What our leaders hide from us

From left to right: Ms. Helle Thorning-Schmidt, Danish Prime Minister; Ms. Dalia Grybauskite, President of Lithuania; Mr Herman Van Rompuy, President of the European Council; Mr Jyrki Kaitanen, Finnish Prime Minister. (Council of the European Union's photographic library). See how happy Mr Van Rompuy is, seeing the Finnish PM.

From left to right: Ms. Helle Thorning-Schmidt, Danish Prime Minister; Ms. Dalia Grybauskite, President of Lithuania; Mr Herman Van Rompuy, President of the European Council; Mr Jyrki Kaitanen, Finnish Prime Minister. (Council of the European Union’s photographic library). See how happy Mr Van Rompuy is, seeing the Finnish PM. (7/2/2013)

Europe had a very interesting day yesterday. Let’s see why. First was the British PM who delayed the EU Summit for five hours, then an agreement was announced to reduce the Irish sovereign debt by €20 billion and finally it was Mario Draghi, who helped contain the hike of the euro vis-à-vis the dollar, just by an American cent though. In about fifteen hours, from early morning till 22.00 h at night on 7 February 2013, a trained observer could watch the basic EU players confirm their old tactics and tricks. Starting from the outsiders, David Cameron wanted to be seen as trying to pose obstacles to the normal development of the leaders’ Summit. What he wanted most was that his fellow Conservatives back in London, and specially the Eurosceptic of them, watch him doing two things. Undermine the Franco-German axis and reduce the importance of the European Union in its entirety. The British Prime Minister tried hard on both accounts. For one thing he delayed the Summit by five hours. To achieve this he used the old British tool of anti-agro spending argument, that unnerves the French. Thus he started an exchange with Francois Hollande, the French President. Here is how the Brit did it. Before going to Summit, Cameron left to be understood that he wants the next seven EU budgets (2014-2020) to cost “only” €800 billion, instead of €950bn as proposed in a document drafted by Herman Van Rompuy, the President of the EU Council. It goes without saying that such a huge cut would mainly hit the EU’s agricultural expenses, which constitute 40% of the total and primarily favour the large French farm sector. With that, Cameron paid his respects to Angela Merkel, the German Chancellor, a traditional lover of cuts on the EU budget. This time however Germany can go as high as €900bn (the bait has to be fat) but obviously Berlin is grateful to London for doing the dirty job with the French. As for Paris, Cameron had in his pocket the valuable help Britain gave to France in the Mali operations and London could easily cash some of it. In any case the close Franco-British cooperation in North Africa offers enough room to London to raise a voice to Paris. Not to forget that the two have locked Germany out from North Africa. In short Cameron played his game in three courts. The three being, the Conservative Eurosceptic yard of London, the redoubtable Berlin and the friendly Paris. But again Cameron did not want to let Merkel alone, so he pressed Hollande where it hurts; less money to French farmers. The Irish Yesterday was also a very special day for Mr Enda Kenny, the Irish Prime Minister. Ireland holds the rotating Presidency of the European Union and drafts the agenda of all Council meetings, including the Summit. But this was not the only cause for Kenny’s joy yesterday. Early Thursday morning, he announced that he struck a deal with the European Central Bank, to cut down his country debt by €20bn and thus reduce Ireland’s annual state budget deficit by €1bn. Is there any connection with Ireland holding the Presidency? Who knows? ECB must have had a very active but invisible involvement in this story. Well informed sources say that the agreement was planned with the aid of KPMG from many months and the two sides just waited for the right moment to announce it. The deal contains a lot of details, which remain hidden and is considered by many as a gift from the ECB to Ireland, for being “good boy” in fully applying the Memorandum, the country signed with the troika of EU-ECB-IMF. This last intervention of ECB’s brings us to another major but taciturn “achievement” of Mario Draghi its Governor, in holding just a bit (one American cent) the climb of the euro with the dollar. Yesterday, the ECB held its monthly governing council to set interest rates and other monetary policy plans. As markets were predicting the basic interest rate remained unchanged at 0.75%. Mario never lets markets down. Later on in the afternoon when the Governor held the regular press conference to explain policies, he mentioned the traditional ECB’s position that the bank does not have an exchange rate policy. He stressed however that ECB will “closely monitor” what happens in the money market. Some minutes before he had stated that, “we certainly want to see whether the appreciation (of the euro), if sustained, will alter our risk assessment”. Markets didn’t need more to reverse the climb of the euro and its parity with the dollar fell, but only by one American cent. In this way Draghi proved that he could overstep ECB’s rules as he did in cutting down the Irish debt. But let’s examine in-depth what happened today. For one thing the agreement with Ireland is a well hidden aid from the central bank to a government of a Eurozone member state, which is not allowed by ECB’s statutes. Draghi also overstepped the rules, when he left to be understood that the ECB might pursue an exchange rate policy for the euro if…. He had to keep Hollande happy who wants a cheaper euro but at the same time not to let Merkel down. One American cent less did the good job. In total yesterday was a very interesting day in the European Union. The problem is that in all the above mentioned occasions the main players used means that are not quite transparent and contain a large dose of arbitrariness. True targets are well hidden from the eyes of the many and the game is played by the few.

