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Latvijai 10 gadi Eiropas Savienb / Latvia 10 years in the European Union 01.05.2014 "Framest"

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The European Union is broadly satisfied with Japan's progress in opening up its markets in talks towards an ambitious free-trade deal and will likely approve the continuation of negotiations later this month.

According to an EU document and people briefed on the issue, Japan has complied with, or was in the process of complying with, the majority of its commitments in sectors ranging from organic food to textiles.

EU trade negotiators were told to pull the plug on talks, which began in April 2013, after a year if Japan did not show sufficient willingness to bring down barriers to European exports.

"Japan has demonstrated it is as serious as any other of our trading partners," said one person close to the issue who declined to be identified. "We should allow talks to continue. If we push Japan too far, we will lose their confidence."

But the European Union is still demanding that Japan end preferential tax treatment for domestically-produced small "kei" cars", which European carmakers such as Fiat and PSA Peugeot Citroen say hampers their access to the Japanese market.

Brussels is also warning that work to streamline Japan's process of authorising medical devices could take several years.

EU countries and the European Commission are expected to decide whether to continue talks with Japan at a meeting in Brussels on May 23.

(Reporting by Robin Emmott and Philip Blenkinsop)

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Japan meets most European Union conditions for more trade talks

The European Union forecast that Spain will post its fastest economic growth in eight years in 2015 as Prime Minister Mariano Rajoy allows his budget shortfall to rise in the run up to a general election.

Spanish gross domestic product will grow 2.1 percent next year and the budget deficit will widen to 6.1 percent of GDP unless Rajoy changes his current policy settings, the EU said today in its spring economic forecast. The EUs outlook for the economy next year, raised from a previous estimate of 1.7 percent, exceeds the Spanish governments prediction for a 1.8 percent expansion. Rajoys government also said it will meet its 4.2 percent deficit target in 2015.

Rajoy is trying to convert Spains economic gains into political capital as he enters a string of elections beginning with this months vote for the European Parliament and ending with a general election due by November next year. The economy expanded for a third straight quarter in the first three months as Spain emerges from a six-year slump that pushed unemployment as high as 27 percent.

Employment is expected to grow faster in 2014, the EU said in todays report. Domestic demand takes over as the main growth driver through next year, it said.

With slowing inflation across the euro area crimping Spains competitiveness gains, Rajoy has urged European Central Bank President Mario Draghi to unleash the program of quantitative easing that central bank officials have been devising in order to boost prices across the currency area.

Inflation in Spain will remain very low at 0.1 percent this year and 0.8 percent in 2015, the EU said. Unemployment will see a moderate fall, reaching 24 percent next year.

Whats important is that the European Commission says that next year Spain will grow more than the European average and will create more employment than the European average, Economy Minister Luis de Guindos told reporters in Brussels today. I think thats the message and its a very positive message.

Budget Minister Cristobal Montoro ruled out further budget cuts last week saying that the measures already in place will be enough to meet Spains deficit targets through 2016, when the government is committed to cutting the shortfall to 2.8 percent of GDP. The EU said its forecast for the gap to widen next year assumes temporary tax increases will be allowed to expire by the end of this year.

To contact the reporter on this story: Ben Sills in Madrid at bsills@bloomberg.net

To contact the editors responsible for this story: Alan Crawford at acrawford6@bloomberg.net Zoe Schneeweiss, Patrick Henry

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EU Sees Spains Biggest Expansion Since 2007 as Budget Gap Grows

LUXEMBOURGThe European Union should consider treaty change over the longer term, as this would increase the possibilities to strengthen the euro currency union, said European Central Bank Executive Board member Yves Mersch Monday.

In the longer term, it seems appropriate to reflect on the limits of the current framework in which we are evolving. A Treaty change could enlarge our horizon of possibilities, he said in remarks prepared for delivery here.

The consequences of misguided fiscal policies in a monetary union are too severe to remain self-policed. Beyond the recent reform of fiscal governance, the euro area centre could be endowed with veto rights over those national budgets that violate the European rules, he said.

The euro area needs to achieve a higher degree of economic convergence, in terms of competitiveness, growth potential and flexibility. This is essential for each individual country and for the smooth functioning of the euro area as a whole, he said. The framework for policy coordination should be made more stringent and enforceable at European level.

Europe is recovering from an historic debt crisis, which has forced leaders to come up with ways to toughen up fiscal rules.

In his prepared remarks, Mr. Mersch did not address current monetary policy. ECB policy makers tend to refrain from speaking about policy less than one week ahead of the monthly policy meeting. Most experts do not expect the ECB to announce new action at its next policy announcement, due to take place Thursday, despite very low inflation in the currency bloc. Some experts are eyeing June as a date where action might be taken, as the central bank may be forced to cut its inflation outlook.

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ECBs Mersch Thinks EU Should Consider Treaty Change Over Longer Term

BRUSSELS: The European Union will discuss Internet security during talks this week in Brussels with Japanese Prime Minister Shinzo Abe, a senior EU official said on Monday.

Speaking ahead of Abe's arrival on Tuesday, the official said a Strategic Partnership Agreement (SPA) being negotiated with Japan would now include closer cooperation on cyber-security.

"We are encouraged by the deepening cooperation (with Japan) in the security sphere through the launch of new dialogue on cyber issues," the official said.

Japanese media reports say Abe and EUnion leaders are expected to agree the issue at a summit on Wednesday, with a draft joint statement calling for the "protection of a safe, open and secure cyber-space."

Cyber-attacks occur when the computer information systems of individuals, organisations or infrastructure are targeted, whether by criminals, terrorists or even states with an interest in disrupting computer networks.

The EU says there has been an increase in cyber-crime and that attacks go beyond national borders, making international cooperation a vital part of cyber-security.

Abe arrives in Brussels on the last leg of a nine-day tour of six EU countries.

The SPA negotiations were launched in early 2013 and an agreement would cover more than 30 policy areas, ranging from political to scientific and cultural cooperation.

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EU, Japan to start cyber-security dialogue