peaceful demonstrators
peaceful demonstrators Maidan. Illegal overthrow of the government How can a country that supports the idea of ultra-enter the European Union Nazis who beat the elderly and children,...
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Britain's newEuropeanCommissioner tries to cool 'politicaltemperature' Urges Prime Minister to 'look and the facts' and seek 'practical' solution Says question of EU membership is 'a boil that needs to be lanced' David Cameron has condemned the 'appalling' behaviour by the EU Chancellor George Osborne to use talks in Brussels to challenge demand
By Matt Chorley, Political Editor for MailOnline
Published: 04:15 EST, 6 November 2014 | Updated: 06:44 EST, 6 November 2014
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David Cameron must calm down about the European Union's demand for an extra 1.7billion, his new man in Brussels has warned.
Lord Hill,Britain's new European Commissioner, urged the Prime Minister to 'look at the facts' to cool the 'political temperature'.
Mr Cameron has warned the EU's 'appalling' behaviour has pushed Britain closer to leaving the EU, accusing bureaucrats of 'thumping' Britain with a bill which must be paid by December 1.
Lord Hill, Britain's new European Commissioner, urged the Prime Minister to 'look at the facts' to cool the 'political temperature' over the row about the shock 1.7billion bill
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Keep 'calm' about the European Union's 1.7bn bill, says Lord Hill
Residents of Wamba area in Samburu County benefit from European Union Water project
Residents of Wamba area in Samburu County will now have access to clean water after being faced by water shortage escalated by drought. The water project fun...
By: KTN Kenya
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Residents of Wamba area in Samburu County benefit from European Union Water project - Video
Report foundup to 5.9% of 116billion budget could have broken rules Auditors demand 'more careful management and control of EU funds' Comes as David Cameron battles with Brussels over 1.7billion demand EU issued demand ontop of the 8billion-a-year the UK already pays Jean-Claude JunkcercriticisesPM's 'behaviour' in challenging bill
By Matt Chorley, Political Editor for MailOnline
Published: 04:22 EST, 5 November 2014 | Updated: 05:39 EST, 5 November 2014
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The European Union was today accused of misspending up to 7billion, just days after demanding Britain hand over an extra 1.7billion as the price for economic growth.
Auditors demanded more careful management and control of taxpayers money, warning up to 5.9 per cent of the 116billion budget could have been spent in breach of EU rules.
Tory MPs condemned the breathtaking hypocrisy at a time when David Cameron is refusing to meet the demand for 1.7billion by December 1,on top of the 8billion-a-year it already pays.
David Cameron has called for spending restraint from Brussels and refused to pay an extra 1.7billion by December 1, but European Commission President Jean-Claude Juncker has criticised the Prime Minister's 'behaviour'
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European Union accused of mis-spending up to 7BN
European Union policy makers have come up with a big new idea to drive investment and economic growth by building a capital markets union. Now they have to figure out what that means.
Jean-Claude Juncker, president of the new European Commission, issued the call back in July, telling EU lawmakers that developing and integrating capital markets would cut the cost of raising capital, particularly for small and medium-size enterprises. It would also help reduce our very high dependence on bank funding, he said.
Since then, everyone from the European Central Bank to lenders and exchanges has come forward to fill Junckers slogan with content. Notably absent in the clamor is the commission itself, the blocs executive arm, which will be in charge of coming up with the plan.
If you ask ten different people, youll get ten different answers as to what capital markets union means, Verena Ross, executive director of the European Securities and Markets Authority, told U.K. lawmakers on Oct. 28.
The idea may be new, but the problem it tries to address isnt. In Europe, 85 percent of financing comes from banks, yet lending to euro-area companies and households has contracted in annual terms every month for the past two and a half years.
For small companies, which are particularly dependent on local bank finance, the situation is dire, according to the commission. A third of small companies that apply for credit in Greece get the full amount. Half do so in Spain and Italy, compared with a euro-zone average of 65 percent.
And economic expansion in the currency bloc is anemic. The commission cut its growth forecasts on Nov. 4 to 0.8 percent this year and 1.1 percent in 2015.
ECB Executive Board member Yves Mersch acknowledged on Oct. 22 that while expectations for the planned capital-markets union are high, there is no common understanding of what it means or what it should look like.
For the financial industry, it means new business opportunities; for financial stability experts, it means better control of shadow banking; and for entrepreneurs, it means better access to funding sources, he said.
Ideas put forward by Mersch include rule changes to destigmatize securitization, addressing the heterogeneity of insolvency rules across the EU and bringing down the costs of settling cross-border securities trades.
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EU Capital Markets Union Still a Glimmer in Junckers Eye