Cautious euro recovery – EUbusiness Week newsletter 628 – EUbusiness.com

EUbusiness Week 628 top stories: EU outlines plans to curb shadow banking; Euro-Parliament delays key vote on tobacco controls; EU ready to compromise over airline carbon tax: sources; Armenia-EU free trade deal blocked; E-cigarette makers go to war over EU proposals; European firms urge China to give market a bigger role

This Week’s Top Stories

1. EU outlines plans to curb shadow banking
2. Euro-Parliament delays key vote on tobacco controls
3. EU ready to compromise over airline carbon tax: sources
4. Armenia-EU free trade deal blocked
5. E-cigarette makers go to war over EU proposals
6. European firms urge China to give market a bigger role

Publisher’s Note

Cautious optimism as we return from the summer break. Data out this week shows the key eurozone services sector returning to growth in August, Eurostat confirms that the eurozone escaped recession in the second quarter, and the ECB’s projections on Thursday were more optimistic as regards growth this year.

Not so good for next year however, and ECB chief Mario Draghi sounded a note of caution about the hopes of a strong rebound. But the sun continues to shine, and the euro economy is certainly ready for an upturn in its fortunes, after an 18-month recession that has cost millions of jobs and tested the cohesion of the eurozone to the limit.
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Regards,

Nick Prag
Publisher, EUbusiness

1. EU outlines plans to curb shadow banking

The Commission fleshed out Wednesday its first detailed proposals to regulate so-called “shadow” banking, a behemoth holding tens of trillions in euros and sterling — and half of all bank assets globally.
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Europe’s emerging economies back on track

2. Euro-Parliament delays key vote on tobacco controls

The European Parliament on Thursday delayed a key vote on proposals to clamp down on tobacco industry marketing aimed at women and youngsters.
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3. EU ready to compromise over airline carbon tax: sources

The EU is ready to compromise over its tax on airline carbon emissions if opponents, led by the United States and China, apply a similar levy by 2016, says a European source.
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4. Armenia-EU free trade deal blocked

Armenia has blocked its chances of signing a free trade deal with the European Union by choosing to join the Russia-led customs union, EU president Lithuania said on Tuesday.
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5. E-cigarette makers go to war over EU proposals

Makers and users of electronic cigarettes have gone to war against EU plans to class the devices as medicinal products, saying any such move would end up harming public health.
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6. European firms urge China to give market a bigger role

European firms in China called on the government Thursday to let the market play a bigger role as it carries out reforms aimed at ensuring long-term growth.
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EUROPEAN LAW

Croatia: Croatia has backed down in a dispute with the EU it joined only last month and says it will fully comply with the bloc’s extradition law after Brussels threatened sanctions.
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Syngenta, Bayer challenge EU bee-saving pesticide ban
Latest Court of Justice judgements
EU Law Firms
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Inside the EU Institutions

Council Watch

Syria: foreign ministers gather Friday in the Lithuanian capital Vilnius seeking a joint position on Syria as France stands alone in the EU in favour of military intervention.
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Hungary proposes new constitution changes to soothe EU fears
Ukraine ‘sees no obstacle’ to signing first step to EU
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Commission Watch

Climate change: Commissioner Connie Hedegaard says that seeing the impact of rising seas in the Pacific first-hand has underscored the need for the world to take urgent action.
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Commissioner concerned over Guardian Snowden action
EU restricts arms, security sales to Egypt, maintains aid
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Parliament Watch

Syria: the head of the EP’s defence committee has cast doubt on the utility of “punitive strikes” on Syria and insists that the options for an eventual diplomatic solution are “more open” than people think.
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Cyprus parliament rejects bills needed for more bailout cash
Committees and political group meetings this week. In committee, MEPs endorsed new rules on public procurement which would allow authorities to pick innovative solutions rather than force them to accept the lowest bid; voted in a deal for a new EU programme to support the creation of jobs, facilitate worker mobility and combat social exclusion; and held hearings on US surveillance in the EU. Political groups prepared for the 9-12 September plenary session in Strasbourg, which is slated to include votes on the MFF, the European banking authority, the tobacco directive, biofuels and mortgages.
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EU diary

9-12 Sep, European Parliament plenary session
10 Sep, Commission adopts legislative package for a Connected Continent: Building A Telecoms Single Market
11 Sep, State of the Union Address 2013
15-16 Sep, European Heritage Days
The Week Ahead
Long-term diary