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☆ Dutch shock points to tremors in Europe’s core
▼ + stars: | 2023-11-23 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

Dutch far-right politician and leader of the PVV party, Geert Wilders speaks to the press following the exit poll and early results in the Dutch parliamentary elections, in The Hague, Netherlands November 22, 2023. The results add to the sense that Europe’s core is starting to rot. Even if Wilders drops his most radical ideas, mainstream conservatives, who won 24 seats, may have reservations about supporting his cause. The Dutch results, combined with German political turmoil, likely put paid to hopes of a deal on Europe’s fiscal rules by year-end. Europe’s core, the bloc’s lynchpin during the euro zone crisis, is now a shaky foundation.

Persons: Geert Wilders, Yves Herman, Mark Rutte, Wilders, won’t, Giorgia Meloni, ’, Rutte, Neil Unmack, Streisand Neto Organizations: REUTERS, Rights, Reuters, EU, Party, Freedom Party, Labour, Italian, Green, People’s Party for Freedom and Democracy, Thomson Locations: The Hague, Netherlands, Rights BRUSSELS, Wednesday’s, Hague, Europe, Ukraine, Israel, France, Germany, Dutch, Belgium

☆ EU’s best way to close its US growth gap: growth
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, Oct 26 (Reuters Breakingviews) - The European Union would have a better chance of catching the U.S. if it aimed for growth, instead of rearranging the regulatory deck chairs. Lowering political barriers in the 27-country single market could boost investment without breaking the bank on subsidies, Jean-François van Boxmeer told Breakingviews, citing a new European Round Table for Industry report. In the telecommunications sector, the European Commission has kept four providers in most of the EU’s markets, and screens out Chinese equipment-makers over security concerns. The European Commission reckons completing the single market by 2030 would hike EU GDP by 12%, or 713 billion euros. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: François van Boxmeer, Breakingviews, van Boxmeer, Jacob Wallenberg, Rebecca Christie, George Hay, Streisand Neto Organizations: Reuters, European, Vodafone, Reuters Graphics Business, EU, European Commission, Investor, X, News Corp, Thomson Locations: BRUSSELS

☆ Europe-Musk spat carries risks for both sides
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsBRUSSELS, Oct 13 (Reuters Breakingviews) - The European Commission has made social-media site X, formerly known as Twitter, the test case for its fight against disinformation. The Commission on Oct. 12 sent a formal request to X, owned by Elon Musk, for information about possible illegal content and disinformation. X pushed back, with Musk exchanging combative posts with Breton on the website. While the process drags on, any problematic posts can just keep proliferating on X and other sites. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Elon Musk, Porte, Gonzalo Fuentes, Thierry Breton, X, Breton, Rebecca Christie, Liam Proud, Streisand Neto Organizations: SpaceX, Tesla, Viva Technology, Porte de, REUTERS, Rights, Reuters, European Commission, Twitter, Elon, Digital Services, DSA, Big Tech, X, Infosys, Ericsson, Thomson Locations: Paris, France, Rights BRUSSELS, Israel, Breton, Europe, Brussels

☆ Next EU chief will need cash more than trade wars
▼ + stars: | 2023-10-10 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

What she sidestepped was how to find more cash and convince member states to pay up. Von der Leyen, or her successor, will have to figure out how to pay for enlargement. Von der Leyen tapped into trade frustrations with her pledge to investigate and possibly punish Chinese subsidies for car and battery makers. During her first term, von der Leyen succeeded in connecting the EU with bond investors via the 800 billion euro NextGenerationEU borrowing programme. A second term will require even more finesse to convince EU member states to raise money not just from markets, but from themselves.

Persons: Ursula von der, European Union won’t, der, von der Leyen’s, Greens –, der Leyen, Emmanuel Macron, Thierry Breton, Norway’s Jens Stoltenberg, Von der, Carlo Bastasin, Von der Leyen, von der Leyen, sceptics, Ursula von der Leyen, Charles Michel’s, Jens Stoltenberg’s, Francesco Guerrera, Streisand Neto, Thomas Shum Organizations: Reuters, European Union, Bank, EU, European Commission, Socialists, Greens, NATO, Reuters Graphics Reuters, Brookings, handouts, Organisation for Economic Co, Transport, Environment, Thomson Locations: BRUSSELS, Ukraine, Moldova, Western, Brussels, Germany, Bosnia, Herzegovina, Montenegro, Serbia, Albania, North Macedonia, Kosovo, Turkey, Georgia, Spain, Poland, United States, China, Ireland, Netherlands, EU, EU’s, Hungary

