Amid all the brouhaha about S&P downgrading its rating for US Government debt, the parallel ongoing crisis in Europe should not be forgotten. “Crisis”? Take it away, Nouriel:

Definition of “crisis”: when officials need to huddle up on a weekend before Asia opening to take decisions & do statements a turmoil rages

August 6, 2011 1:43 pm via webReplyRetweetFavorite

@Nouriel

Nouriel Roubini

The Czech daily Mladá fronta dnes, as caught by the @Zpravy Twitter-feed, has the details on this particular edition:

iDnes: Lídři EU chtějí rychle realizovat závěry summitu. Uklidní tak trhy: Vlády musí urychleně dokončit dohody … http://bit.ly/oLaqvt

August 6, 2011 11:30 am via twitterfeedReplyRetweetFavorite

@Zpravy

Zpravy

Turns out, if you like, that you can blame everything on European vacation syndrome (e.g. “No one touches my August holiday!”): EU leaders want to quickly carry out changes from summit, that way they’ll calm markets is the headline here.

• “Summit”? That’s the one they just had, of course, an extraordinary convening in Brussels on July 21 in reaction to the Italy/Spain funding troubles.
• “Changes”? That has to do with the European Financia Stability Facility (EFSF), which leaders at that summit agreed would be beefed up to better be able to intervene to assist eurozone member-states in financial need, eventually even becoming a sort of European Monetary Fund.

(more…)

Uh oh, here we go with the Financial Times Deutschland again! I swear, when I go looking for interesting European news to pass along, it’s not as if I first head directly to the FTD’s site (or, more accurately, to its RSS feeds). On the contrary, I always do try to cast my nets wide. It’s just that today’s economic report from them has a certain . . . let’s say spice to it, that I’m sure it won’t take you long to pick out.

The article is entitled Italy shocks itself to health, by FTD Milan correspondent Andre Tauber, and no, it has nothing to do with any kind of electro-therapy. It is rather about the fiscal stimulus plan recently announced by Italian premier Silvio Berlusconi. You know: the UK, Germany, Spain, etc. have each announced their own such plans recently (the United States is a laggard for well-known “lame duck” reasons); not only do the perilous financial times require such an initiative nearly everywhere, but in fact that was one thing the parties agreed to at that “G20 summit” in Washington, DC back in mid-November, i.e. that they would each more-or-less at the same time come out with their own stimulus plans, since it is disturbing to currency- and various other world economic equilibria if some nations hold back.

So Italy, too, has climbed aboard this stimulus-plan bandwagon. But, as Tauber reports in his article, Belusconi’s proposal has a few unique characteristics of its own. (more…)

The new European Commission started work today – finally. They were supposed to start work on November 1, but got held up by one Rocco Buttiglioni, the Italian Commission candidate who was supposed to get the Justice and Home Affairs portfolio. In nomination hearings before a European Parliament committee, Buttiglione was not shy in setting forth his personal value-system in which homosexuals are sinners and women encouraged to stay home and care for the children. Those sorts of sentiments just won’t do for the EU of the 21st century, to the extent that if the Parliament had no other choice but to reject the entire new Commission proposed by Commission President Jose Manual Barroso in order to keep Buttiglione from taking his place within it – and, the way the EU’s rules now stand, it didn’t – then fine, they were willing to reject the entire new Commission. Barroso pulled back from this brink and managed to get rid of Buttiglioni and find another Italian much more to everyone’s liking.

The new token Italian – but Italians, don’t get offended: every one of the 25 member-states gets a “token” of its own on the Commission – turned out to be a very safe choice, namely Franco Frattini, or the Italian government official who is supposed to be most congenial to foreigners, that is, the foreign minister. (more…)

For whatever reason, Michael Moore’s blockbuster documentary Fahrenheit 9/11 was first exposed outside the US to French-speaking audiences, opening on 7 July in France, Belgium, and Switzerland. And, as you’d probably expect, it had a Smashing Début, as stated in the title of an article in the Nouvel Observateur. It was seen by 100,000 in France on its first day of showing alone (of which 30,000 in Paris), the best opening of all time for a documentary. Still, the (unnamed) writer does give Moore’s previous work, Bowling for Columbine, greater credit for being fully researched and documented. (more…)

