EU Reporter

German financial hegemony begins

February 27 2009
Ireland is poised for a second referendum on the EU Lisbon Treaty but under very different circumstances. This time a yes vote could see the United Kingdom isolated amid the first signs of a serious fracture of European Unity as Germany signals that it will aid only euro zone countries hit by the financial crisis. Ralph T. Niemeyer’s dispatch from Dublin poses as many questions as it answe... Read more

Sinking the City

February 25 2009
In a move that EU reporter has long been predicting the European Commission has announced plans for a pan-European – meaning EU – supervisory body to oversee the City of London. According to the report presented by Commission President Jose Manuel Barrosso, the UK’s Financial Services Authority would be subordinate to the new authority. ... Read more

Soundproofed government

February 24 2009
One might wonder these days whether Downing Street is soundproof. As the BBC reported on Monday, taxpayers money committed to bailing out banks and their shareholders has reached 1.3 trillion pounds. The amount equals the UK’s annual economic output. In other words, if the entire workforce and all industries and businesses took a 365 days holiday there would be enormous damage. ... Read more

Whistling in the wind

February 23 2009
   A day after EU finance ministers passed another watery resolution to combat the financial crisis by regulating a bit here and there, ECB – President Jean-Claude Trichet reiterated on Monday that financial institutions and hedge funds especially needed to be supervised. “This has to be applied also and foremost to the trading with derivatives.” Mr. Trichet said ... Read more

A Pound of euros, please

January 27 2009
 At that time Chancellor of the Exchequer Gordon Brown told EUreporter in September 1997 so only months after the first election of New Labour that Britain was to transfer most of its gold reserves to Frankfurt in an attempt to at least have a foot in the door although not joining the euro, yet. Read more

HONG KONG: EVERYBODY'S PACKING UP!

December 02 2008
The only business that seems to be flourishing in Hong Kong at the moment, is that of removals. Expatriate workers are leaving in droves, with one firm reporting a 65% jump in "outbound" business compared to last year. The same firm expects the rate of increase to reach 100% by Christmas.Hong Kong officially went into recession last month, and has seen property prices slump, and shares losing almo... Read more

RUSSIA ON THE BRINK?

December 01 2008
The Governor of Russia's Central Bank, Sergei Ignatyev and Finance Minister Alexei Kudrin were summoned to the Duma on November 19 to explain their stratagy for weathering the current financial crisis. Russians were recently scandalised to learn that Russia's international reserves have been deposited abroad. Ignatyev and Kudrin assured the parliamentarians that this is the surest way of protecti... Read more

Not everybody's Darling

November 25 2008
  “Britain has one foot in Europe and one foot in America and should get out of the EU”, was a typical comment in Brussels last night. In Belgium VAT is set at 21 percent and traders are fearful that a 6.5 percent saving will lure shopping across the channel.   Prime Minister Gordon Brown and Chancellor Darling in slashing VAT are undermining EU tax harmonisation. Continen... Read more

The Great Depression – this time in Technicolor

November 24 2008
 European industries across the board are in a sharp decline. But, why are German, British, South Korean and Japanese carmakers and other manufacturers so badly hit by events that began again in America? And, is it really as bad as 80 years ago? The most significant difference may be that in 1929, the US was the largest creditor but today it is the largest debtor.  However, the outcome m... Read more

Debts, not wage increases

November 13 2008
Debts, not Wage increases. President-elect Barack Obama will have to make tough decisions concerning the American economic model that has prevailed these past decades. The consequences will be felt in Europe and throughout the world. With worse economic figures coming to light these days, European manufacturers will suffer heavily from the American decline . As the state’s ability to st... Read more