Archive for the ‘European Union’ Category

European Union to recast Pacific ties – SBS

The European Union sees scope to team up more with Australia and New Zealand on foreign aid projects as it shakes up its relations with Pacific island countries.

The EU will soon start negotiating a new partnership agreement with developing Pacific island countries, to replace an existing deal which also covers Africa and the Caribbean and expires in 2020.

Pascal Lamy, a former European Union commissioner for trade and former head of the World Trade Organisation was in Sydney on Thursday following talks with officials in Noumea and New Zealand.

Mr Lamy said there was ample scope for further cooperation with Australia and New Zealand because of strong trust levels.

"We roughly think alike, and we have good reasons to act alike, given that we are also under budgetary restraints," he told AAP.

He said oceans, fisheries, and climate change resilience would be priority areas along with regional security, renewable energy, health and education.

Pacific island nations are considered among the most vulnerable in the world to climate change as they grapple with rising sea levels and increased frequency and intensity of cyclones and storms.

Mr Lamy said the new agreement would reflect the changing strategic environment, alluding to the increased role of China.

China's influence in the Pacific is growing and between 2006-2016 200 aid projects were showered with $US1.8 billion.

According to a Lowy Institute interactive tracker map, Chinese aid to Fiji has already gazumped Australia's contribution.

Beijing's aid to Samoa and Tonga is close to outstripping Canberra's assistance.

Mr Lamy said the new deal would also reflect the United Nations' sustainable development goals.

The EU allocated 800 million euros ($A1.1 billion) in aid to Pacific island countries between 2014-2020

There are half a million EU citizens living in the South Pacific.

New Caledonia is expected to hold a referendum on whether to seek independence from France in 2018.

View original post here:
European Union to recast Pacific ties - SBS

EU’s Tusk says Poland’s European future uncertain – Reuters

WARSAW (Reuters) - Poland's European future is uncertain, European Council head Donald Tusk said on Thursday amid escalating rows with Brussels over the Polish government's tightening grip on the judiciary, environment and state media.

The ruling conservatives drive to expand their powers has led to a crisis in relations with the European Commission and sparked one of the biggest internal political conflicts since Poland overthrew communism in 1989.

"There is a question mark over Poland's European future today," Tusk, Poland's prime minister until 2014, told reporters after testifying in Warsaw in a case related to the 2010 plane crash that killed President Lech Kaczynski and 95 others.

"I do understand emotions of Poles who are concerned about courts, or Poland's future in the EU."

Tusk's centrist Civic Platform party was in power for eight years until the Law and Justice (PiS) party, headed by Lech Kaczynski's twin brother, Jaroslaw, won the 2015 elections and swiftly moved to introduce sweeping reforms.

Although some Poles view their judiciary as corrupt and dominated by communist-era ways of thinking, others see the PiS-driven reform efforts as a power grab inimical to democracy.

"There are plenty of issues where the Polish government's actions seem very controversial from the point of view of the whole EU. Including Budapest, sometimes," Tusk said.

Hungary, normally Poland's ally, voted for Tusk's re-election to the top EU post in March, disappointing the PiS.

Tusk also criticized Prime Minister Beata Szydlo's government over the logging in the primeval Bialowieza Forest.

The European Court of Justice ordered an immediate halt to the logging last week, saying that Warsaw's attitude in the case hinted at "a prelude to an announcement that Poland does not need the European Union and the European Union does not need Poland."

Reporting by Marcin Goclowski; Editing by Lidia Kelly and Louise Ireland

Read the rest here:
EU's Tusk says Poland's European future uncertain - Reuters

European Union Proposes Account Freezes to Protect Failing Banks – Bitcoin News (press release)

EU member nations are considering adopting measures that would allow states to protect against runs in failing banks by preventing people from accessing account deposits for up to 20 days. Reuters has revealed the proposal after receiving a leaked EU document.

Also Read:European Commission Launches Digital Currency and Dark Web Consortium

It has been revealed that EU states are considering implementing measures that would allow states to temporarily prevent citizens from making withdrawals from the accounts of failing banks. The proposals have been drafted since the start of 2017, and are designed to prevent bank runs and crises within the financial sector.

The proposed account freezes extend the ability for states to suspend account withdrawals which currently exempt insured deposit accounts that hold less than 100,000 euros. The plan would allow the suspension of payouts for five working days, with a possible extension of 20 days allocated for exceptional circumstances. Existing EU legislation allows for states to initiate a two-day suspension of certain payouts in the event of potential bank failure with deposits explicitly excluded.

The European Union is no stranger to bank runs, with Spanish bank, Banco Popular, failing in recent months the collapse of which was intensified by a sudden run on deposits. Another example is the 2013 Cyprus banking crisis, which saw much of the countrys population rush to convert their savings into alternative stores of value. This was in response to announcements that EU backed austerity measures allowing the seizure of citizens deposits to bail out failing banks had been passed. The events garnered great attention for bitcoin as a potential flight asset, with many attributing the April 2013 bitcoin bubble to Cypriot money suddenly flooding the bitcoin markets.

