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"The Union asocial" by B. Della Vedova, S. Mazzocchi (Il Foglio p. 2).

If Europe is to become trade union then let the bankers of Europe, much better

the European Union is founded, in fact, economic cooperation, integration of markets and finding the objective of freedom movement of goods, workers, and then push the capital's strongest progressive "weakening" national borders. For many years, so disparagingly referred to by some as "the Europe of bankers," just the reality of the Single Market has provided links and interdependencies have been the true backbone of the Community and laid the foundations of the Union. The undoubted benefits of market integration has made possible important "Transfer" of sovereignty, such as competition and trade policies on the part of the capital towards Brussels.
Through the Convention, the European Union is now looking uncertain political integration on democratic foundations and liberals, who, at least in a central and strategic area as that of a common foreign policy and defense, remains a chimera. Beyond an overall opinion on the Convention and its results, however, it must be stressed that the very field on which the economy has been less discussed and less action was taken.
Ultimately, the "economic constitution" of the Union, whatever the fate of the bill drafted by the Convention, will remain unchanged. Which, from our point of view, it is a good thing. The pressure to ensure a common economic policy and therefore central not missed, but the picture (confirmed) resulting from the Treaty of Maastricht to Amsterdam and then it was considered appropriate (or impossible to change, which ultimately is the same). Because of this, unlike other, we are not complaining? In a bar you could say that, as ever at this time, the European Union (its citizens, its businesses) in need of economic "good" economic policies rather than "common." What an economic policy managed from Brussels would give more guarantees and benefits compared to more dynamic competition between different solutions is, in our view, a common place. Just as it is a commonplace that it would consider the adoption of the single currency to take "automatically" the complete harmonization of economic decisions.
The need to ensure equal competition among enterprises of different countries and the ability to act without territorial restrictions within the EU accounted for - and are - a precondition of liberalization and open markets, the primary interest of consumers .
rules that Europe has set itself against the euro on budgetary discipline, in addition to those on the operation of the internal market, are, after all, writing a constitution of the bond balance in public finances that was advocated by Einaudi in Italy but that was never guaranteed by our Constitution (Article 81). Which today are the countries that chose to impose this clause (primarily Germany, especially considering the cicadas Italian) to suffer the penalty demonstrates the validity of this rule, not its failure. Some say that the U.S. show more intelligence at this time giving vent to negative deficit spending (military and not only) place that must be demonstrated the benefits of this policy, it should be emphasized that the countries who are traveling in Europe for several years at levels deficit is not so away from the U.S. (France, Germany and Italy) are those with the worst growth performance. Really worth it to bet on an even higher deficit would be better to look elsewhere or not the causes of poor growth and its "remedies"?
The credibility and strength of the euro will depend not only on the effective defense of the Stability Pact, but also by defending the autonomy of the ECB: The draft constitution reiterates that its objective remains the main Devra price stability and not to satisfy not better defined growth targets of EU governments.
We can also hide a certain satisfaction at the failure of the request for a generalized tax harmonization, remain implicit in the principle of unanimity on decisions about the level of rates and other key determinants of fiscal policy. Not only because it would be too easy to imagine an upward harmonization, but why tax competition is just one degree of freedom potentially very beneficial for the European total. The variable tax (taxation levels) are only one factor in competitive countries and responds to citizens' preferences in terms of size of public intervention in the economy. If, in order to strengthen the economy, attract investment and protect the citizens, Denmark and Sweden chose to maintain high public budget focusing on the efficiency of public administration while Ireland has focused on lower taxes, what's wrong? What advantage would derive from one level?
Unfortunately, the Common Agricultural Policy has passed unscathed the gauntlet of the Convention, with its burden of inefficiency and distortion - even before the waste. This is an inconsistency: the Lisbon that Europe has given the grandiose goal of becoming by 2010 the most competitive knowledge-based economy in the world can not give up an imposing protectionist system which assigns to agriculture less instead of half the EU budget, for example, to support research and innovation Technology (policies that probably would benefit from an initiative at EU level too).
Furthermore, greater centralization of economic policy would undoubtedly be done in the name of defending and promoting the "European social model" and the "social market economy" that shows the rope in his crib, that in Germany (and to which both the existing treaties as the draft constitution art. 3 appear to favor). In short, the risk was to see prevail a transposition of the European concerted policy - not to say neocorporatist - that the Italians know well. So instead, everyone will be free, within a framework of common bonds, to pursue development models more oriented market economy without adjectives: the results will be judged by the voters.
A concern is expressed for the full inclusion in the new "European Constitution" of the "Charter of Fundamental Rights" adopted in Nice ridontante of so-called "social rights" that we hope will not become a source of endless controversy in the European Court of Justice.
In conclusion, having kept in the fields of the current rules of the European economy was a wise choice, avoiding the risk to be encoded, in fact, was an upgrade of a new intervention. Which, for those who still believe that today in Europe - despite recurring criticism of neoliberalism raised more than real - that should be confirmed to have "good" economic policies must be "less political and more market, after all, is not a bad result. Benedetto Della Vedova


