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What austerity? EU Commission and Barroso tables €1trillion budget for EU until 2020

The European Commission yesterday (29 June) presented long-awaited proposals for the EU's next seven-year budget (2014-2020). In a bid to reduce national contributions, the Commission suggested levying new taxes directly, a proposal that was strongly rejected by the UK, which labelled it "unrealistic".

José Manuel Barroso, president of the European Commission, proposed to increase the EU budget from the current €976 billion to €1.025 billion for the next seven-year period, which starts in 2014.

Van Rompuy and Barroso contradict eachother on plan for EU voting rights suspension

29 October 2010: European Council President Herman van Rompuy and European Commission President Jose Manuel Barroso answer questions, from Euractiv.com and Euronews, among others, at the end of the two-day summit of EU leaders in Brussels.

Currency War: EU - China summit ends in discord - Wen warns against renminbi pressure - Press Conference Cancelled

An acrimonious EU-China summit on Wednesday (6 October) ended with a cancelled press conference and a stark warning from China not to increase pressure over its currency valuation. "I say to Europe's leaders - don't join the chorus pressing [China] to revalue the yuan," Chinese Premier Wen Jiabao told a business forum taking place in the margins of the political summit in Brussels. "Many of our exporting companies would have to close down, migrant workers would have to return to their villages," Mr Wen added. "If China saw social and economic turbulence, then it would be a disaster for the world."

ECOFIN Council 7 September 2010: EU finance ministers to discuss new bank levy - Bank Resolution Funds

 

who is really in charge in the EU?

 

The eurogroup is an utterly demagogic profoundly undemocratic sub-committee,

its a politburo;

a product of 'Rampant Ad-Hocery'

EU Economic Governance is 'Seat of the Pants' in a West End Farce - i.e. the pants are falling down ....

 

European Union finance ministers are set to discuss the possibility of introducing a levy on banks and whether a tax on financial transactions can deal with another banking crisis, as they gather tomorrow Tuesday in an atmosphere more benign than when they last met in July. Worries about the European economy and its ability to deal with large amounts of government debt have been eased by a run of better than expected economic data, progress by Greece in strengthening its bailed-out government finances and the results of stress tests on 91 of the EU's banks.

EU to publish bank Stress Test data in drive to calm markets

EU leaders have agreed to publish "stress tests" of banks next month to show investors where any potential risks lie. EU Commission President Jose Manuel Barroso said the results would be published "on a bank by bank basis - this should reassure investors". The announcement came after EU summit talks dominated by the debt burden weighing on many member states. The EU is wrestling with Europe's worst public debt for decades. Leaders are intent on preventing contagion from the Greek budget crisis. The summit came amid particular concern about public finances in Spain, the fifth biggest eurozone economy.

European Commission proposes stronger financial supervision in Europe

 

the 1875th meeting of the Commission
held in Brussels
(Berlaymont)
on Wednesday 27 May 2009
(morning)

 

 

There is nothing un-important on this page

 

 

The European Commission has adopted a Communication on Financial Supervision in Europe. The Communication proposes a set of ambitious reforms to the current architecture of financial services committees, with the creation of a new European Systemic Risk Council (ESRC) and European System of Financial Supervisors (ESFS), composed of new European Supervisory Authorities. Legislation to embody these proposals will follow in the autumn. The Commission also invites all interested parties to submit their reactions on the Communication before 15 July.

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