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The EU Council decided to impose sanctions on Turkey for continuing its illegal drilling operations in the Cypriot territorial waters violating the EU member’s sovereignty rights. The Turkish side however keeps claiming the natural sources in the area and insists on the myth that they have equal rights with the Republic of Cyprus. The under […]
Turkey continues violating the sovereignty rights of Cyprus by conducting a new illegal drilling operation on the northeast of the island. The EU had already urged Turkey last month to stop its gas drilling in waters around Cyprus. Thus the EU bloc will now have to intervene to resolve such disputes. However, Turkey kept on […]
Paris was a blockaded city this weekend. The government was forced to close down all the main tourist sites in the French capital. The Eiffel Tower, the Opera of Paris, the Louvre museum and tens of other sites which may attract the fury of the ‘yellow vest’ movement are closed and heavily guarded. Galerie Lafayette […]
Angela Merkel’s era in Germany definitely comes to an end. It coincides, not necessarily in a causal manner, with the extreme right and xenophobic rising tendencies in the country’s political and social structures. These developments will put not only Germany to a political limbo but they will also freeze the progress of the European Union […]
This article is brought to you in association with the European Commision. Main results Today we had key discussions on the future of our agriculture and fisheries. In the years to come both sectors will not only have to keep ensuring food security for Europe, but also meet the challenges of sustainability, innovation and generational renewal. […]
The EU-Turkey Summit in the Black Sea city of Varna last Monday was a chance for the Brussels dignitaries to throw a long list of severe European grievances in the face of President Recep Tayyip Erdogan. Jean-Claude Juncker, the President of the Commission and Donald Tusk, President of the European Council , went to the […]
With the Italian elections set for 4 March and anticipated to produce a hang parliament, four out of the five bigger European countries will be in political limbo for a good part, if not for the entire new year 2018. France is the only exception in this Euro-plague of political uncertainty. In some cases the […]
Last week the Crown Prince of Saudi Arabia Mohammed bin Salman, son of King Salman placed the Prime Minister of Lebanon, Saad Al-Hariri under house arrest in Riyadh and forced him to resign his premiership. The Sunni Lebanese premier has a double citizenship, Lebanese and Saudi Arabian. His family has extended business interests and wealth […]
The EU interior ministers gathered last Thursday in Tallinn to discuss Italy’s problem to deal with migration crisis together with the new Action Plan proposed by the European Commission to support Italy and increase solidarity in the EU. The refugee crisis continues plaguing Europe in 2017 as 101.266 migrants have entered the bloc by sea […]
Last week, the Turkish President Recep Tayyip Erdogan defied his western allies, who have called for restrain and the rule of law in the wide ranging purge of the country after the failed coup. With the basic human rights hindered, his ruthless cleansing of the military, the judiciary, the public administration, the education system and […]
Early in the morning of 7th March, ahead of the first meeting in the series of the latest traumatic gatherings of the 28 EU leaders with the Turkish Prime Minister Ahmet Davutoglu, this newspaper argued that the EU had to prove on that day it could remain in one piece. This didn’t happen then. Last […]
Everyone in Europe is putting all his money for the migration crisis ‘gamble’ on the EU-Turkey summit taking place this week on March 17-18 in Brussels. The 28 EU leaders had a bit more than a week now since the last summit to evaluate the proposals of the Turkish side and return to the table of negotiations in order to make a […]
The European Union which mobilizes its warships to keep the flows of poor and destitute refugees and immigrants out of its supposedly prosperous interior, at the same is impotent to offer to its own citizens not a prosperous life but not even a secure economic and social environment. According to Eurostat, the EU’s statistical service, […]
Last Wednesday 16 September the European Economic and Social Committee, an authentic representative of the European organized civil society, adopted an opinion aimed at improving the democratic function and the accountability of the EU decision-making bodies. The EESC acted at the request of the European Parliament. Actually, the Lisbon Treaty contains untapped potential to bring […]
It has been one long month since the Greek deal on the Eurogroup of 20 February where Greece and the rest of the Eurozone agreed to give to the former a four-month extension of the loan agreement. However, the Greek government does not seem to cooperate with the three institutions (ECB, IMF, EU) to actively and urgently […]
The European Parliament once more confirmed its reputation as the authentic channel transiting the social and the economic realities the European people have to endure to decision makers. Yesterday, the MEPs disagreed with the Commission President Manuel Barroso and Dimitrios Kourkoulas, the Greek deputy Foreign Minister speaking for the Council Presidency, that economic recovery was […]
The tourism industry is undoubtedly a flourishing sector of the EU economy. However it suffers of an increased sensitivity to events like the 11 September 2001 catastrophe, which can harm its potential on a global scale. Even an airplane accident can undermine its activities for a long time. That’s why it is considered as a […]
