Saturday

17th Feb 2018

EU vows to shape globalisation

Having finally put six years of institutional wrangling behind it with last week's agreement on a new treaty, the 27-nation EU says it is now confident to face outside challenges.

In December, EU leaders are expected to adopt a declaration, which should underline the bloc's change of priorities – moving from institutional matters towards issues such as globalisation and climate change.

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"We have agreed that we should rule out further institutional change for years ahead", UK prime minister Gordon Brown said on Friday (19 October) – something he said he personally hoped would be the case for at least a decade.

The union now has less than two months to agree a list of new priorities linked to globalisation and subsequently move on to agreeing the best political recipe for how to deal with the phenomenon.

According to the European Commission, the EU should avoid being a passive spectator, but rather "shape" globalisation.

In practice, it is promoting the so-called principle of reciprocity - meaning trading partners should open their markets as much as the EU does.

"We should be open, but not naive. We should not close our doors, rather we should encourage others to open theirs", commission president Jose Manuel Barroso said, suggesting that openness is a two-way street and that third countries should offer comparable levels of openness to EU exporters and investors.

In addition, foreign companies wishing to do business in EU territory should not be allowed to by-pass the rules applied in the union's internal market.

Speaking at the EU summit Friday (19 October), French president Nicolas Sarkozy proved to be the strongest advocate of such a principle.

"Let's not be naive, we must demand a reciprocity", he said, complaining about the severe environmental and social requirements placed upon EU businesses, but not followed by their non-European competitors.

"We have to remind others there are rights as well as obligations", Mr Sarkozy added, singling out Russia and China.

EU paper suggests protecting common market

Just weeks after the European Commission revealed its plans to prevent foreign companies from uncontrolled access to the EU's energy sector, Brussels is set to reiterate that in a global economy "openness is not a one-way street."

Baltic states demand bigger EU budget

The leaders of Estonia, Latvia, and Lithuania say in a joint letter that they are open to talks on creating "new own resources" for a bigger EU budget after the UK leaves the EU.

EU-Latin America trade talks move to 'endgame'

Senior negotiators in the EU-Mercosur talks will meet in Brussels on Friday to work out the technical bits of a possible trade deal, after top political officials gave the talks a final push.

EU in push to seal Latin American trade deal

In a race against the clock, EU commissioners and Mercosur ministers meet in Brussels to make concessions on beef, cheese and cars in preparation for an "endgame" in trade talks, ahead of Brazil's elections.

Draghi opens fire at US dollar policy

The European Central Bank chief has accused the Trump administration of breaking a decades-old agreement by "targeting" exchange rates to boost the US economy.

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