pa�*s Expansión FT Editorial

The Irish Central bank has warned in a new report that it could take between 11 and 22 years until property prices in Ireland return to their pre-crisis peak.
FT

The FT notes that Internal Market Commissioner Michel Barnier yesterday launched new proposals to boost services and goods trade within the Single Market.
Euractiv FT


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