☆ EU regulators have tech giants in their sights: podcast
▼ + stars: | 2023-09-26 | by ( Rebecca Christie | ) www.reuters.com time to read: 1 min

BRUSSELS, Sept 26 (Reuters Breakingviews) - Brussels is taking on the likes of Amazon and Apple with a slew of new rules aimed at curbing market dominance and taking back control over data. Former EU Commission economist Bertin Martens explains to The Exchange podcast how the industry giants could be forced to open up. Listen to the podcastFollow @rebeccawire on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Bertin Martens, Oliver Taslic Organizations: Reuters, Former EU, Exchange, Thomson Locations: BRUSSELS, Brussels

☆ New boss will be EIB’s chance to stay relevant
▼ + stars: | 2023-09-07 | by ( Rebecca Christie | ) www.reuters.com time to read: +5 min

Flags are seen behind the logo of the European Investment Bank in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal Acquire Licensing RightsBRUSSELS, Sept 7 (Reuters Breakingviews) - The European Investment Bank has a chance to remake itself when it gains a new leader next year. The EIB has been making infrastructure loans since 1958, and now channels some 65 billion euros in annual financing to the economy. To do that, the next EIB chief will need to let the bank shoulder more risk, as suggested by Vestager on Thursday. By comparison, the World Bank has $240 billion loans outstanding.

Persons: Eric Vidal, Werner Hoyer, Nadia Calviño, Denmark’s Margrethe Vestager, Daniele Franco, Teresa Czerwińska, Thomas Östros, Vestager, Margrethe Vestager, Spain’s Nadia Calviño, Poland’s Teresa Czerwińska, Italy’s Daniele Franco, Sweden’s Thomas Östros, Denmark’s Vestager, Neil Unmack, Streisand Neto Organizations: European Investment Bank, Reuters, Rights, Spanish, World Bank, AAA, European Union, Financial Times, European Investment, Union, Thomson Locations: Luxembourg, Rights BRUSSELS, Italian, Europe, Ukraine, France, Spain

☆ Feel-good war on short flights misses the mark
▼ + stars: | 2023-09-04 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

REUTERS/Bryan Woolston Acquire Licensing RightsBRUSSELS, Sept 4 (Reuters Breakingviews) - Short flights within Europe are frequent flyers on wish lists of things to ban. But not all short flights are alike, and banning commercial hops makes less sense than targeting private jets. Limiting private jet travel would make a bigger difference, with fewer broad-based disruptions. Reuters GraphicsFollow @rebeccawire on XCONTEXT NEWSCountries such as France, Spain, Belgium and Germany have enacted or are considering measures to reduce or ban short flights. More than half of 2022 private jet travel was for distances of less than 750 km.

Persons: Bryan Woolston, Marjan, Davy, Stephen Furlong, George Hay, Oliver Taslic Organizations: Airbus, LaGuardia, REUTERS, Bryan Woolston Acquire, Rights, Reuters, Greenpeace, International Energy Agency, KLM, Institute for Policy Studies, Air, Brussels Airlines, European Commission . Aviation, Thomson Locations: New York City , New York, U.S, Rights BRUSSELS, Europe, Germany, Spain, France, Africa, Belgium

☆ World Bank’s green overhaul is slowly taking shape
▼ + stars: | 2023-08-21 | by ( Rebecca Christie | ) www.reuters.com time to read: +7 min

BRUSSELS, Aug 21 (Reuters Breakingviews) - To step up the fight against climate change, World Bank President Ajay Banga wants to overhaul the lender’s balance sheet without overturning its credit rating. Earlier this year, the World Bank pledged $50 billion over 10 years via changes to how it manages its equity to loan ratio. Such backing has been used before, for example by the UK to fund $1 billion of World Bank projects in India. The central banks would hold those bonds as liquid reserves, while the World Bank could use the SDRs for financing its operations. All of these options are more complicated than if the World Bank’s shareholders simply increased its paid-in capital outright.