The proposals have received criticism from some European financial institutions, who have suggested that the proposed measures may exacerbate the risk of citizens withdrawing their funds in periods of financial uncertainty. Charlie Bannister of the Association for Financial Markets in Europe told media We strongly believe that this would incentivize depositors to run from a bank at an early stage.

Do you think that the proposed legislation could intensify the risk of bank runs by making citizens more likely to withdraw deposits during periods of financial uncertainty? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

At News.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it.This is due to the many, repetitive, spam and scam links people post under our articles.We do not censor any comment content based on politics or personal opinions.So, please be patient. Your comment will be published.

Excerpt from:
European Union Proposes Account Freezes to Protect Failing Banks - Bitcoin News (press release)

‘You’ll be lonely after Brexit’ EU’s Juncker unleashes fresh threat to rebel Poland – Express.co.uk

The bloc nation has been given one month to back down on judicial reforms or the European Union will take its nuclear option and ban Poland from voting on EU matters.

This power, under Article 7 of EU treaties, has never been used yet Commission President Jean Claude-Junker is growing furious at the defiance of Poland.

Speaking last week Mr Juncker said: These laws would have a very significant negative impact on the independence of the judiciary and would increase the systemic threat to the rule of law in Poland.

GETTY

GETTY

Now, he has taken his angry rhetoric one step further by insisting Poland is leaving itself out of the comfort of the inner circle - along with its ally, Britain.

In an interview with Politico in Brussels, Mr Juncker said the EU is facing problems with Poland.

Mr Juncker said Poland will be more lonely after Brexit when questioned about its current refusal to fall into line with other member states.

The issue is over planned reforms of Polands judiciary system.

Prime minister Beata Szydos PiS party wants to reform the court system and give the government the power to name the chief justices of the EU member's common courts.

Parliament would choose members of the National Council of the Judiciary, which protects the independence of courts.

REUTERS

1 of 16

European Commission President Jean-Claude Juncker greets EU Commission Chief spokesperson Margaritis Schinas

The EU claims this would put judges at the mercy of politicians and runs the risk of corruption and inequality.

Former Prime Minister, Jarosaw Kaczyski, chairman of the right-wing Law and Justice party (Pis) is insisting he would not back down.

However, when it came to Hungarian Prime Minister Viktor Orbn, Juncker trod more carefully.

Strongman Mr Orban has repeatedly refused to cower to Brussels and has huge approval ratings in his homeland.

He held a referendum on the EUs rights to enforce quota systems on his country - and more than 90 per cent voted against Brussels.

The issue at the time was migrant quotas - coming directly after Hungary erected the first razor wire fence to stop illegal migrant over its land border with Serbia.

GETTY

Mr Juncker said despite all the rule breaking he is not at odds with Hungary.

He said: Well, Ive got a caring relationship with Orbn. We talk regularly, I see him regularly even if its not always made public because I think I do not want to lose Hungary.

Britains Brexit talks began last month with David Davis Mp and his team going up against Michel Barnier -chief Brexit negotiator.

Negotiations are expected to last up until the leave date in March 2019.

Read more:
'You'll be lonely after Brexit' EU's Juncker unleashes fresh threat to rebel Poland - Express.co.uk

‘Nothing is clear! Spain’s Brexit veto over Gibraltar could be ILLEGAL under EU’s laws – Express.co.uk

MEPs and legal experts have claimed the veto over the territorys future after Brexit would give Spain special status among EU nation, when they should be on an equal level.

The EUs Brexit negotiating guidelines stated that the Brexit deal will not apply to Gibraltar without an agreement between the kingdom of Spain and the UK.

Experts have told the Telegraph that the veto could be illegal under EU law.

GETTY

REUTERS

1 of 9

Gibraltar has its own political system that makes many decisions within the territory but issues like defence and foreign affairs are determined by the UK Government in London

EU Law expert Professor Steve Peers from the University of Essex said: Nothing is clear about the legal issues arising from Article 50.

Usually the European Court of Justice says the EU has flexibility in international negotiations.

In 2002 Gibraltar held a referendum on its sovereignty with the majority of people wanting to remain a part of Britain.

GETTY

Gibraltars chief minister Fabian Picardo has said his country would not be excluded from talks to secure a better post-Brexit deal.

Mr Picardo has said he would not accept any compromise with Madrid on the future of the Rock.

He said: We will not accept any compromise on sovereignty, jurisdiction or control as the price for any new future trading arrangements with the United Kingdom and the European Union.

The Secretary of State David Davis has told us he would not do a deal on a future trade deal with the European Union if it excluded Gibraltar.

Spain has a long-standing territorial claim on Gibraltar, which has been held by the UK since 1713.

Madrid has made it clear that it views the UKs departure from the EU as its chance to reclaim sovereignty.

See the original post here:
'Nothing is clear! Spain's Brexit veto over Gibraltar could be ILLEGAL under EU's laws - Express.co.uk