8th Dec 2021


This WEEK in the European Union

  • Italy faces a make-or-break week for the whole eurozone (Photo: Images_of_Money)

Finance ministers are meeting at the beginning of the week in an attempt to save whatever can still be implemented from the deal agreed last month by EU leaders, before Greece and Italy started spinning out of control.

Eurozone ministers are meeting Monday night (7 November), followed by a meeting at EU27-level the next day. Initially, they were supposed to iron out the technicalities of a 'special vehicle' attracting Chinese, Indian and Brazilian money and boosting the firepower of the eurozone's bail-out fund (EFSF) to help Italy and Spain finance their debt.

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But that plan seems on hold now that Italy has agreed to IMF supervision and the premier is facing a crucial vote on Tuesday that could topple him. Italy's woes, as the third-largest eurozone economy, coupled with the Greek political and economic fiasco, have pushed the monetary union to the brink of collapse.

Gloomy growth perspectives for the EU's 27 economies are expected on Thursday and likely to further aggravate the woes of highly indebted countries, as the EU commission is due to publish its autumn economic forecasts for 2011 GDP, inflation, employment and public finances. In the last 'interim' forecast published in September, the commission announced that economic growth in the EU is slowing down.

The EU executive on Tuesday will also present a beefed-up customs and taxation IT program for the EU in the 2014-2020 period. Dubbed the "Customs-Fiscalis 2020", the program is designed to exchange information, knowledge and expertise between national customs and taxation administrations when fighting fraud and tax evasion.

Money issues also dominate the European Parliament's agenda: MEPs will have another attempt at reaching a compromise on the 2012 EU budget on Tuesday, ahead of a final deadline on 21 November. Member states have so far rejected their demands for a 5.23 percent increase compared to this year. If no deal is reached, the budget will be formed according to this year's figures.

Euro-deputies in the agriculture committee will also meet up with ministers and the EU farm commissioner on Monday, to discuss the proposed reform package. A special meeting dedicated to dairy sector reform is scheduled for Thursday.

Financial support for people who got fired in Ireland, Austria and Greece due to companies moving to cheaper locations will also be unblocked soon after the EU parliament gives its green light. On Monday, MEPs in the budgets committee are to vote on the matter.

This WEEK in the European Union

With EU institutions on reduced activities amid the traditional end-of-October break next week, all eyes and most of the action will be focussed on the G20 meeting in Cannes.

This WEEK in the European Union

The European Commission will this week set out new legislative proposals on credit ratings agencies, seen by many in Brussels as a thorn in the side of the eurozone crisis.

MEPs focus on Belarus, digital rules This WEEK

The debate over a successor for David Sassoli, the centre-left Italian president of the European Parliament will heat up, and Belarusian democratic opposition figure Sviatlana Tsikhanouskaya will address the plenary.

Facebook scandal and COP26 climax in focus This WEEK

Facebook whistleblower is expected to meet with MEPs and representatives of the French senate this week. Meanwhile, eyes turn again to the Glasgow UN climate summit as pressure is mounting for negotiators to finish the 2015 Paris Agreement rulebook.

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