Persons: Ajay Banga, Janet Yellen, Lawrence Summers, N.K, Singh, Joe Biden, Yellen, ”, Guarantors, Brad Setser, Stephen Paduano, George Hay, Francesco Guerrera, Streisand Neto Organizations: Reuters, World, Treasury, World Bank, Reuters Graphics, Mastercard, Citigroup, AAA, U.S, Bank, London School of Economics, International Monetary Fund, European Union, U.S ., Thomson Locations: BRUSSELS, U.S, Asia, Banga, India, Japan, China, European, Marrakech, Singh

☆ EU members’ China cuddling weakens Brussels’ hand
▼ + stars: | 2023-08-16 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

Security concerns clash with supply-chain needs and national export ambitions, while state-aid spats gum up the works. European Commission President Ursula von der Leyen will struggle to find a way forward. Von der Leyen on July 31 criticised Beijing for its geopolitical stances, but she needs to keep trade flowing. But Washington’s subsidy-heavy Inflation Reduction Act may also drive the EU closer to China because of its protectionist bent. Von der Leyen’s challenge will be to avoid a trade war or subsidies race while also being mindful of security threats.

Persons: Ursula von der Leyen, Von der Leyen, François, Germany’s, Von der, China’s, Francesco Guerrera, Oliver Taslic Organizations: Reuters, European, Eurostat, Reuters Graphics, Mercator Institute for China Studies, Volkswagen, BASF, Thomson Locations: BRUSSELS, China, European Union, Beijing, Europe, “, U.S, Brussels, France, Philippines, Germany, EU

☆ EU claims win in Illumina battle, may yet lose war
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

The $30 billion genetic test maker faces a record European Union fine of 432 million euros ($476 million) for closing the $8 billion deal in 2021, ahead of regulatory approval. Absent the fact that it would have breached its own 10% of revenues cap for fines, the EU would have charged Illumina 570 million euros, according to an EU official. Even so, while the transatlantic merger saga has already seen the departure of Illumina’s chief executive and chairman, Brussels may yet win the battle and lose the war. Separately, Illumina has launched proceedings over whether the EU has the jurisdiction to opine – if it wins, then its new fine could get overturned. With U.S. courts ruling in favour of Microsoft (MSFT.O) over its Activision Blizzard (ATVI.O) deal, the Illumina saga may yet have further twists.

Persons: shouldn’t, Illumina, Rebecca Christie, George Hay, Oliver Taslic Organizations: Reuters, European, EU, U.S, Microsoft, Activision, Twitter, Thomson Locations: BRUSSELS, Brussels, China

☆ Watchdog with teeth can help EU hunt unicorns
▼ + stars: | 2023-07-11 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

Yet the EU today is a long way from uniting its capital markets. By comparison, the United States has seven exchange groups, three listings exchanges and 16 trading exchanges, along with one clearing house and one depository. Bringing capital markets together through better regulation, as well as better market incentives, could keep the next generation of unicorns home. Follow @rebeccawire on TwitterCONTEXT NEWSEuropean Union leaders called for the EU to improve capital markets as part of a push for competitiveness at summits in March and June. Capital markets union is an EU endeavour launched in 2014 as a long-term project to boost investment across borders.

Persons: –, Austria’s i5invest, Backes, Magdalena Rzeczkowska, Nadia Calviño, ESMA, ” Calviño, won’t, centralisation, Francesco Guerrera, Oliver Taslic Organizations: Reuters, EU, ABC Fitness Solutions, Reuters Graphics Reuters, Canada, Berlin Brands Group, European Securities and Markets Authority, European, Central, Union, European Commission, Capital, Thomson Locations: BRUSSELS, Europe, China, Ukraine, Arkansas, London, Switzerland, United States, IPOs, Belgian, U.S, Paris, spillovers, Luxembourg, Poland, Brussels, EU, wean

☆ US threat gives ASML new headache on China exports
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, June 30 (Reuters Breakingviews) - ASML (ASML.AS) now has to look to Washington, not its home government in The Hague, to determine which of its top-class chip-making machines it can still sell to Chinese companies. The Dutch government on Friday moved to restrict sales by the $294 billion semiconductor giant of EUV and certain types of its DUV lithography machines. That gives Biden reach over not only Dutch firms but also suppliers like Germany’s Trumpf and Zeiss, which make lasers and lenses respectively. ASML said Friday's Dutch announcement won’t have a material impact on its bottom line. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Joe Biden, Biden, ASML, Rebecca Christie, ’, crouch, George Hay, Pranav Kiran Organizations: Reuters, China’s, HK, Zeiss, Union, Twitter, Thomson Locations: BRUSSELS, Washington, The Hague, U.S, Netherlands, Japan, Brussels

