Week of July 17thPosted: July 18, 2010
Here is a summary of the European news this week:
We start with a look at the economy:
- In Greece, even if the possibility of a default in the short term is not completely ruled out [*], the crisis is settled down [*] and the Greek finances underwent exemplary reforms [*]. While enjoying their frappé, the Greeks can congratulate themselves of the successful emission, this week, of short term treasury bonds that brought 3.6 billions euros [*,*,*]. Greece is getting ready to emit other bonds for the amount of 1.5 billion euros [*].
- Spain is also reassuring with the sell of 15-years bonds that met a great demand [*].
- Portugal is facing more difficulties: the notation Agency Moody’s downgraded its national debt by two steps [*,*,*]
- The results of the European bank stress tests will be made public next week [*]. Those results are waited to better know the abilities of banks to survive a financial crisis [*]. No bad news are expected [*] in particular, the German Banks are said to pass the test without any problem [*].
- The finance minister are looking for an agreement on new financial supervision authorities at the European level [*], if a compromise on the physical location of the agencies has been reached [*], a lot of details are still undecided and negotiations will continue in the coming months [*,*,*]
- The European currency had a good week, with a continuous progression that lead it briefly to $1.30 on Friday [*]. Mixed news (even bad news) in the US allowed the Euro to climb in the past weeks [*,*]. However, the accumulation of bad indicators caused a slight pull back of the Euro at the end of the week.
- China continues to support the Euro by investing in the European monetary zone [*].
- And Estonia get the final green light – the one from the finance ministers council – for its joining the Euro. Estonian will use the euro starting January 1st, 2011.[*,*,*]
In the domain of science en technology:
- The ITER project, in need for cash, will have to complete its budget from already existing credits [*,*]
- The European C omission is about to let the member states regulate by themselves the culture of GM crops on their territory. The proposition would allow member states to refuse GM crops more easily, whereas the Commission would approve them a priori. This proposal is very disappointing for those opposing to GM crops, and also for those in favor of a EU wide regulation. [*,*,*,*]
- Europe want to get lessons out from the oil spill in the Gulf of Mexico and protect European shores from such a scenario [*,*]
In the rest of the European news :
- The new Czech government is mildly euro skeptic and also 100% male [*]
- Europe wishes to allow foreign seasonal workers to come back on a regular basis in Europe to work.[*]
- The EU Belgian presidency wants to reinforce the social aspects in the Lisbon treaty [*]
- Voices are heard in Europe to push the CO2 emission reduction goal to 30% (instead of 20% now) [*,*] while some member states are having a hard time meeting their target [*].
- The mad cow disease is now just a bad (but still vivid) memory [*]
- The Euro Pride, European gay pride march was held Saturday in Poland [*]
- Finally, the European Parliament is leaving on summer recess until the beginning of September [*,*]