Failure in December – but success in June! At their just-concluded Brussels summit the European Union’s now twenty-five members finally accepted a draft to put forward to their constituent parliaments and/or voters as the new European Constitution. Perhaps this summit’s productive result can be ascribed to the rotating EU presidency being held now by Bertie Ahern and the diplomatically-astute Irish, whereas Italy and Silvio Berlusconi were in charge last December – the Council presidency will cease to rotate this way once the new Constitution is enacted, by the way – or maybe it was all due to the new governments in place in Spain and Poland, the two “medium-sized” EU states that were the principle obstacles to progress at the last summit in December. One thing is sure, though: France and Jacques Chirac were once again in the middle of the goings-on, and so a review of French reporting and comment is appropriate. (Tony Blair was also a leading protagonist – or at least according to the French press, as we shall see – but I’ll let you read the on-line British papers about that yourself – and pay for it, in the case of The Times.) (more…)

This was not a particularly dense news day, meaning I find little interesting out there to choose from and to report on. But at least Dutch readers can catch up with the latest developments in both the Chalabi and the Valerie Plame cases in this comprehensive summary article by the NRC Handelsblad’s US correspondent Marc Chavannes. (For those needing help, Valerie Plame is the wife of former Ambassador Joseph Wilson, who was revealed last July in a newspaper column by Robert Novak to be an undercover CIA agent. That’s against the law; Novak said his information came from administration officials. Probably not-so-coincidentally, Ambassador Wilson had embarrassed the Bush administration by pointing out that allegations that Saddam Hussein had tried to obtain uranium from Niger – an alleged event he had personally investigated – were false.) Chavannes even has the awareness to cite, from an analysis in Kevin Drum’s “Washington Monthly” weblog, the blatant illogic in President Bush’s recent statements about Ahmed Chalabi – i.e. that he didn’t have much to do with him, he was merely Laura Bush’s guest at the last State of the Union address – in light of the President’s earlier statement on Meet the Press that he had met with Chalabi in the Oval Office.

So much for this, that. Where’s the beef? Hey, we always have the option of taking up another country from Politikens’s “Europa XL” series of cultural portraits. Let’s go for Italy this time, analyzed by writer Stefano Benni; he does quite a good job indeed. (more…)

The decisive EU summit in Brussels this weekend to work out a final text of a Constitutional Treaty failed to achieve that aim. As had been expected, the principal stumbling-block was the question of the voting regime to be used for passing measures within the Council of Ministers by a “qualified majority”; both Poland and Spain stuck firmly to their demand that the current voting system, inaugurated by the December, 2000 Nice Treaty, be retained, while other states – principally the EU’s two biggest players, Germany and France – were equally as adamant that a new “double majority” system, proposed in the new Constitution, be implemented. But there were other points that had to be left for later resolution as well, as we’ll see. (more…)

Still working hard on my across-the-continent European press-review of the “failure” of this weekend’s EU summit on the proposed Constitutional Treaty. Patience, please – there’s a lot to be covered. For now, let me mention an interesting article I ran across, from Belgium’s De Standaard, discussing something that the assembled European leaders did managed to agree on, namely the placement of various new EU agencies – a plum for any city to get, naturally, not only because of the prestige but also the influx into the local economy of highly-educated bureaucrats, paid well and, what is more, paid from an outside source, the EU budget. (more…)

As varied as the individual details may have been, one theme clearly predominates the preceding accounts on this website, from the French, Dutch, and the Czech press, of the progress of the EU draft Constitution Intergovernmental Conference (IGC) so far. And that is, of course, that there has been virtually none – indeed, that there is even considerable dissatisfaction over the process currently being used to try to gain common agreement on an EU Constitution. (more…)

The Czech on-line press has not paid too much attention to the recent Brussels EU summit. The exception is Hospodarske noviny, the country’s leading business newspaper. HN is no more impressed by the results out of Brussels than were the French or Dutch press; the headline reads International Conference Is As Yet at a Dead End. In fact, the article reminds us that things have bogged down this way despite four EU meetings intended to get things moving with the approval of the EU Constitution: There were the summits of heads of state/government in Rome and now in Brussels, yes, but each of those also had a meeting of EU foreign ministers attached to it, namely at Rome and Luxembourg. And so far – nothing.

