Turning the ESM into an EU institution should in theory necessitate treaty change, but the Commission has come up with a way around that requirement. Article of the EU Treaty, a kind of emergency clause, allows the Commission to grant itself competencies it might need. In Austria, the ESM is anchored in the constitution. And even Macron, the self-appointed EU reformer, is unenthused by the idea.
The idea would be for the ESM to have a budget available to aid countries that are not officially in a bailout program but which need help to weather external shocks. One potential candidate, for example, could be Ireland, should its economy suffer drastically as a result of Brexit. Juncker would also like to create a mechanism to deal with such cases, but with the Commission pulling the strings.
He would like to see a so-called stabilization function in the EU budget with funding in the hundreds of billions of euros. Juncker, though, has yet another idea that could cost a lot of money. He would like to see countries that do carry out reforms be rewarded financially. And his package contains several more elements that might provoke ire, such as the proposal for a common deposit guarantee for EU banks. Germany has long opposed such a thing, and its joined by a number of other member states.
Raising Hackles Juncker is also seeking to avail of dozens of billions of euros in the ESM as a kind of nest egg for future bank bailouts. Experts describe this as a backstop, with the money being made available for bailing out struggling financial institutions that have not amassed enough of their own capital. Here, the Commission president is acting upon the wishes of the member states.
He wants to use a Eurozone-wide figure to determine whether the Stability Pact is being adhered to. That would mean that individual countries would no longer have to keep new borrowing below 3 percent of GDP, but the common currency are as a whole, which has long been the case. The Commission denies that it wants to weaken the Stability and Growth Pact. This idea would essentially be a blank check for countries unwilling to keep a handle on their deficits. The more some countries met their own obligations and achieve surpluses, the more debt others would be able to accrue.
Instead the focus should be on countries reducing their public debt. Guntram Wolff, head of Bruegel, the influential Brussels-based think tank, is also unimpressed by the proposal to merge the Economic and Monetary Affairs portfolio with the Eurogroup presidency. And Wolff has major issues with the reform plans. Instead Wolff suggests developing the Eurogroup into a sort of European financial government. He envisions a permanent, full-time Eurogroup president reporting to European Parliament and representing the interests of the entire Eurozone.
Member states that ended up in financial difficulties through no fault of their own and which were not eligible for ESM aid could be helped via a so-called stabilization instrument as part of the EU budget, but with far less funding than that envisaged by Juncker. Meanwhile, the Eurogroup remains an informal group for now. On Monday, the 19 finance ministers gathered in Brussels to elect a new president to replace the outgoing Dutch Eurogroup head, Jeroen Dijsselbloem, who is giving up the post in January.
The Portuguese finance minister now faces another election in the coming months: that for the chair of the board of governors of the ESM. Non si proponevano nulla di male, ovviamente: volevano solo rovesciare il governo democraticamente eletto e sostituirsi allo stesso alla guida della nazione. Essendo quelle ong ngo tutte formate da persone illuminate, le elezioni sarebbero state del tutto inutili, anzi, dannose: non sempre il popolo comprende quale sia il suo bene, e potrebbe anche votare male.
Se Mr Orban e gli ungheresi non accettavano le offerte caritative e filantropiche con le buone, le avrebbero allora dovute accettare con le cattive. In fondo Mr Soros ha ancora qualche buon amico, persone del suo stampo, di quelle con il cuore in mano e, talora, ma lo dicono i malpensanti, anche un bicchiere di buon vino.
Ci correggiamo subito: una bottiglia di buon vino. Brussels has been enraged by the actions of firebrand prime minister Viktor Orban, who has passed a new law in an attempt to close a university backed by Mr Soros. Budapest reacted furiously to news that Brussels is stepping up its case against new rules targeting foreign-funded organisations which eurocrats say contravene European law.
Se non bastasse, allora sarebbero invasi: centinaia, migliaia, decine di migliaia, centinaia di migliaia di migranti in cerca di calore umano, comprensione. Si piange meglio in loggia che nei suburbi di Washington. Quel bravo uomo risponde con il cuore in mano, e ci commuove al punto tale che vorremmo che non si incomodasse e se ne restassero negli Stati Uniti, lui e le sue iniziative caritative e filantropiche. Can che abbaia, non morde.
The Associated Press added that the investigation will also focus on alleged Hungarian members of the network. Hungarian government officials also falsely claim that George Soros is somehow controlling the European Union decision-making process. In fact, decisions on how to address the migration crisis are made by EU member states and institutions, including the Hungarian government. The government selected George Soros for this purpose, launching a massive anti-Soros media campaign costing tens of millions of euros in taxpayer money, stoking anti-Muslim sentiment, and employing anti-Semitic tropes reminiscent of the s.