Stefano Mazzocchi

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Europe fights on transparency (Finanza & Mercati p. 1).

The European Parliament is expressed today on the proposed reform of the Investment Services Directive (ISD), presented last November by the Commission. At stake are the future rules of organized execution of investor transactions by exchanges, other trading systems and investment firms. The new directive, passing the system of concentration of trade on regulated markets in other countries (in Italy, for example), aims to stimulate competition between traditional exchanges and other trading systems. In particular, the concentration exceeded the scheme would open the way for trading of securities carried out by the banks through the internalization of trade (internal matching of orders).

this perspective that, from the stage of gestation of the proposal, alarmed European stock markets: "We are not worried so much by competition and the effects that a widespread internalisation of trade could have on market liquidity and transparency and efficiency in price formation, "said a representative of the Federation of European stock exchanges. The Commission, to respond to these concerns, has included in its proposal, Article 25 of stringent pre-trade transparency obligations that would require the person making systematic internalisation of trade in shares admitted to trading on a regulated market, the public firm buying and selling. "They are obligations which may stifle competition that alternative trading channels can make the exchanges and as they would introduce a requirement for the concentration of trade even if does not exist today, to the detriment of competition and investors," said the rapporteur Theresa Villiers (British Conservative), by incorporating the demands of the City and investment banks.
Which
on 2 September, despite a strong mobilization of European stock exchanges, have obtained the first victory of the text adopted in committee economy the controversial article 25 was sweetened with the introduction of the CD or the price improvement opportunities for those who internalize trade, to apply a price equal to or better than (they, ed) listed. "It 's a mechanism to render meaningless the requirements of transparency, everyone knows that the City, which is also a bridgehead of U.S. investment banks, has a strong advantage in terms of internalization, other companies such as Deutsche Bank or ABN Amro have ambitious plans in that area, "said a French MEP (Just France and Italy have more expenses in defense of pre-trade transparency).

today an amendment to Article 25 will attempt to remove the possibility of price improvement. The outcome of the vote is very uncertain (in the economy committee majority in favor of price improvement has been only one vote) and the groups are breaking up borders. A parallel battle then cover the scope of the constraints on both the pre-trade transparency and best execution, investment banks that want to limit itself to non-business customers.

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EU directive on clearing the slide (Markets & Finance)

The clearing and settlement systems between different countries are "Too expensive"