As you would expect, a specifically-Czech tidbit is thrown into Hospodarske noviny’s reporting: Czech foreign minister Cyril Svoboda has been lobbying at these events to prevent the EU “Minister of Foreign Affairs,” envisaged in the draft Constitution, from actually having that title. According to Svoboda, much better would be something less grandiose, like “Foreign Policy Representative.” “Minister,” you see, implies a sovereign state – and we don’t want to give any support to the notion that this Constitution will in any way create a sovereign state. (Actually, within the Czech Republic it is primarily President Václav Klaus and his opposition ODS party who are sticklers on points such as this; Svoboda’s campaign reflects his government’s weak position in the Czech legislature, which forces that government to keep the ODS sweet by taking up its causes in this way at the EU level.)

The HN article speaks of a compromise “package” that EU President Silvio Berlusconi undertook at the Brussels summit to fashion, which would be examined by the EU foreign ministers’ meeting in Rome on 28/29 November, to prepare it hopefully for acceptance at the end-of-presidency EU summit of 12/13 December. It also mentions the mid-November “mini-summit” that Berlusconi wanted to hold to help him along with this; but that last bit has probably by now been overtaken by events, given the reluctance to meet yet again on the part of EU government heads that emerged in the French and Dutch press.

If the Dutch on-line press is any indication, opinion in the Netherlands over the results of the just-completed European summit in Brussels (which was supposed to make progress towards a final European Constitution) is no higher than in France (covered in the following entry). Indeed, these articles offer some key updates to developments. (more…)

Bad news for EU taxpayers, at least those who rather expect some concrete results from their representatives at European Union fora in return for the tax-euros they are paid. (Come on now – could anyone really be so naïve?) I know you recall that EU summit in Brussels that took place yesterday and the day before – Chirac also spoke for Germany during yesterday’s session, remember? (Covered in €S from both the French and German points-of-view.) That was nice, a great symbolic gesture and all that, but more pertinent might be the fact that little of note was actually accomplished. At least so the French on-line papers say. (more…)

Yes, I’ve managed to kick my recent Danish fixation. And yes, that EU Constitutional Intergovernmental Conference (IGC) got underway this past weekend, starting with a one-day EU summit meeting on Saturday attended by heads of state and/or heads of government of all 15 current EU members, the 10 members-states which will join the EU at the beginning of next May, and 3 other states slated to join somewhat later as well (namely Romania, Bulgaria, and Turkey). They were welcomed by current EU President Silvio Berlusconi, who called for an “act of will” from out of the assembled delegations, to come up with a version of the Constitution acceptable to all by Christmas. As President, Berlusconi got to speak first, and got to speak a little longer, and he was followed by five minutes’ remarks from European Commission president Romano Prodi, then European Parliament president Pat Cox, then from leaders of each of the 28 national delegations. “After everyone had spoken, basically nothing had been said, much less discussed,” comments Die Zeit’s article on the proceedings, Strength-of-Will, At Least up until Christmas, which, although I’m indebted to it for many of the above details, I found otherwise disappointing in its low quotient of actual analysis.

Maybe it was just too early to be able to say anything truly profound. Those heads of state/government couldn’t hang around for long – they’re a busy bunch of Euro-men and -women – meaning that it was their representatives, generally the foreign ministers, who were left behind to roll up their sleeves and start getting into the details. I’ve found good coverage about this part – the rest of the story, so to speak – in a series of articles from the Belgian on-line Gazet van Antwerpen. (more…)

We’ve been following this story in EuroSavant: the war-of-words between Italy and Germany that sprung up shortly after Silvio Berlusconi took up the EU presidency at the beginning of June and, following his inaugural speech before the European Parliament, declared in the heat of accusation and counter-accusation that German MEP Martin Schulz would make a good Nazi concentration camp Kapo in an Italian film currently under production. Italian Minister for the Economy and Tourism Stefano Stefani followed this up with some unkind words about German tourists in Italy, whereupon German Bundeskanzler Gerhard Schröder decided not to join their ranks this summer, as he usually does. (Apparently he simply stayed home and vacationed in Hannover, where he is from – a particularly appropriate choice in light of the millions of his countrymen, and others across the EU, forced to do the same thing by financial considerations in this year-of-recession 2003.) (more…)

Bundeskanzler Schröder gave up his usual yearly vacation in Italy this year, you’ll recall, shortly after the row Silvio Berlusconi caused in the European Parliament with German MEP Martin Schulz in the first week of July, followed by rather insensitive comments about German tourists from (former) Italian state secretary for economic affairs Stefano Stefani. (If you need to catch up on this subject, you can start your review of EuroSavant coverage here.) But soon he’ll be heading back to Italy for a visit.