☆ EU’s digital euro plan reflects defensive crouch
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

A digital euro, he argues, is essential so that the EU does not fall “behind the curve” in global payments, private-label digital currencies and electronic versions of central bank money. Under the proposal, the European Central Bank would have control over who can use the digital euro, how it will be used internationally, and how much people can hold at one time. At the same time, the plan calls for a digital European currency to have an international role, part of efforts to shore up the euro as a global reserve currency. The EU plan calls for the digital euro to be accepted as legal tender almost everywhere, at no cost to ordinary consumers. If there is going to be a digital euro, Europe’s governments and institutions are clear that they, not the private sector, will be in charge.

Persons: Valdis Dombrovskis, Rebecca Christie, Eli Lilly, Aston Martin, George Hay, Oliver Taslic Organizations: Reuters, European Central Bank, U.S . Federal Reserve, Bank of England, EU, ECB, Twitter, Thomson Locations: BRUSSELS

☆ ECB’s crisis tool works best if it’s never used
▼ + stars: | 2023-05-30 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

BRUSSELS, May 30 (Reuters Breakingviews) - In the euro zone bond market, unlimited backstops are the cheapest. The European Central Bank has been trumpeting its ability to buy member states’ debt if it comes under attack from investors. The danger here is that too much divergence would lead the euro zone to fracture, creating a powder keg for crisis. The central bank has been deliberately quiet about exactly when and how it might activate the crisis tool, except to say it will be ready if necessary. They have noted that the euro zone central bank has a new instrument to combat any sharp increase in the differential between yields of euro zone government bonds.

Persons: Christine Lagarde, –, Lagarde, Fabio Panetta, hasn’t, there’s, Nils Redeker, Berlin’s Jacques Delors, Philip Lane, Francesco Guerrera, Oliver Taslic Organizations: Reuters, European Central Bank, ECB, Italy, Reuters Graphics Reuters, ECB won’t, Reuters Graphics, U.S . Federal, Silicon Valley Bank, Signature Bank, ”, European Union, Twitter, Thomson Locations: BRUSSELS, Frankfurt, Italy, Spain, Greece, Lithuania, Silicon, EU, Ukraine

☆ EU debt’s credibility problem is worsening
▼ + stars: | 2023-05-09 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

BRUSSELS, May 9 (Reuters Breakingviews) - The European Union’s debt credibility is suffering from rising doubts, as well as rising rates. Relative to initial projections, EU borrowing costs are on course to go up by tens of billions of euros. Even so, as of Tuesday, two-year EU bonds were yielding 3.02% compared to 2.79% for France and 2.94% for Spain , with five-year EU bonds at 2.87% against 2.63% for France . EU debt trades as a supranational institution, not a country. Financially, the EU general budget will be able to manage the increase in debt costs using existing measures.

☆ Stubborn Germans leave EU budget reform in a fix
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, April 27 (Reuters Breakingviews) - The European Commission’s efforts to appease fiscal hardliners have not yet opened doors for a badly needed reform of the bloc’s fiscal rules. Specifically, Germany does not like a proposal to allow the Commission new flexibility to negotiate budget targets with European Union countries. Although current debt rules have never been enforced – because required cuts would be too punitive to work – Berlin likes their semblance of objectivity. But in the absence of a new system, it will have to go through the motions for 2024, and possibly beyond. Even though that’s less stringent than the current system, France already says it’s too rigid, and Italy wants more exceptions for green investment.

☆ Rome foot-dragging can help EU kick bad aid habits
▼ + stars: | 2023-04-18 | by ( Rebecca Christie | ) www.reuters.com time to read: +7 min

Italian Prime Minister Giorgia Meloni is trying to pry out 19 billion euros in EU pandemic aid. Economic conditions have changed a lot since it launched its 800 billion euro pandemic recovery plan in 2020. With 191.5 billion euros requested in grants and loans, it is in line to receive more EU pandemic aid money than any of its peers, and 67 billion euros has already changed hands. EU member states approved public borrowing of about 800 billion euros to fund the aid programme. Total commitments come to only about 508 billion euros, according to a dataset maintained by the Brussels-based Bruegel think tank.

