The German and Austrian Social Democrats have decided today that they want to initiate a European Citizens’ Initative (ECI) on the introduction of a financial transaction tax.
The way their press release is formulated makes it sound like they are calling for a referendum (cf. last sentence that reads: ‘… for that 500 million Europeans can decide over the taxation of financial market speculation‘), not mentioning that all they can do with an ECI is make the Commission consider the issue.
The eurozone tsunami hit governments of EU member states individually and as a whole, the heads of state or government of the euro area, the Euro Group, the Council of the European Union (Economic and Financial Affairs, ECOFIN), the European Commission, the European Parliament (EP), the European Central Bank (ECB) and the International Monetary Fund (IMF).
The EU finance ministers agreed on Tuesday on tighter regulations for hedge funds and new taxes for speculators and banks. While the measures send a clear signal that the EU is serious about reining in its financial markets they cannot solve the European debt crisis, commentators write.
In Eurozone crisis: Roundup of official information (OJEU), 19 May 2010, we searched for the eurozone rescue decisions published in the Official Journal of the European Union (OJEU) by today.
Only the ?60 billion European financial stabilisation mechanism and two supporting decisions by the European Central Bank had been published in OJEU, leaving question marks with regard to openness (transparency), closeness, democracy and the rule of law.
Gideon Rachman of the Financial Times just has proclaimed “The Death of the European Dream” and Dominique Mosi of the Harvard University calls us “Europe’s Doubting Generation“, and they are both kind of wrong.
The challenges facing the Greek economy and the ensuing intervention from the International Monetary Fund (IMF) to help withstand further damages from the fall-out look familiar to many African bloggers. During previous crisis, the IMF was involved in proposing structural adjustments to struggling African economies, with various outcomes.
Reactions from African bloggers range from cautionary tales from past experiences to lessons that ought to be learned for their own regions.
After John Major, few believed that a Labour government would prove the most effective mechanism for continuing neoliberalism, but it did. After Tony Blair, not all expected that Gordon Brown would prove the most inflexible defender of neoliberal doctrine, but he did. After Gordon Brown, few expect perhaps that a Liberal/Conservative coalition will prove the best mechanism for appropriating ? from the right – the few policies still recognisable as signs of ‘the left’ within Britain’s mainstream political spectrum. But there is already evidence this will happen: the coalition’s raising of the personal tax allowance is one such sign.
The euro fell below 1.24 dollars on Friday for the first time in 18 months, putting a strain on global financial markets. The press writes that Europe’s currency is becoming less dependable as it loses in value, but cautions at the same time against excessive concern.
We have seen that the heads of state or government of the euro area and the Economic and Financial Affairs Council (ECOFIN) have outlined or decided on exceptional measures to defend the economic and monetary union (EMU), with new steps to be discussed when the Euro Group meets later today and the ECOFIN Council tomorrow, 18 May 2010.
It may feel like ancient history, but the EU decisions on the Greek rescue package are only a week old. What do we find, if we want to know more about our collective liabilities?
We look at the latest concrete instance.
It is like watching a whole new ball game, with rules only a few people know. There are different teams in play at different moments, or relegated to the sidelines: the governments of the EU member states individually or as a whole, the heads of state or government of the eurozone, the Euro Group, the Council of the European Union (Economic and Financial Affairs, ECOFIN), the European Commission, the European Parliament (EP), the European Central Bank (ECB) and the International Monetary Fund (IMF).
from ORGANIZED RAGE by Mick Hall
David Lammy was the Minister for Higher Education and Intellectual Property in the recent Labour government. He is a contributor to OurKingdom and sent us this, his immediate assessment of how Labour should respond to its defeat. While it is addressed to Labour members and is already up on his website it is a significant response of wider public interest. It opens what we hope will be a wide-ranging coverage of the future of Labour in opposition as the next generation prepares to take its helm.