Open Europe : Daily Press Summary

[Politics.be]

Troika steps up demands for reforms in Greece before any more funds are released The EU/IMF/ECB Troika has stepped up its demands for further structural reforms after rejecting €3.5bn in spending cuts and tax hikes proposed by the Greek government in its latest austerity package for not being credible. The Troika is insisting that reforms, such as liberalising closed professions, which were delayed by the two elections this year, be implemented before the next tranche of funding is released. Meanwhile, Reuters reports that rifts are emerging within the Troika as the IMF pushes for a second write-down of Greek debt, something which the eurozone is opposed to. Open Europe’s report looking at how much more ‘internal devaluation’ countries such as Greece may need is cited by the FT. Open Europe research Kathimerini Les Echos Bloomberg Reuters WSJ: Joffe WSJ Review & Outlook FT: Spiegel

Pieter Cleppe: “Centralisation of power is anti-European”
In an interview with Deutsche Wirtschafts Nachrichten, Open Europe’s Pieter Cleppe argues against centralising more power at the EU level – as proposed by MEPs Daniel Cohn-Bendit and Guy Verhofstadt in their newly published book. Pieter notes, “The main achievement of the EU, the free movement of people and businesses, has been achieved without transferring substantial powers to the European level. Countries only had to open their borders…Areas where the EU has gained a lot of decision making power have mostly been a failure.”
Open Europe research: EU regional policy Open Europe research: EU free movement Open Europe research: CAP DWN: Cleppe

Eurozone looks at greater fiscal reforms for all members and a central budget
The FT reports on a leaked draft version of the conclusions of the 18-19 October EU summit, which includes plans for all eurozone members to sign up to detailed fiscal reforms, as is currently the case for countries under a bailout programme. The move may require treaty changes. The plan also includes a proposal for a centralised eurozone budget, which officials suggested was gaining momentum. The draft is likely to be significantly watered down at the summit.
FT

On the 22nd anniversary of German re-unification, an Emnid poll for Bild has found that 50% of Germans want to abolish the ‘solidarity’ payment from West to East, with 46% in favour of keeping it.
Bild

Spanish regions obtain revision of deficit target for 2014
At a meeting with Spanish regional presidents yesterday, Spanish Prime Minister Mariano Rajoy agreed to discuss the revision of the deficit target for Spanish regions, but only for 2014. Speaking to the press after the meeting, Rajoy also denied reports of an “imminent” request for EFSF/ECB bond-buying. Meanwhile, in an interview with Le Figaro, Finnish Prime Minister Jyrki Katainen said, “In order to safeguard our public monies, we could study the possibility of the ESM acting on the primary markets with a leverage effect, which would guarantee only part of debt issued by Spain.”
IHT EUobserver El Pa�*s Cinco D�*as El Pa�*s 2 Guardian City AM Welt FAZ El Pa�*s 3 El Economista WSJ Le Figaro: Katainen

Bloomberg reports that Austria and Belgium have joined a proposal from France and Germany to introduce a financial transactions tax via so-called ‘enhanced cooperation’. Nine EU member states are required in order for the Franco-German plan to go ahead.
Open Europe research Bloomberg

Jornal de Negócios reports that the EU/IMF/ECB Troika has agreed on new tax hikes with Portugal to cover for the previously planned increase in workers’ social security contributions – which the Portuguese government dropped following widespread protests.
Open Europe research Jornal de Negócios El Pa�*s

The Telegraph notes that the Liikanen report on reforming the European banking sector, released yesterday, recommends separating banks’ trading and retail operations, something which may clash with the UK’s plans to ring-fence these operations within banks, as proposed by the Vickers Commission.
Open Europe research IHT Guardian EUobserver Sole 24 Ore Repubblica Telegraph Reuters Irish times European Voice Euractiv City AM: Lilico FT: Editorial Reuters Handelsblatt

Le Monde estimates that around 65 French MPs would either abstain or vote against the ratification of the fiscal treaty. The paper also features an op-ed signed by over 120 French economists, calling for a rejection of the fiscal treaty.
Le Figaro Le Figaro 2 La Tribune Le Monde Le Monde 2 Le Monde: 120 economists

Guy Ryder, the new Director General of the International Labour Organisation, has warned that governments in Southern Europe are pursuing “toxic” reform programmes that are pushing them along a “straight line towards further economic contraction”, the Times reports.
Times

Handelsblatt reports that the Austrian parliament has created a special committee of 16 MPs to take decisions with regard to the ESM – the eurozone’s permanent bailout fund.
Handelsblatt

EUobserver notes that the Publish What You Fund campaign has ranked the European Commission’s Directorate General on Development and Cooperation as among the most transparent in a list of 72 aid donor organisations, but placed the Directorate General on Enlargement near the bottom of the pile.
Open Europe research EUobserver

Dutch magazine Elsevier criticises EU Council of Ministers meetings in Luxembourg, which take place in April, June and October every year. It argues, “These trips by EU ministers and their staff are just as absurd as the MEPs’ monthly trips to Strasbourg.”
Elsevier


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