Jonathan Fryer

Posts Tagged ‘EMU’

The EU’s Next Six Months

Posted by jonathanfryer on Monday, 17th December, 2012

Ireland is scheduled to take over the six-month rotating presidency of the European Union on 1 January, followed by Lithuania in July 2013 and Greece in January 2014. Whilst the third, in particular, might raise some eye-brows in fact all three governments in Dublin, Vilnius and Athens are well advanced in their plans and priorities. Here’s what the European Movement has to say about it in its latest Euro-briefing:

Euro-move header

The Programme of the next 3 EU Council Presidencies.
European CouncilLast week the next 3 Presidencies of the Council of Ministers, the so-called ‘Trio’ of Ireland, Lithuania and Greece, presented in Brussels their work programme. In the next 18 months the main priorities of the Council are to further restore the economic stability across the EU and to build strong foundations for sustainable jobs and for long lasting economic growth. The Irish Presidency, which will take over the helm on 1 January 2013, will focus on issues related to the Digital Agenda, the EU’s Single Market, multi and bilateral trade agreements (such as EU-US Trade Agreement) and the Banking Union. The new Presidency will be working closely together with the European Council and the Commission in order to set up long-term plans and operational programmes. Due to the financial, economic and sovereign debt challenges of the past three years, the EU has been working on creating the conditions for economic recovery and to re-launch growth and investment. Support for job creation and social cohesion, with special emphasis on youth unemployment, will be the focus of the forthcoming Presidencies.
EU Irish presidencyStarting off, the Irish Presidency will be working to agree on the remaining proposals of the Single Market Act (SMA I) and to progress proposals for the second Single Market Act (SMA II). The aim is to improve the competitiveness of the EU’s industry. The Irish Presidency will put a strong emphasis on supporting the development and competitiveness of the SME sector, reducing red tape, as well as facilitating cross-border trade and access to finance. This is one of the aims of the EU’s new COSME initiative (Programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises) and of the Entrepreneurship Action Plan (to be published on 19th December 2012), which includes proposals on insolvency and second chance and entrepreneurial education.Top priority will be given to dossiers like public procurements and moving forward on the Digital Agenda, particularly in the areas of eCommerce (e-signatures and e-Identification), Intellectual Property Rights, cyber security and low-cost high-speed broadband. The implementation of the EU’s Digital Agenda and the better functioning of the Digital Single Market offer huge potential for job creation in a yet to be fully taped area of economic activity. The Digital Agenda can foster cross-border commerce as well as new developments within the IT sector.
EMUWith regards to the Economic and Monetary Union (EMU), the upcoming Presidencies of the Council plan to work on completing the banking union and setting up a Single Supervisory Mechanism. The Council will also continue efforts towards fiscal consolidation and a better co-ordination of the Member States’ economic policies. The so-called ˜two pack” on economic governance will be one of the main priority areas (if final agreement with the European Parliament hasn’t already been reached under the Cypriot presidency). Ireland will steer the third European Semester of scrutiny of member states’ economic and fiscal policies and ensure that Member States, through the Annual Growth Survey process, stay on track to reach the objectives of sustainable economic growth and social cohesion as set out in the Europe 2020 Strategy.
Horizon 2020In recognition of the important role research, development and innovation play in achieving sustainable growth and improving the EU’s competitiveness, the Council aims to conclude negotiations on the EU’s Horizon 2020 programme (which is a key EU funding programme, supporting European growth and innovation efforts in the context of the Europe 2020 strategy) and will also work to advance the completion of the European Research Area.
On trade, opening new markets with third countries through Free Trade Agreements (FTAs) will be a priority. Ireland will organize an informal Council in April 2013, which will focus on trade relations ahead of a formal Council in June. The Presidency would like to see a mandate adopted during the next six months to launch talks for a free trade agreement with the United States. The Irish also hope that further progress could be made towards concluding FTAs between the EU and Japan, Singapore and Canada.
Last but not least, the multi-annual financial framework (MFF) for 2014-2020 will have to be discussed again by the European Council in February or March. Implementation of many of the Presidencies’ priorities depends on adopting a 7-year EU budget that is both fit for purpose and can support economic recovery and growth by underpinning areas such as regional cohesion and development and innovation.
For more details on the Presidential Programme, please visit:

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Slovakia and the EU

Posted by jonathanfryer on Monday, 21st April, 2008

 I spent most of this afternoon at the European Bank for Reconstruction and Development (EBRD), which hosted a conference on Slovakia’s accession to European Monetary Union, organised by the Slovak Embassy and International Financial Services London. As we heard from the Slovak Economy Minister, Lubomir Jahnatek, and the Governor of the National Bank of Slovakia, Ivan Sramko, Slovakia is on course to adopt the euro on 1 January next year. This is a remarkable achievement, when one thinks that this was meant to be the more disadvantaged half of the old Czechoslovakia, before the ‘Velvet Divorce’.

Moreover, Slovakia not only meets the Maastricht Criteria, which is necessary in order to enter EMU, it does so by a large margin on a number of issues, such as the inflation rate and public debt. As Manfred Schepers of the EBRD commented, Slovakia now finds itself strategically well placed to benefit from growth in the EU, the Balkans, Russia and the rest of the CIS. Interestingly, it is adopting the euro maybe as much as three years ahead of the Czech Republic. In Mr Jahnatek’s opinion, ‘now is the right time to join the euro, because Slovakia is very small, and its productivity is only 70% of the European average. Recently, the Slovak crown has been very strong, which has meant some enterprises have been operating at a loss.’ But being inside the eurozone should bring greater stability and a sharp increase in foreign trade and investment.

 

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