Tuesday

28th Feb 2017

Agenda

This WEEK in the European Union

  • Lehman Brothers - the collapse of the investment bank in 2008 heralded the start of the crisis (Photo: sachab)

The European Commission will on Wednesday (6 June) unveil its proposal for a "banking union" designed to restore confidence in the euro.

The package is expected to include EU-level banking supervision, a eurozone-level fund for handling failed banks and a eurozone-level deposit guarantee fund.

Dear EUobserver reader

Subscribe now for unrestricted access to EUobserver.

Sign up for 30 days' free trial, no obligation. Full subscription only 15 € / month or 150 € / year.

  1. Unlimited access on desktop and mobile
  2. All premium articles, analysis, commentary and investigations
  3. EUobserver archives

EUobserver is the only independent news media covering EU affairs in Brussels and all 28 member states.

♡ We value your support.

If you already have an account click here to login.

Greek and Spanish deposit-holders are moving hundreds of billions of euros from local banks to safe havens in case Greece returns to the drachma or Spain asks for a bail-out, with perilous implications for the single currency.

European Central Bank chief Mario Draghi endorsed the banking union in remarks to MEPs in Brussels this week.

He said national goverments have a bad track on rescues: "They underestimate the problem and then come out with a second or third or fourth assessment ... That's the worst possible way of doing things. Everybody ends up doing the right thing but at a high cost."

For his part, the new French finance minister, Pierre Moscovici, will meet EU officials in Brussels on Monday as Socialist Paris tries to take control of the crisis agenda from pro-austerity Berlin.

Apart from the euro-crisis, the other big news will be an EU-Russia summit in St Petersburg on Monday.

Iran nuclear talks and the conflicts in Syria and Afghanistan are mostly handled at bilateral or at UN-level.

In EU-level business, Brussels' Herman Van Rompuy and Jose Manuel Barroso will be looking to see what Russian leader Vladimir Putin aims to do with talks on an EU-Russia strategic treaty and with the "Partnership for Modernisation" - an EU plan to swap high-end technology for political reform.

Putin will be looking to see what the EU, his main gas and oil client, is doing to avert financial disaster. He will also explore prospects of EU visa-free travel and of softening an EU energy law designed to weaken Gazprom, his energy champion, in Europe.

The last time he met Barroso - in October 2011 - they had a public disagreement on Gazprom. But Putin's new government, which includes more liberals than old-fashioned hardmen, indicates the Partnership for Modernisation is still alive.

One thing unlikely to be mentioned is Sergei Magnitsky - a whistleblower Russian lawyer murdered in 2009.

EU diplomats see Magnitsky as an irritant. But national MPs around Europe have called for action and Italian MPs will next week vote on measures to ban Magnitsky's killers from entering the EU.

Meanwhile, EU justice ministers will on Thursday debate a commission proposal on "common rules on the temporary reintroduction of border control at internal [EU] borders in exceptional circumstances."

Ministers will also discuss migration flows and the pressure they put on member states, in particular Greece.

Also on Thursday, MEPs in the economic affairs committee will vote on new rules to make mortgage lending less risky and to curb the dominance of the big-three credit rating agencies.

EU home affairs commissioner Cecilia Malmstrom will on Monday also lay out her strategy on organised crime at the meeting of a newly-created parliament anti-mafia committee.

Spain may speed up EU 'banking union'

The US has joined ranks with EU officials exploring ways to pump eurozone money directly into Spain's troubled banks, with creation of a "banking union" now considered a matter of eurozone survival.

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.

Pence, Greece and Brexit This WEEK

The US vice-president becomes the first senior Trump administration official to visit EU institutions. Greece's creditors try to break deadlock in talks, and British Lords will debate Brexit.

MEPs vote on EU-Canada deal This WEEK

MEPs will have a final vote on the EU-Canada trade deal, while Canadian prime minister Justin Trudeau will address the European Parliament in Strasbourg this week.

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.

Stakeholders' Highlights

  1. International Partnership for Human RightsFreedom of Association and Expression Under Threat in Kazakhstan, Reports CIVICUS Monitor
  2. QS World MBA TourMeet with Leading International Business Schools in Brussels on March 6th
  3. EURORDISJoin Rare Disease Day and Help Advocate for More Research on Rare Diseases
  4. European Healthy Lifestyle AllianceStudents Who Are Considered Fit Get Better Grades in School
  5. QS World MBA TourMeet with Leading International Business Schools in Paris on March 4th
  6. Malta EU 2017Economic Governance: Agreement Reached on Structural Reform Support Programme for Member States
  7. Socialists & DemocratsWomen Have to Work Ten Years Longer to Match Lifetime Earnings of Men
  8. Counter BalanceTrans-Adriatic Pipeline Is a Major Risk for Banks, Warns New Analysis
  9. Martens CentreEU and US Migration Policies Compared: Join the Debate on February 28th
  10. Swedish EnterprisesTechnology and Data Flows - Shaping the Society of Tomorrow
  11. UNICEFNearly 1.4 Million Children at Risk of Death as Famine Looms Across Africa and Yemen
  12. Malta EU 2017End of Roaming Fees: Council Reaches Agreement on Wholesale Caps