Saturday

29th Apr 2017

Agenda

This WEEK in the European Union

  • Ireland will vote on the fiscal compact treaty in a referendum on Thursday (Photo: topgold)

Ireland will vote on the fiscal compact treaty on Thursday (31 May) amid a strong debate in the country about the exact consequences of a No.

Polls put the Yes camp in the lead (50 percent to 31 percent, with 19 percent still undecided according to a Red C poll conducted between 14 and 16 May).

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Ireland is the only member state to put the budget-balancing treaty to a vote, although the result will not affect the process of ratification elsewhere. The German-inspired document goes into place once 12 of the 17 eurozone countries ratify it. But a No vote could have economic consequences for the country, the recipient of a €85 billion bail-out in 2010.

A rejection would mean that Ireland would not have access to the eurozone's permanent bailout fund, the ESM - a fact that would likely make markets more jittery and negatively affect Dublin's hopes of re-entering bond trading in 2014.

The No camp say that this is scare-mongering. They argue that the treaty risks trapping the country in an austerity-driven downward spiral for years and claim that Ireland, if needed, could still ask for a loan from the International Monetary Fund.

On Wednesday, the European Commission is to publish its highly-anticipated economic policy recommendations for the 27 member states.

The recommendations will tell countries what they have to do to achieve the agreed economic priorities for 2012. Of particular interest will be what Brussels sets out for Spain, which is widely seen as unlikely to make its deficit-cutting target for next year amid worsening economic conditions, and France, the eurozone's second largest economy. In addition to the "country specific" reports, the commission will also publish in-depth reviews of 12 economies suffering from imbalances, including Spain, France, the UK, Italy and Finland.

Immigration issues will also feature heavily this week.

The EU's finger-printing system for asylum seekers will be given an upgrade on Wednesday, so that rules on when and how data should be entered and accessed are clearer.

The commission will also publish a report on immigration trends and a poll on migration, security and cross-border mobility. The data will come amid a rise in far-right and nationalist parties with anti-immigrant platforms. In the 6 May Greek election, the neo-facist and xenophobic New Dawn party won 7 percent of the vote, getting itself into parliament for the first time.

Meanwhile, the leaders of the political groups in the European Parliament will meet the Cypriot President and other Cypriot politicians ahead of the divided island taking over the six month EU presidency in just over a month's time.

European Central Bank chief Mario Draghi will also appear before the parliament's economic affairs committee on Thursday.

Draghi has recently begun making statements about the importance of further integration in the eurozone. But Spain has said that any moves the ECB makes to lower Madrid's borrowing costs, which are hovering near bail-out levels, would be more important than talk of long term integration.

Brexit summit, Turkey and Hungary dominate EU This WEEK

European leaders will adopt their negotiating position on the Brexit summit on Saturday, whereas the situation of Hungary's democracy and post-referendum Turkey will be under scrutiny in the EU this week.

Brexit, Syria and Greece on the agenda This WEEK

The European Parliament will adopt its position on the UK's exit, and eurozone finance ministers will try to break a deadlock on the Greek bailout talks. Meanwhile in Brussels, there will be discussions on ending the war in Syria.

UK to file EU divorce This WEEK

UK prime minister Theresa May will trigger Article 50 of the EU treaty on Wednesday, with the EU expected to respond within 48 hours.

EU-27 to back integration This WEEK

EU leaders meet in Rome to recommit to European integration after Brexit, but Greece and Poland serve as reminders of economic and political divisions.

EU tackles CO2 threat This WEEK

EU states will haggle over the reform of a carbon trade system, while MEPs vote on overhauling EU car emissions oversight.

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