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Eurozone on borrowed time - EUbusiness Week newsletter 539


15-07-2011

EUbusiness Week 539 top stories: Pressure rises on Germany in eurozone debt crisis; China accounts for 85% of fake goods seized in EU; Save the fish and feed the people: Fisheries Commissioner; WikiLeaks sends complaint against Visa, MasterCard to EU; Danish border controls break Schengen law: experts; Romania faces harsh criticism for poor use of EU funds

This Week's Top Stories

1. Pressure rises on Germany in eurozone debt crisis
2. China accounts for 85% of fake goods seized in EU
3. Save the fish and feed the people: Fisheries Commissioner
4. WikiLeaks sends complaint against Visa, MasterCard to EU
5. Danish border controls break Schengen law: experts
6. Romania faces harsh criticism for poor use of EU funds

Publisher's Note

European analysts and leaders have made their views about the financial crisis clear this week. Future ECB head Mario Draghi has called for structural reforms, saying the credibility credit given by stronger eurozone countries has now expired. British PM Cameron says eurozone countries must "do more together faster". Forex.com research director Kathleen Brook says huge amounts of debt "will no longer be tolerated".

With talk of a country exiting the eurozone, or even the end of the euro, markets need now to be confident in the ability of Europe's politicians to resolve their problems. EU leaders need to speak with one voice, put differences aside and get ahead of the markets in solving the spreading debt crisis.
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Regards,

Nick Prag
Publisher, EUbusiness

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1. Pressure rises on Germany in eurozone debt crisis

Pressure on Germany to give ground in the Greek debt crisis rose Thursday as the eurozone drama, coupled with a warning of a US debt downgrade, stoked tensions on global markets.
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Italy rushes to reform budget, but borrowing rates jump

2. China accounts for 85% of fake goods seized in EU

European customs intercepted one billion euros' worth of counterfeit goods last year, with 85 per cent of the fakes originating from China, the Commission said on Thursday.
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3. Save the fish and feed the people: Fisheries Commissioner

"Our children will have fish," said Europe's Fisheries Commissioner Maria Damanaki as she launched an ambitious plan to replenish withering fish stocks within four years.
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4. WikiLeaks sends complaint against Visa, MasterCard to EU

WikiLeaks and DataCell, the Icelandic data hosting service provider that handles WikiLeaks' donation collection, has sent a complaint to the Commission against Visa and Mastercard.
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5. Danish border controls break Schengen law: experts

Denmark's decision to deploy permanent customs officers at its borders breaks the EU's Schengen agreement, two Danish law professors said in an opinion piece published on Wednesday.
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6. Romania faces harsh criticism for poor use of EU funds

Romanian officials face harsh criticism for failing to take advantage of billions of euros allocated by the EU to promote the development of this lagging Balkan country.
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EUROPEAN CASE LAW

Cognac: there is no such thing as Finnish cognac, the European Court of Justice rules, barring spirit drink makers in Finland from using the French brandy's name on their bottles.
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EU court reduces fines on rubber cartel
Latest Court of Justice judgements
Official Journal latest issues
EU Law ...

Caselex offers Supreme Court cases linked to Community law from national and European Courts. Free 30 day license for EUbusiness readers - thereafter at a special introductory discount of 20 per cent
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Inside the EU Institutions

Council Watch

Crisis: Eurozone officials are scrambling to resolve divisions over a new bailout for Greece and lay the ground work for a debt crisis summit that may take place as soon as Monday.
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EU defence ambitions stuck in no-man's land
Merkel says Greek deal pre-condition of euro summit
Council ...

Commission Watch

Ratings agencies: Brussels on Monday urged a clampdown on the world's ratings agencies, including a ban on ratings for countries covered by international rescue packages, and possible legal action.
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Brussels 'regrets' new Greek debt downgrade
European officials visit Danish border controls, see none
Commission ...

Euro-Parliament Watch

In committee this week, Fisheries Committee welcomed the Commission's fisheries reform package, but with reservations; and the Civil Liberties Committee backed an agreement with Council to boost the visibility of Frontex, the EU border control agency, by deploying European Border Guard Teams, and to equip it better to monitor respect for fundamental rights.
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EU diary

18-19 Jul, Justice and Home Affairs Council (Informal)
18 Jul, Agriculture and Fisheries Council
18-19 Jul, Foreign Affairs Council
20-21 Jul, Competitiveness Council (informal)
22 Jul, Economic & Financial Affairs Council (budget)
The Week Ahead
Long-term diary

RESOURCES

EU Law Firms
Summaries of EU Legislation
EU Decision-Making
Treaties of the European Union
Key EU Legal Terms

Other news on EUbusiness this week

US at risk from eurozone meltdown: Fed 14-Jul

 

France to reduce tax breaks further 14-Jul

 

Hungary presents new homes to toxic spill families 14-Jul

 

Swiss ban Egyptian seeds, beans over E.coli fears 14-Jul

 

Eurozone official inflation stable at 2.7% in June 14-Jul

 

Turkey warns of crisis with EU over Cyprus 13-Jul

 

EU-Algeria tariff talks break down again 12-Jul

 

Russia lifts ban on Czech and Greek vegetables 11-Jul
EU Alerts

EUbusiness Week no. 804
Tax dodgers under fire
→ EUbusiness Week archive

The Week Ahead no. 371
Digital culture - Solidarity Corps - Alpine Strategy - corporate bond markets - glyphosate petition - ECB bonds buying - online shopping - online TV and radio

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