slide the proposal for a directive to create an integrated market at European level in the clearing and settlement in securities transactions. The committee should publish a "road map" with the aim of solving the problem of excessive cost of clearing and settlement systems between the different member countries, that cost has a direct impact on investors. While continuing the consolidation trend that has recently affected the post-trading activities, and advancing the project that aims to create by the end of this year through the merger between the London Clearing House (LCH) and Clearnet, the largest company in the field of active European clearing of securities, the Commission takes time and opens the launch of the draft directive on clearing and settlement systems.
In its place, at the end of October, the Commission will publish a communication on the basis of the results of the consultation launched by the European executive in May 2002 and two reports of specially crafted, will trace the actions it intends to take in the coming months. "The clearing and settlement systems are the foundation of the financial markets and as long as we are not able to integrate them we will not be able to build a single European market for financial services," said Alberto Giovannini, who led the group of experts and practitioners mandated by the Commission to identify obstacles and propose technical solutions for higher rarli. The lack of integration in this field implies in fact that the cost and the risk of cross-border trading resulting in much higher than in the case of internal negotiations to a single national system. After the launching, under the "Financial Services Action Plan" launched by the Commission in 1999, a number of Directives (the most recent ones on insider dealing and market abuse, the Prospectus, the Funds retirement, while the next step should be the new Investment Services Directive) aimed at creating a single market in financial services, on what the issue is thorniest, Brussels still prefer not to put on the table the proposed legislation. Meanwhile, European markets the weather heats up: The London Stock Exchange, concerned that the weight of rival Euronext (which controls Clearnet) will take over the new company "LCH.Clearnet ', has sided against the proposed merger between LCH and Clearnet and LCH has threatened to leave to appeal to a rival system.

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Brussels rejected the rescue. Alstom corner (Markets & Finance)

Monti wand Paris, and freezing the capital increase of the French company's attempt fails
Mr Mer Within the month the infringement procedure

BRUSSELS. Instead of an announcement opening a formal investigation within the month. Has not ended as he had hoped the meeting in Paris yesterday between Competition Commissioner Mario Monti and French Economy Minister Francis Wed The EU's executive, after formally challenged the aid granted by the French 'samples national 'as EDF, France Telecom and Bull, is preparing to launch a new infringement proceedings against the restructuring plan for the mechanical industry giant Alstom.
world leader in the field of wind turbines for power stations (with a share of 25% of the world) in the rail transport sector (with the TGV and - after the acquisition in 2000 Fiat Train - Pendolino, holds 18% of the total market) and in the shipbuilding industry for cruise ships, Alstom, burdened with debt for about 5 billion in recent months has faced an increasingly serious financial crisis. To avoid the likely bankrupt the French government has developed a plan for an injection of resources to 2.8 billion through a capital increase to 600 million (of which 300 were signed by the government, which would increase its holding to 31, 5%), the issuance of convertible bonds, and provision for 900 million by a syndicate of 40 banks for loans by 1.3 billion. To meet immediate deadlines the government in Paris already open, through the Cassa, a line of short-term credit for 600 million. Last Friday, in the columns of Le Figaro, the Competition Commissioner had issued a stop right at the first Raffarin government stating that "the rules are clear: a State can not provide aid without the Commission has been informed and before have them approved, "and adding that" the Commission could compel France to suspend aid those who have not yet been performed. "
"I want to discuss this plan with Commissioner Monti so that everyone can be reasonably satisfied," said Francis Wed But things went differently. "It was not a solution," Tilman Leuder cut short, a spokeswoman for Monti, after the meeting. Not only that. Brussels has also asked the French government not to participate in capital increase of Alstom (scheduled for September 24) prior authorization of the Commission. "The operation should not be implemented - stated Tilman - without having obtained the go-ahead for the EU." Times are tight. The goal is to "reach an agreement before the end of the week."
Monti, said the spokesman, "put forward concrete proposals suited to reconcile those two interests, the committee and the French government." The procedure against France, however, will be launched in each case. Perhaps as early Sept. 17, at the next Commission meeting. It is not the first time that Paris practice the policy of fait accompli. Last fall there was the opening of a line of credit for 9 billion for France Telecom indebitatissima. Recently there was the short-term loan of 450 million paid by the government in favor of Group Bull, for which Paris has said that the repayment will not occur. Aid to France Telecom Brussels initiated an infringement procedure. Against non-repayment of the loan to Bull Mountain has announced the appeal to the Court of Justice. Now there is the case of Alstom. For a measure decided by the Commission would also like to Berlin, worried about the impact of restructuring on the domestic industry, particularly the Siemens group, which Alstom is the leading competitor both in the energy sector and in the rail. Italy, too, could give positive action by the Commission. Whether it is a direct competitor Alstom Ansaldo (in the railway sector) and Fincantieri (shipbuilding), and because the sale of Fiat in 2000 train (just Alstom) was also the result of the decision in Rome not to engage in those actions assistance offered by Paris today.