☆ New EU debt rules have way to avoid past mistakes
▼ + stars: | 2023-04-04 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

BRUSSELS, April 4 (Reuters Breakingviews) - The European Union’s new set of fiscal rules need to answer two simple questions: will they help the bloc’s economy grow? The fiscal rules are at the crossroads of the EU’s monetary union and budgetary sovereignty. Past rounds of budget rules have carried the threat of top-level sanctions but the enforcers could not follow through. EU countries need to encourage scale-up financing and allow more cross-border cooperation. New rules need to put the future ahead of philosophy to have a chance to work.

☆ EU single market remains short of a single patent
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

While it’s good the EU is moving forward, a single patent can’t fulfill its promise without full participation. The European Patent Office holds fifth place. Billions of euros remain out of reach because the EU is strong on research but weak in finding market success. Seeking an EU patent via separate applications across Europe costs about 20,000 euros, compared to an estimated 6,000 euros under the new system. For Europe to be more than the world’s technology incubator, its single market needs more tools that are fully subscribed.

☆ Tui’s pandemic payback sets path for takeoff
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, March 24 (Reuters Breakingviews) - Tui’s (TUI1n.DE) 1.8 billion euro capital raise releases it from government clutches and sets it up for brighter skies. The travel operator said on Friday it plans to issue new stock to raise 1.8 billion euros, at the high end of the 1.6 billion to 1.8 billion euros flagged in December by Chief Financial Officer Mathias Kiep. Like many travel companies Tui required funds to keep it afloat during the pandemic when holidays were cancelled and flights were grounded. The 2.7 billion euro company received a staggering 4.3 billion euros of German state aid during the Covid-19 outbreak and is repaying much of the remaining 2.6 billion euros of debt with its fresh funds. Tui’s revenue is expected to soar by over 17% this year to top 19 billion euros, according to Refinitiv estimates.

☆ EU and US green arms race misses bigger picture
▼ + stars: | 2023-03-16 | by ( Rebecca Christie | ) www.reuters.com time to read: +6 min

BRUSSELS, March 16 (Reuters Breakingviews) - The European Union’s pushback on aggressive U.S. green production incentives is taking shape. In pushing back against Washington’s green industrial aid, Europe has a case for deploying trade and state-aid means in the short term to support its green industries. An expensive green arms race with its allies would be the wrong road to go down. The European Union on March 9 announced that it would loosen state aid rules up until 2025 to give member states more scope on green technology subsidies. Other responses to the 2022 U.S. Inflation Reduction Act, which includes $369 billion in green technology subsidies, are in the works.

☆ World Bank pick Ajay Banga comes with green finance cred
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

U.S. President Joe Biden on Thursday nominated Ajay Banga to be the World Bank’s next president, replacing David Malpass, who announced last week he would step down a year ahead of schedule. It’s a strong signal that the United States wants to help developing countries switch to greener forms of energy. Both Banga and Malpass spent time at big banks, but that’s where the similarities end. As the World Bank’s biggest donor, the United States has traditionally installed government careerists who used the post to promote Cold War-era priorities. By choosing a banker who cares about the planet, Washington is signalling that green finance is a political priority.

☆ U.S. World Bank pick comes with green finance cred
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

☆ Rolling EU debt would boost investment and markets
▼ + stars: | 2023-02-21 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

From 2009 to 2019, the EU sold just 78 billion euros’ worth of debt into global capital markets. As of January 2023, outstanding issuance stood at 344 billion euros, including more than 275 billion euros sold since 2020. EU debt is in the hands of more than 1,000 investors from more than 70 different countries, according to the bloc’s investor relations team. Contrary to what proponents of Teutonic austerity claim, more EU debt would be safer EU debt. EU debt is rated AAA by Moody’s, Fitch, Scope and DBRS.

☆ Hydrogen is elemental to U.S.-EU green compromise
▼ + stars: | 2023-02-10 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

BRUSSELS, Feb 10 (Reuters Breakingviews) - Heated trade tensions could cool if the United States and the European Union make concessions on hydrogen. Right now, 99% of the near 100 million tonnes of annual commercial hydrogen output comes from old-fashioned fossil fuel energy sources. By 2030, the International Energy Agency envisages over 175 million tonnes of global production, with 35% coming from green hydrogen. Both Europe and the United States understand the role green hydrogen can play in decarbonising tricky areas like heavy industry and steelmaking. Yet Europe needs to import the same amount again as the 10 million tonnes it aims to produce domestically by 2030.

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