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Search resuls for: "Jan Strupczewski"


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Euro zone to move on bailout fund reform amid COVID worries
  + stars: | 2020-11-26 | by ( Jan Strupczewski | ) www.reuters.com + 0.00   time to read: +3 min
“The aim is to finally reach an agreement on the ESM treaty reform and the early introduction of the backstop to the Single Resolution Fund,” a senior euro zone official taking part in the preparations for the meeting said. They would also allow the ESM to lend to the euro zone’s bank resolution fund to wind down failing banks if, in a major banking crisis, the fund runs out of its own money. Suddenly everyone is conscious that the next financial/banking troubles might not be such a distant prospect and so we need to be prepared to face it,” one euro zone official said. “... there is a huge amount of technical work still to be completed (on EDIS),” the senior euro zone official said, noting differences in national rules on deposit insurance. If there is agreement on Monday on the ESM treaty revision, euro zone governments would sign it in January and national parliaments would ratify it in 2021 so that it enters into force before the end of 2021.
Persons: Francois Lenoir, Organizations: EU, REUTERS, European Central Bank, Insurance Locations: BRUSSELS, Brussels, Belgium, Europe,
G20 to discuss post-pandemic world, back debt relief
  + stars: | 2020-11-21 | by ( Jan Strupczewski | ) www.reuters.com + 0.00   time to read: +4 min
"Family Photo" for annual G20 Summit World Leaders is projected onto Salwa Palace in At-Turaif, one of Saudi Arabia?s UNESCO World Heritage sites, in Diriyah, Saudi Arabia, November 20, 2020. Debt relief for Africa will be a main theme of the Italian presidency of the G20 in 2021. The change of U.S. leadership also raises hopes of a more concerted effort at G20 level to fight climate change. Under Trump, the United States pulled out of the Paris Agreement on fighting climate change, but the decision is likely to be reversed by President-elect Joe Biden. To help finance the fight again climate change the EU will push for the G20 to agree common global standards on what constitutes “green” investment.
Persons: , Charles Michel, Antonio Guterres, ” Michel, Donald Trump, Joe Biden, , Ursula von der Leyen Organizations: Heritage, REUTERS, European, International Monetary Fund, United Nations, Reuters, World Trade Organisation, European Union, Trump, Paris Agreement, EU Locations: BRUSSELS, Saudi Arabia, Diriyah, pandemics, Africa, Japan, China, South Korea, South Africa, United States, Paris, U.S
FILE PHOTO: European Union flags flutter outside the European Commission headquarters ahead of an EU leaders summit at the European Council headquarters, in Brussels, Belgium July 16, 2020. But Warsaw and Budapest have refused to back the financial plan for the whole EU, even though they are beneficiaries, because the money is conditional on respecting the rule of law. The European Parliament said in a statement it would not accept any dilution of a rule-of-law condition that had already been watered down from its original demands. The financial package is made of a 1.1 trillion euro 2021-2027 EU budget and the 750-billion-euro recovery fund. Neither can be offered without the unanimous support of all EU governments and the European Parliament.
Persons: Yves Herman The, , , Gergely Gulyas Organizations: Union, European, REUTERS Locations: BRUSSELS, Poland, Hungary, Brussels, Belgium, Warsaw, Budapest, Netherlands, , Hungarian, Paris, EU
FILE PHOTO: European Union flags flutter outside the European Commission headquarters ahead of an EU leaders summit at the European Council headquarters, in Brussels, Belgium July 16, 2020. “There is consensus on the EU budget, but not on the rule-of-law mechanism,” German Chancellor Angela Merkel told a news conference after the meeting. RULE OF LAW ROWCritics of Poland and Hungary were equally determined. The financial package is made of a 1.1 trillion euro 2021-2027 EU budget and the 750-billion-euro recovery fund. They would also face problems setting up the joint EU borrowing mechanism that is the whole point of the current recovery fund, backed by the joint EU budget and new EU taxes that would pay it back.
Persons: Yves Herman The, Angela Merkel, Gergely Gulyas Organizations: Union, European, REUTERS Locations: BRUSSELS, Poland, Hungary, Brussels, Belgium, Warsaw, Budapest, Netherlands, , Hungarian, Paris, EU
Budapest and Warsaw on Monday vetoed the adoption of the 1.1 trillion euro 2021-2027 EU budget and the 750 billion recovery fund because the budget law included a clause which makes access to money conditional on respecting the rule of law. Because both the budget and the recovery fund require unanimous support of all of the EU’s 27 countries, without the consent of Poland and Hungary no EU country will get any budget or recovery money in the coming years, including Poland and Hungary themselves, who are both net beneficiaries of EU funds. If the link is introduced, both countries risk losing access to tens of billions of euros in EU funds. But a large group of countries led by the Netherlands as well as the European Parliament want an even stronger link and refuse not approve the budget without it. “We are awaiting new proposals that will be coherent with EU treaties and secondly, will be in line with the conclusions of the European Council (decisions) from July, when the EU budget was agreed,” Polish government spokesman Piotr Muller told state radio.
Persons: Heiko Maas, Rafael Grossi, Michael Sohn, , , Clement Beaune, Michael Roth, ” Roth, Piotr Muller Organizations: European Union, International Atomic Energy Agency, REUTERS, Union, EU, Monday, European Council Locations: BRUSSELS, Poland, Hungary, Berlin, Germany, France, Europe, Budapest, Warsaw, Netherlands
EU confident of solving blockage of budget and recovery fund
  + stars: | 2020-11-17 | by ( Jan Strupczewski | ) www.reuters.com + 0.00   time to read: +3 min
Michael Sohn/Pool via REUTERSBudapest and Warsaw vetoed the adoption of the 1.1 trillion euro 2021-2027 EU budget and the 750 billion euro recovery fund on Monday because the budget law included a clause which makes access to money conditional on respecting the rule of law. If the link is introduced, they risk losing access to tens of billions of euros in EU funds. Poland is to get at least some 133 billion euros from the EU under the budget and recovery plans and Hungary around 41 billion euros, one of the highest per capita cash inflows in the 27-member EU. They have a strong hand, because the budget and the recovery fund require unanimous support. Without it, no EU country will receive any EU money in coming years, including Poland and Hungary themselves, who are large net beneficiaries of EU funds.
Persons: Heiko Maas, Rafael Grossi, Michael Sohn, , , Frances Europe, Clement Beaune, , Viktor Orban, Poland’s, Jaroslaw Kaczynski, Orban Organizations: International Atomic Energy Agency, REUTERS, Union, EU Locations: BRUSSELS, Poland, Berlin, Germany, REUTERS Budapest, Warsaw, Budapest, Hungary, Netherlands, Hungarian
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