Discover more from The European Sting - Critical News & Insights on European Politics, Economy, Foreign Affairs, Business & Technology - europeansting.com

Subscribe to get the latest posts sent to your email.

Interesting reads

Iran attacks

Deadly bombing of Iran primary school ‘a grave violation of humanitarian law’: UNESCO

This article is published in association with United Nations. The UN education agency, UNESCO, says that the bombing of a primary school during the US and Israeli military attacks on Iran on Saturday constitutes a grave violation of humanitarian law. The missiles reportedly destroyed a girl’s primary school in Minab, southern Iran, killing around 150 and […]
© UNRCO Iran Tehran, the capital of Iran.

Attacks on Iran and retaliatory strikes ‘undermine international peace and security’

This article is published in association with United Nations. UN Secretary-General António Guterres and the heads of UN agencies have condemned Saturday’s joint Israeli and US attacks on Iran and the Iranian retaliatory strikes on Israel and the Gulf Regions. The attack on Iran reportedly targeted military sites as well as the leadership of the Iranian […]
© WFP/Maxime Le Lijour A woman holds a child as a storm approaches Khan Younis in Gaza.

Palestine: UN rights chief highlights suffering, atrocity crimes ‘that remain unpunished

This article is published in association with United Nations. The UN rights chief Volker Türk on Thursday highlighted the “human-made disaster” across the Occupied Palestinian Territory stemming from Israel’s disregard for human rights norms and serious violations also committed by Hamas and other Palestinian armed groups. Citing a new report from his office (OHCHR) covering the […]
Ángela Soria Pitarch was born on March 28, 2003. She is currently a fifth-year medical student at the University of Valencia.

Not the Future, the Present: Young Voices Shaping Global Health in 2026

This article was exclusively written for The European Sting by Ms. Ángela Soria Pitarch was born on March 28, 2003. She is currently a fifth-year medical student at the University of Valencia. She is affiliated with the International Federation of Medical Students Associations (IFMSA), cordial partner of The Sting. The opinions expressed in this piece belong strictly to […]
© UNOCHA Many rural areas of Ukraine have been blasted by shelling and drone strikes. The country is also one of the most mined in the world, top UN aid officials warn.

Ukraine wakes to more violence as Russia’s invasion enters fifth year

This article is published in association with United Nations. The full-scale invasion of Ukraine by Russian troops on 24 February 2022 shattered the peaceful aspirations of an entire continent, but war must never be the new normal, UN General Assembly President Annalena Baerbock said on Tuesday. “Four years ago, people in Europe woke up in another […]
Zainatun Nawwariyah is a fifth-year medical student at the Faculty of Medicine, University of North Sumatera, who is passionate about advancing medicine through research, advocacy, and service.

From Local Barriers to Global Lessons: Practical Paths Toward Inclusive Healthcare

This article was exclusively written for The European Sting by Ms. Zainatun Nawwariyah is a fifth-year medical student at the Faculty of Medicine, University of North Sumatera, who is passionate about advancing medicine through research, advocacy, and service. She is affiliated with the International Federation of Medical Students Associations (IFMSA), cordial partner of The Sting. The opinions expressed […]
© UNICEF/Bullen Chol A grandmother takes care of her 17-month-old malnourished grandson in South Sudan.

World News in Brief: UN humanitarian chief visits South Sudan, shelter fire risks in Gaza, West Bank violence

This article is published in association with United Nations. The UN Emergency Relief Coordinator arrived in South Sudan on Friday to visit one of the most under-reported humanitarian crises in the world, as clashes between government and opposition forces continue in Jonglei state.  Tom Fletcher will focus on the deteriorating humanitarian situation in the world’s youngest country and escalating protection risks for both civilians and aid workers.  […]
Ukraine’s women at breaking point after four years of war as attacks on energy, healthcare continue – UN humanitarians

Ukraine’s women at breaking point after four years of war as attacks on energy, healthcare continue – UN humanitarians

This article is published in association with United Nations. Four years into Russia’s full-scale invasion, millions in Ukraine struggle to keep the lights on and heat their homes, with the crisis taking a particular toll on women, humanitarians warned on Friday. Freshly back from a visit to the country UN Women’s Chief of Humanitarian Action Sofia […]
Fears of ethnic cleansing in Gaza and the West Bank: UN rights report

Fears of ethnic cleansing in Gaza and the West Bank: UN rights report

This article is published in association with United Nations. Increased Israeli attacks and the forced transfer of Palestinians have sparked concern over ethnic cleansing in the Gaza Strip and the West Bank, the UN human rights office, OHCHR, said in a report issued on Thursday.  The report covers the period from 1 November 2024 to 31 October 2025 and is […]
Samaya Rahimova  is a public health student at the Azerbaijan Medical University and an active member of SCOPH at Azermeds

Inclusive Healthcare Fails When We Design for the “Average Patient”

This article was exclusively written for The European Sting by Ms. Samaya Rahimova , a public health student at the Azerbaijan Medical University and an active member of SCOPH at Azermeds. She is affiliated with the International Federation of Medical Students Associations (IFMSA), cordial partner of The Sting. The opinions expressed in this piece belong strictly to the writer […]
IOM Women make up the majority of victims of human trafficking for sexual exploitation. (file photo)

Epstein files: ‘No one is too wealthy or too powerful to be above the law’; rights experts demand accountability

This article is published in association with United Nations. The large-scale disclosure of materials known as the “Epstein Files” has revealed “disturbing and credible evidence” of what independent human rights experts describe as a possible global criminal enterprise involving systematic sexual abuse, trafficking and exploitation of women and girls. In a statement on Monday, the independent […]
© UNICEF/Dmytrii Bortkevych A young girl carries firewood for a warming stove at a house in the Kyiv region.