During the third quarter of 2013 euro area government debt decreased in absolute terms for the first time since the end of 2007. According to Eurostat, the EU statistical service, at the of the third quarter of 2013, the government debt to GDP ratio in the euro area also decreased to 92.7%, compared with 93.4% […]
Yesterday, Klaus Regling, the Chief Executive Officer of the European Financial Stability Facility and Managing Director of the European Stability Mechanism, went to the European Parliament and was questioned by MEPs, about the anti-crisis role and operations of the ‘Troika’, a construction made up by the EU Commission, the European Central Bank and the International […]
The European Parliament launched an investigation on the functioning and the legitimisation of the troika, made up by the European Commission, the European Central Bank and the International Monetary Fund. The three institutions between them undertook to bail out, guide and audit the economies of four Eurozone member states which reached a point of no […]
When the ‘troika’, made up by the European Commission, the European Central Bank and the International Monetary Fund was atypically formed first in spring of 2010 to bail out and audit Greece, its widely advertised purpose was to inflict an internal devaluation on this country. Later on the troika undertook to perform the same task […]
It’s very interesting to study how incomes and consumption in the worst hit countries coped with the financial crisis and the concomitant severe austerity measures imposed by the ‘troika’ of auditors/lenders. The European Commission, the European Central Bank and the International Monetary Fund formed this ‘troika’ in 2010, to deal with the risk of insolvency […]
It is very interesting to note how the various sides reported on the workings of the first meetings of ECOFIN and Eurogroup councils after the summer break. Seemingly the 28 ministers of Finance and the 17 of them making up respectively the two bodies discussed all the burning economic and financial issues, from the disbursement […]
The crucial character of this Friday’s Ecofin Council can be seen in the size of the Commission’s preparative memo. More than 3,000 words were needed for it. The text of yesterday’s Press release contains everything, from the specific economic policy recommendations to countries with excessive deficits, the entry of Croatia, the €10 billion capital increase […]
The Ecofin Council, the EU body that regroups the 27 Ministers of Finance, probably the most powerful institution of the European Union, is to conduct its regular meeting this Monday and Tuesday 13 and 14 May. On its agenda the main item will be a Commission’s proposal for a crucial Directive, establishing a framework for […]
The three EU independent authorities which supervise the financial sector of the Union, namely the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA), collectively known as the three European Supervisory Authorities (ESAs), issued yesterday their first joint report ringing the bell of Eurozone […]
The governor of the European Central Bank, Mario Draghi, speaking yesterday in his regular monthly Press conference after the Governing Council meeting, was rather straight forward on two crucial fronts. First, he left to be clearly understood that if the now prevailing unfavourable economic conditions in the Eurozone continue, with recession dragging on and the […]
Cyprus Popular Bank Pcl’s uninsured depositors, with account balances above the €100,000 benchmark, will suffer an almost total loss of their money. The haircut agreed between the Cypriot government and the Eurogroup may reach 80%, while the rest 20% will be returned after the liquidation of CPB’s assets, a procedure that may take years and […]
In the fourth year of the ongoing financial and real economy crisis in Europe, the deterioration of the employment and social situation was an easily predictable prospect. However the increasing pace of this worsening and the widening divergence between member states, as monitored by the EU Employment and Social Situation Quarterly Review for March 2013, […]
Even if last weekend’s negotiations over the Cyprus problem were so demanding and exhausting for Jeroen Dijsselbloem, the Dutch minister of Finance and President of Eurogroup is not excused for having said that the solution agreed for Cyprus will be from now on the standard arrangement for any future financial bailout or rather bail-in in […]
The final agreement reached between the Eurogroup and the Cypriot authorities contains two pivotal elements. The first is a draconian downsizing of the tiny country’s overgrown banking system. The second and less important element is “an independent evaluation of the implementation of the anti-money laundering framework in Cypriot financial institutions, involving Moneyval alongside a private […]
Amidst the Cyprus banking crisis there was no room in the first page of mainstream media, to analyse and comment on the decision of the Spanish government to impose a haircut (tax), albeit small, on the country’s bank deposits to the tune of €3 to every thousand. In the face of it, the Madrid exchequer […]
The latest and most important rhapsody in the Cyprus tragedy was performed yesterday morning by the twenty-three members of the European Central Bank’s governing council. The text issued by them was very brief and went like this: “The Governing Council of the European Central Bank decided to maintain the current level of Emergency Liquidity Assistance […]
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Happens in Brussels
