EU – Page 70 – Slugger O'Toole

Euro crisis: “It is a debt crisis but a crisis, too, of legitimacy.”

Pete Baker on September 14, 2011, 3:43 pm

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Credit ratings agency Moody’s has downgraded two major French banks ahead of crisis talks between President Nicolas Sarkozy, German Chancellor Angela Merkel, and Greek Prime Minister, George Papandreou. BBC business editor, and still everyone’s hero, Robert Peston explains why. And Greece isn’t their only concern. Nor are they the only ones taking an interest. [Adds – More on the interest elsewhere]. The Guardian’s business blog is live-blogging today’s events… And, even though they “know how difficult a treaty change will be”, that’s precisely what …

“A considerable element of this will be financed by charging higher fees to students from England, Scotland and Wales.”

Pete Baker on September 12, 2011, 5:41 pm

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With the headlines grabbed on Thursday, and the Northern Ireland First and deputy First Ministers off to Hollywood [USA], the only thing left for Employment and Learning Minister, Stephen Farry, to do was to inform the NI Assembly of the details on tuition fees. According to the BBC report “These decisions are a clear indication that the executive is working for Northern Ireland,” [Stephen Farry] said. “For our future students, for our graduates and indeed for their families and the economy. “A considerable element of …

Euro crisis: “even though we know how difficult a treaty change will be”

Pete Baker on September 3, 2011, 9:19 pm

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Whilst the Eurogroup continues working “on a proposal”, there are some other snippets to note. The IMF has announced it is releasing almost €1.5billion to Ireland as part of the EU-IMF financial aid package for the country. Apparently the Irish government has maintained “resolute implementation” of the economic restructuring programme, and is “ahead of schedule in some areas”. Not so Greece. The Irish Times’ Arthur Beesley informs us that the EU-IMF inspectors have “unexpectedly left Greece yesterday after the emergence of divisions …

Libya and postcolonial karma

John Ó Néill on September 2, 2011, 4:48 pm

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As the EU has signalled the lifting of sanctions on Libya, quite a lot of that $110 billion of Libyan assets will presumably get unfrozen in the very near future. As part of that, expect much backslapping over the removal of Gaddafi (when it has actually been confirmed). At this point, it is worth noting Laura Seay’s interview with Zachariah Cherian Mampilly about his book Rebel Rulers: Insurgent Governance and Civilian Life During War. Based on his own experiences, Mampilly notes that the exisitng literatures didn’t conform to the …

ESRI urges Noonan to put more money aside against coming economic Winter..

Mick Fealty on September 1, 2011, 2:06 pm

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The ESRI, one of the most authoritative think tanks in the Republic, recommends in its Quartely Report that the Minister of Finance, Michael Noonan should frontload more than the €3.6bn recommended by the EU/ECB/IMF plan in the next budget, by up to €400ml. One objective seems to be encouraging investor interest, which has been cautiously improving this year at a time when both the US and UK economies are weakening by, as Joe Durkan said on Morning Ireland this morning, …

Jean-Claude Juncker: “The Eurogroup is working on a proposal, which I hope all eurozone member states will be happy with”

Pete Baker on August 29, 2011, 9:15 pm

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A quick update from Brussels on the crisis in the euro-zone where Finland’s demand for collateral in return for financial aid to Greece is, as the New York Times reported, threatening the “fragile consensus”. [Offer them an island or two! – Ed] I don’t think that would cover it… The BBC reports that European Central Bank (ECB) president, Jean-Claude Trichet, wants European governments to get back to work quickly. “The full and timely implementation of the July 21 agreement between heads …

Shamrock Rovers hit the jackpot and get through to the European group stages

Alan Meban (Alan in Belfast) on August 26, 2011, 10:05 am

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Last night’s 2-1 away victory over Partizan Belgrade (3-2 on aggregate) means that Shamrock Rovers [their website is under strain this morning!] have made Irish football history to go through to the group stages of the Europa League. The Hoops will find out who else will be in their group when the draw is made in Monaco later today. With a goal from Pat Sullivan and a 112th minute penalty from Stephen O’Donnell, manager Michael O’Neill had much to be …

Prosecutors ask for Dominique Strauss-Kahn case to be dismissed.

Turgon on August 22, 2011, 9:24 pm

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The BBC are reporting that New York prosecutors have asked for the case against Dominique Strauss-Kahn to be dropped. Mr. Strauss-Kahn’s lawyers have maintained throughout that any sexual encounter was consensual: “We also maintained that there were many reasons to believe that Mr Strauss-Kahn’s accuser was not credible…. Mr Strauss-Kahn and his family are grateful that the district attorney’s office took our concerns seriously and concluded on its own that this case cannot proceed further.” Ms Diallo’s lawyer Kenneth Thompson …

Sarkozy: “We have to converge. The status quo is impossible.”