This good news about the dawning of German-Italian reconciliation comes not from the German press, but from the Dutch newspaper Het Parool. (And I got the news that Schröder would give Italy a pass this summer originally from the Flemish newspaper Gazet van Antwerpen: How is it that LowLands journals can keep scooping their German counterparts like this when it comes to practical details that we want to know, like just where the Bundeskanzler will be and will not be? Although it looks like Het Parool got this information from the BBC.) There’s a catch: Schröder will be travelling to Italy on 22 August not for some delayed vacation (too late for that: the Frankfurter Allgemeine Zeitung reports that his cabinet returns to work today), but to meet with president of the European Commission Romano Prodi in Verona, ostensibly to attend a showing of the opera “Carmen” there. Prodi is a leading rival of the Italian premier. But there’s also a counter-catch: the mayor of Verona has also invited Berlusconi to attend that same opera performance. No word yet on whether he intends to accept this invitation.

The Italo-German dispute continues (last covered in EuroSavant here), with calls throughout Europe (but especially from Germany) for Italian minister for economy and tourism Stefano Stefani’s resignation, and German Bundeskanzler Gerhard Schröder’s bold and steely determination to vacation this summer anywhere else than in Italy.

But that’s just the wrong attitude to take, Michael Naumann argues in his treatment of this whole controversy in the latest Die Zeit (entitled Die blonden Bestien – “The Blonde Beasts,” itself a sufficient shorthand for Stefani’s recent characterization of Italy’s summer German tourists). (more…)

There has been further fallout from the Berlusconi-in-Strasbourg affair, as reported by those sharp-eyed newshawks at the Flemish newspaper Gazet van Antwerpen. You’ll recall that the remarks Italian prime minster Silvio Berlusconi addressed to German MEP Martin Schulz last week – something to the effect that he recommended Herr Schulz for a part in a new movie about a Nazi concentration camp – did much to sour current diplomatic relations between Italy and Germany.

Now those relations have taken another turn for the worse, to the degree that Italy may wind up losing one of its most famous guest-tourists this summer – namely Gerhard Schröder himself, who always goes to Tuscany summers when he can get away from the hustle-and-bustle of trying to put the German Federal Republic back on its feet economically. (more…)

Look, I’ve already devoted more attention on EuroSavant this week to Silvio Berlusconi than I prefer to do to any one subject or person. I am also well aware that I have not been too terribly respectful of the current Italian prime minster. For example, in my post yesterday I used the word “jackal” (but only in reference to the way certain photos of his face that on-line newspapers have posted make him look), as well as variations on the word “insult.” Plus, in that post and in the preceding one I tried to give at least a strong impression of the sort of legal shenanigans he’s been involved in in his country ever since he was elected for the second time to be prime minister there about two years ago.

Nonetheless, I’ve now had more time to think about (and discuss) just what Berlusconi did and did not do at the European Parliament speaker’s podium. So that I am not trying to be ironic (unlike the Man himself when he addressed German MEP Martin Schulz) when I say that I can understand his bewilderment at what happened. Leave the guy alone! This is getting way out of proportion! (more…)

I was hoping to move on to other subjects than the fitness of Silvio Berlusconi for the European Union presidency, but his insulting outburst yesterday while in the EU Parliament to present his president’s agenda naturally keeps me on this subject. And I was hoping to move on from reporting on the German press, which I’ve covered a bit disproportionally in the past several weeks, but it only seems logical and fair to report on reactions from the country whose MEP (Member of the European Parliament) was the target of Berlusconi’s insult, a defamation that touched on Germany’s sensitive Nazi past.

The incident took place in the debate after Berlusconi had made his “inaugural” address to Parliament. (more…)

It’s July 1, so the half-yearly presidency of the European Union changes hands again (for possibly the second-to-the-last time, if the EU Constitution, which changes this system, is ratified within the first half of 2004 as planned). Good-bye to Greece; ciao to Italy, specifically to Silvio Berlusconi, the Italian prime minster. (more…)