As conditions worsen in Ukraine, refugees struggle to return

This article is published in association with United Nations. As Ukraine prepares to enter the fifth year of the full-scale Russian invasion on 24 February, UN monitors say harm to civilians has “demonstrably worsened”, while energy attacks and freezing temperatures are making it harder for displaced families to return. “More people are killed and injured each […]
© UNICEF/Mohammed Nateel A young boy in Gaza City eats a plate of food.

Gaza: Lifesaving aid operations continue despite restrictions

This article is published in association with United Nations. Humanitarians in the Gaza Strip continue to face impediments in their efforts to deliver lifesaving aid to the population.  The United Nations said that its teams attempted to coordinate eight humanitarian missions on Friday and five were fully facilitated.  The remaining three – which included a mission to reach a water treatment plant in Khan Younis – were denied […]
© CDC/Cynthia S. Goldsmith, Russell Regnery Mpox (previously known as monkeypox) is a viral disease caused by an orthopoxvirus called monkeypox virus (MPXV).

New recombinant mpox strain detected in UK and India, WHO urges continued monitoring

This article is published in association with United Nations. The detection of a newly identified recombinant mpox virus containing genetic material from two known strains underscores the need for continued genomic surveillance, the UN World Health Organization (WHO) said on Saturday, as the overall global public health risk assessment remains unchanged. WHO confirmed that two cases […]
Aytac Mammadova is a third-year Public Health student at Azerbaijan Medical University

Inclusive Healthcare: Improving Accessibility and Care for Disabled Patients through Investment and Workforce Innovation

This article was exclusively written for The European Sting by Ms. Sadia Khalid, a Scientist-Physician (MBBS, MD) at Tallinn University of Technologye. She is affiliated with the International Federation of Medical Students Associations (IFMSA), cordial partner of The Sting. The opinions expressed in this piece belong strictly to the writer and do not necessarily reflect IFMSA’s view on […]
© UNICEF/Oleksii Filippov Workers secure plywood boards over the shattered windows of a residential building damaged by a missile strike in eastern Ukraine. (file)

Ukraine: UN aid convoy reaches frontlines in Dnipro

This article is published in association with United Nations. A UN humanitarian convoy reached frontline communities in Ukraine’s Dnipro region on Wednesday, delivering critical medical and hygiene supplies as fighting continues to take a heavy toll on civilians and infrastructure across the country. UN Spokesperson Stéphane Dujarric told reporters that access to the town had been […]
© WFP/Maxime Le Lijour A child helps to pitch his family's tent after it collapsed during heavy rain in Gaza.

UN warns civilians remain at risk as airstrikes continue across Gaza

This article is published in association with United Nations. Fresh airstrikes and shelling across the Gaza Strip over the past 24 hours have put civilians at renewed risk and compounded months of hardship, the UN said on Tuesday, warning that humanitarian needs continue to outpace access and capacity. UN Spokesperson Stéphane Dujarric told journalists at the […]
United Nations Palestinian families are being evicted from the Silwan neighborhood in East Jerusalem.

West Bank: New Israeli measures further erode prospects for two-State solution

This article is published in association with United Nations. UN Secretary-General António Guterres voiced grave concern on Monday over the reported decision by the Israeli security cabinet to authorize a series of administrative and enforcement measures in Areas A and B in the occupied West Bank.  The measures would make it easier for Jewish settlers to take over Palestinian […]
© Unsplash/Hosein Charbaghi A view of Tehran, Iran's capital city.

Guterres welcomes resumption of Iran-US talks

This article is published in association with United Nations. UN Secretary-General António Guterres on Friday welcomed the resumption of talks between Iran and the United States.  The development follows weeks of tensions surrounding Iran’s nuclear programme and threats of a US military attack.  Delegations headed by US Special Envoy to the Middle East Steve Witkoff and Iran’s Foreign […]

Why don't you drop your comment here?

Go back up

Discover more from The European Sting - Critical News & Insights on European Politics, Economy, Foreign Affairs, Business & Technology - europeansting.com

Subscribe now to keep reading and get access to the full archive.

Continue reading

Discover more from The European Sting - Critical News & Insights on European Politics, Economy, Foreign Affairs, Business & Technology - europeansting.com

Subscribe now to keep reading and get access to the full archive.

Continue reading

The European Sting – Critical News & Insights on European Politics, Economy, Foreign Affairs, Business & Technology – europeansting.com