National Consultation Statement 1 : George Soros wants Brussels to resettle at least one million immigrants per year onto European Union territory, including in Hungary. National Consultation Statement 2 : Together with officials in Brussels, George Soros is planning to dismantle border fences in EU member states, including in Hungary, to open the borders for immigrants. National Consultation Statement 3 : One part of the Soros Plan is to use Brussels to force the EU-wide distribution of immigrants that have accumulated in Western Europe, with special focus on Eastern European countries.
Hungary must also take part in this. George Soros did not say that Hungary should be forced to pay HUF 9 million in welfare to immigrants. This would clearly be a subsidy from the EU to the Hungarian government. National Consultation Statement 5 : Another goal of George Soros is to make sure that migrants receive milder criminal sentences for the crimes they commit.
Nowhere has Soros made any such statement. This is a lie. National Consultation Statement 6 : The goal of the Soros Plan is to push the languages and cultures of Europe into the background so that integration of illegal immigrants happens much more quickly. National Consultation Statement 7 : It is also part of the Soros Plan to initiate political attacks against those countries which oppose immigration, and to severely punish them.
But the once-warm relationship between the two men has deteriorated substantially over the past seven years, as Orban has drifted further to the right. The group funds a network of dozens of organizations that fund liberal, globalist causes throughout Europe and the US.
At times, recipients of funding have included Black Lives Matter groups, and even Antifa. That, of course, remains to be seen. Per spirito di decenza non pubblichiamo cosa ha fatto da ebbro. Juncker knutscht mit allen! Baci possono essere distribuiti allegramente! Today, the eurozone is in the same situation as those hikers. It has become increasingly clear that establishing the euro was the wrong path to take.
The single currency caused an inflationary credit bubble in Southern Europe. These measures have sustained the wrong relative prices that resulted from the bubble, and papered over the underlying problem. Meanwhile, the Schengen Agreement, which eliminated most border checks between European Union member states, has facilitated the ability of immigrants from the poorer parts of Asia and Africa to flock to Northern European welfare states in recent years.
In response to these events, European Commission President Jean-Claude Juncker used his State of the Union address this month to call for even more countries to join the eurozone and the Schengen Area. Juncker is the charismatic but confused guide who is leading our metaphorical group of hikers astray.
If realized, it would probably fuel the same kind of destructive overheating that we have seen in Southern Europe. In fact, Bulgarian, Croatian and Romanian households have already loaded up on excessive debt in foreign currencies — primarily euros — in anticipation of joining the monetary union, and this has created substantial financial difficulties. Of course, it is understandable that Western banks that recklessly extended euro loans to these countries now want to give them euro printing presses. That way, the debtor countries can reassure their creditors and repay their loans with self-printed cash if necessary, as Southern European countries have done for the last decade.
Providing Bulgaria, Croatia, and Romania with national euro printing presses would keep private credit flowing and enable foreign currency loans to be rolled over. But so much artificially cheap credit would also bloat state pensions, government wages and social transfers. And this, in turn, would lead to overheating real estate markets and domestic wage increases, thus undermining international competitiveness. Normally, a country that finds itself in such a position would urgently devalue its currency. The unmanageable wave of immigration in showed that Europe has too few internal and external border controls.
Juncker might like to think that immigration has since slowed, owing to the agreement that the EU reached with Turkey in early But data from the European border-control authority Frontex indicate that the migration flows stalled once a fence was erected in Macedonia, at the behest of Austria and the Visegrad countries the Czech Republic, Hungary, Poland and Slovakia.
But migrants are now crossing the Black Sea from Turkey to Bulgaria and might come in even larger numbers if the EU membership negotiations with Turkey stall. As a result, the rest of the EU should oppose any bid to eliminate existing border controls, which is exactly what would happen if Bulgaria and Romania were included in the Schengen Area. To be sure, the European Commission cannot neglect the interests of financial institutions in Paris, Luxembourg and Frankfurt.
No one wants the ill-advised loans extended to Eastern European countries to fuel another bank crisis. But the result of Juncker having his way would be even worse. An inflationary bubble in Eastern Europe, coupled with the dismantling of border controls, could destabilize the entire EU and create a fresh wave of economic migrants into Central Europe. EU officials are concerned such a move would trigger protectionist reactions around the world, and the union would likely respond by targeting US agricultural products like bourbon. Possiamo immaginare la morte che aveva nel cuore nel dare questo triste annuncio.
The US Congress declared in that bourbon can only be made in the US, the same way tequila must be made in Mexico and champagne in France. Bourbon, a mix of water, grains and yeast, has historically been popular in Europe , and US distilleries have recently been looking to grow their export market in Asia and Australia. Juncker said the EU was prepared to react within days to a protectionist move by the US.
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