Pete Baker on August 17, 2011, 4:35 pm

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Frau Bundeskanzlerin and the French President, Nicolas Sarkozy, emerged from their bunker yesterday to call for “true economic governance” for the eurozone. As Derek Scally reports in the Irish Times Mr Sarkozy and Chancellor Angela Merkel presented joint proposals for further reforms and euro zone integration after meeting in Paris yesterday, calling them essential steps to end ongoing instability. “To strengthen the euro as our common currency, it is clear that we will need a closer interlocking of economic and financial …

Serious issues of independence and effectiveness in the Police Ombudsman’s Office

John Ó Néill on August 17, 2011, 9:22 am

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Sinn Féin’s policing spokesman Gerry Kelly has added his voice to calls for the removal of Al Hutchinson as Police Ombudsman and restoration of independence and effectiveness in the office. Barry McCaffrey, over at The Detail, has seen the draft version of a Criminal Justice Inspectors report on the Office of the Police Ombudsman (OPONI) and it appears to make for damning reading. This follows swiftly on from the the Committee on the Administration of Justice (CAJ) publishing a report on Human Rights …

Euro crisis: “When preserving the status quo is no longer a viable option…”

Pete Baker on August 13, 2011, 2:40 pm

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The Italian government is facing internal dissent over the terms and conditions of the European Central Bank’s “sticking plaster”. Meanwhile, in the Irish Times, another supporter of the “European Project”, Thomas Klau, referencing the recent FT article by Otmar Issing I mentioned, at least identifies the fundamental area for discussion. In the English-language debate particularly, the relationship between democracy and European integration is often most vigorously argued about by Eurosceptics. It is essential for advocates of deeper European integration not …

Eurosceptic front-runner in race for the Áras

Pete Baker on August 11, 2011, 3:17 pm

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In the absence of independent Senator David Norris, the former Late Late Show presenter, and current chairman of the Ireland’s Road Safety Authority, Gay Byrne, is reported to be polling ahead of all the declared candidates for Irish President. And he’s been holding forth on his concerns about the European Union. “Those concerns are that I think it’s a crazy notion from the very beginning. We crossed the Rubicon when we joined the single currency. I think there’s no backing out now …

Euro crisis: “Slithering to the wrong kind of union”

Pete Baker on August 9, 2011, 2:51 pm

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A number of people point to the warning by Otmar Issing in the Financial Times that the measures eurozone leaders have agreed in response to the continuing euro debt crisis “is not a move in the direction of a true political union. It is a dangerous step, and one which will end up dividing Europe.” From the FT article The idea that a new European process to transfer taxpayers’ money that is neither democratic nor governed by principles that support fiscal solidity would …

Euro crisis: “Que Sera Sera…”

Pete Baker on August 8, 2011, 5:21 pm

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The European Central Bank’s “sticking plaster” appears to have had the desired effect of alleviating pressure on Spanish and Italian government bonds. For now. As BBC business editor, and still everyone’s hero, Robert Peston, observes It would have been utterly disastrous if there had been any other outcome. Because – for the avoidance of any doubt – the ECB is taking a substantial reputational and financial risk in buying the debt of these nations: many will see the ECB as …

Euro crisis: “The euro area crisis has reached end game…”

Pete Baker on August 3, 2011, 2:38 pm

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The Italian finance minister, Giulio Tremonti, has held crisis talks with Jean-Claude Juncker, chair of the Eurogroup of finance ministers. The Spanish Prime Minister, Jose Luis Zapatero, “has postponed the start of his holidays” to keep “an eye on the international economic situation.” Both countries’ bond yields have reached their highest rates in 14 years, and are considered to be at unsustainable levels. As the Guardian reports, the stock markets have taken fright “as fears grew over the health of the global …

Euro crisis: “this is not a crisis about the euro”

Pete Baker on July 31, 2011, 5:45 pm

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So sayeth the President of the European Council, Herman Van Rompuy, writing in the Guardian. And he should know! From the Guardian article Astonishingly, since our summit the cost of borrowing has increased again for a number of euro area countries. I say astonishingly, because all macro economic fundamentals point in the opposite direction. It cannot be stressed enough that Greece is in a unique situation, not comparable to that of the other eurozone countries. Italy will generate a primary …

Charges brought in Laois counterfeiting operation

Pete Baker on July 30, 2011, 3:49 pm

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It’s taken a while, but four men have finally been charged in connection with the sophisticated counterfeiting operation and underground bunker uncovered in a joint operation by Europol and gardaí in Ballybrophy, Borris-in-Ossory, County Laois, in May last year. From the Irish Times report A former leading member of the Provisional IRA and prison escaper was one of four men who appeared at the Special Criminal Court yesterday, charged with possessing equipment to make counterfeit money. Anthony Sloan was arrested last year …

Euro crisis: Just when you thought you were out…

Pete Baker on July 29, 2011, 3:41 pm

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Signs, perhaps, that the markets remain less than convinced about last week’s eurozone leaders’ agreement on debt. Yesterday Italy was forced to pay more to borrow than just one month ago. Credit agency Moody’s has warned it may downgrade Spain’s rating. All three credit agencies have a negative outlook on the country’s rating as the Spanish prime minister Jose Zapatero calls an early general election. And, in Cyprus, where the credit rating was downgraded by 2 points on Wednesday by Moody’s, …

Norwegian PM’s response: “more democracy, more openness”

Pete Baker on July 27, 2011, 4:49 pm

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The Norwegian Prime Minister, Jens Stoltenberg, has said that his country will “not be intimidated or threatened” by the attack by Anders Breivik on the Labour Party youth camp on Utoeya, which left at least 76 dead. From the BBC report Mr Stoltenberg said it was an attack on Norway’s “fundamental values” – democracy and openness – and that the response would be “more democracy, more openness”. He said he expected people to participate more broadly in politics. He added it …

The politics of unreality (and the very real cost)

Lorcan Mullen on July 26, 2011, 7:39 pm

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The world is potentially facing two enormous financial crises, while today’s figures confirm, if any confirmation was needed, that the UK continues to face acute economic difficulties. While the underlying causes of these maladies are complex, and the potential remedies are far from simple, all are being exacerbated by the behaviour of political classes increasingly removed from the reach of even a rare, well-informed Joe Public. In the UK, the Conservative Party’s dogmatic adherence to a 1930s-style ‘sound money’ fiscal …