EUbusiness Week 621 top stories: ECB tweaks eurozone growth, inflation forecasts; China opens EU wine probe as trade dispute spreads; EU seeks to overhaul LIBOR; Russia, EU in spat over exchange of air passenger data; EU closes shark finning loophole; Portugal ‘should leave euro’: best-selling economist
This Week’s Top Stories
1. ECB tweaks eurozone growth, inflation forecasts
2. China opens EU wine probe as trade dispute spreads
3. EU seeks to overhaul LIBOR
4. Russia, EU in spat over exchange of air passenger data
5. EU closes shark finning loophole
6. Portugal ‘should leave euro’: best-selling economist
Publisher’s Note
Latvia is ready to adopt the euro on 1 January 2014, following this week’s adoption by the European Commission of its Convergence Report on Latvia – leading to a possible EU decision as early as July’s ECOFIN meeting.
Latvia’s will to adopt the euro certainly shows confidence in the single currency. Its story is also of a country overcoming severe macro-economic imbalances to emerge with a stronger and more flexible economy. Decisive action taken in response to the 2008-9 crisis, supported by the EU and IMF, has paid off: Latvia is now forecast to be the fastest-growing economy in the European Union this year.
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Regards,
Nick Prag
Publisher, EUbusiness
1. ECB tweaks eurozone growth, inflation forecasts
The European Central Bank on Thursday downgraded slightly its growth forecast for the eurozone for this year, but revised upwards fractionally its prognosis for next year as it held its key interest rates steady.
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EU, IMF trade barbs over Greek bailout
2. China opens EU wine probe as trade dispute spreads
Beijing has begun an anti-dumping probe into European wine, the commerce ministry said on Wednesday after the EU imposed tariffs on solar panel imports from China, in a dramatic broadening of their trade dispute.
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Winemakers sound alarm
3. EU seeks to overhaul LIBOR
The Commission will shortly present proposals to tighten up oversight of key financial market benchmarks, especially of interest rates, after recent rigging scandals in London, say officials and sources.
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4. Russia, EU in spat over exchange of air passenger data
Russia and the EU headed for a fresh spat Monday over demands by Moscow for European airlines to hand over air passenger data or face being barred from Russian airspace.
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5. EU closes shark finning loophole
The Union on Thursday closed a last loophole in its ban on shark finning, the long-contested practice of fisherman slicing the fins off and then throwing the still-live sharks back overboard to die.
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6. Portugal ‘should leave euro’: best-selling economist
A Portuguese economist, whose book “Why We Should Leave the Euro” has become a rapid best-seller, says it is only a matter of time until his crisis-wracked country leaves the troubled currency.
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EUROPEAN LAW
Hungary: Justice Commissioner Viviane Reding has criticised Hungary for treating its constitution like “a toy” and called for more effective measures to sanction EU treaty violations in an interview with Austrian media.
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Latest Court of Justice judgements
EU Law Firms
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Inside the EU Institutions
Council Watch
Russia summit: the European Union and Russia held a full day of talks on Tuesday dominated by a far-ranging dispute over the Syria crisis and Brussels’ decision to lift its arms embargo on President Bashar al-Assad’s foes.
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West nurtures silent hope Turkey protests can bring reform
Merkel against wider EU powers
Council …
Commission Watch
Syria: the EU is to give another EUR 400 m in humanitarian aid to help Syria and neighbour countries cope with increased refugee numbers as the bloody conflict deepens.
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Commissioner backs embattled Greek data official
Commission …
Parliament Watch
Le Pen: a Parliament committee has voted to lift the immunity of French MEP Marine Le Pen, head of the far-right Front National party, as France seeks to prosecute her over remarks likening Islamic prayers to the Nazi occupation.
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Italian MEP thrown out by eurosceptics after racist remarks
In committee this week, MEPs agreed a draft directive under which cyber-criminals would face tougher EU-wide penalties; and quizzed Croatian Commissioner-designate Neven Mimica on EU consumer policy and his plans for the next 16 months.
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EU diary
10-13 Jun, European Parliament plenary session
10 Jun, Transport, Telecommunications & Energy Council
11 Jun, Commission to propose extending automatic information exchange to combat tax fraud and evasion
11 Jun, EC Action Plan to galvanise the EU’s steel industry
11-12 Jun, European SME Conference
11-12 Jun, European risk summit
13 Jun, Commission to present 112 eCall facility for cars
13-14 Jun, EU Summit on Active and Healthy Ageing
The Week Ahead
Long-term diary
RESOURCES
EU Law Firms
Summaries of EU Legislation
EU Decision-Making
Treaties of the European Union
Key EU Legal Terms
Other news on EUbusiness this week
Slovenia to pass 2yr transition for Croatian workers 6-Jun
ECB sidesteps comment on IMF’s Greek bailout critique 6-Jun
China media warns of more action in EU trade row 6-Jun
Eurozone economy stuck in doldrums 5-Jun
EU clears Warren Buffett’s takeover of Heinz 3-Jun