Stefano Mazzocchi

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European compromise on additional financing (Finance & Markets)

Way the new European directive on investment services (ISD) is now in its decisive phase and the European Parliament prepares to vote - today in the Committee on Economic and Monetary Union and September 24 in the plenary - its amendments to the text proposed by the Commission last November . The goal of DSI is to create an integrated market in securities trading and an effective "single passport" by which investment firms can operate throughout the EU. Member states will no longer be allowed to adopt, as in the Italian case, a system of concentration of trade on regulated markets, which should therefore be open to competition from multilateral trading systems and by those companies investment (particularly banks) that will implement the internationalization of trade.

The rapporteur, British Conservative Theresa Villiers, after an initial position in favor of unconditional liberalization of trading channels that sparked criticism of the main European exchanges and caused an avalanche of amendments (over 400), much softened its approach and propose next Tuesday in Strasbourg, a compromise text that seems to have a good chance of being accepted by MEPs.

However, it remains central to the outcome on the issue of pre-trade transparency: the art. 25 of the Commission's proposal aims to introduce compulsory charges pre-trade transparency for banks that execute transactions for the internalisation of trade, requiring them to announce the purchase prices and sales that are committed to effect the transactions in shares, even if they are traded on a regulated market. A requirement that, while it increases the transparency of prices determined on the market, secondly, by exposing those who internalize the risk of a trade position, it could nullify the excess of the concentration rule. The compromise proposed by Villiers (who initially proposed the deletion of the whole art. 25) accepts the pre-trade transparency, but also requires that companies internalisers to conduct transactions at a price "equal to or better "than anticipated. European shares are strongly against and are pressing on MEPs to obtain the cancellation of this standard." This mechanism of price improvement, "says a representative of the Italian Stock Exchange," a nonsense of the pre-trade transparency allowing you to spreads set deliberately wide in order to have more room for maneuver in setting a case by case, the price actually charged. "

She seems confident, however, the compact support of the liberals and the most popular (on this divided along national boundaries), even when on the front of the Council for consideration of the proposal is well advanced, the Italian presidency - which aims to reach an agreement by October - has proposed a compromise that eliminates the possibility of price improvement. Looming for the Italian Presidency therefore a delicate and difficult negotiations with the Assembly in Strasbourg.

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The emerging axis between Tokyo and New Europe (Markets & Finance) London

The European tour that Japanese Prime Minister Junichiro Koizumi made the last week reveals the interest with which Japan looks to the countries of "New Europe" The approaching milestone entry into the European Union: after a first stop in Berlin, the next two have brought the Japanese prime minister in Warsaw and Prague.

Japanese investments, which have always been in the EU (and particularly in the United Kingdom, the Netherlands and France), one of the preferred destinations, have long begun to increasingly directed towards the countries of Eastern Europe, characterized by the presence of skilled labor cheap and excellent growth prospects and also provide valuable access to the enlargement of the European market.

Koizumi visited by the two countries, Poland and the Czech Republic have grown between 2001 and 2002, Japanese direct investment by 15, 9% and 58.4% (over the same period in Germany declined 11 , 9%). The 110 Japanese companies currently operating in the Czech Republic have so far invested, particularly in the automotive sector and in the electronics, more than $ 2 billion, a figure that does not take into account the investment by $ 1.5 billion projected by Toyota Motors together with the French group PSA Peugeot Citroen, aimed to meet at Kolin, near Prague, one factory last generation able to build, starting in 2005, about 300,000 cars per year. Already, the country of the Rising Sun is the third largest foreign investor in the Czech Republic, but the trend shows that its role is bound to grow further.

The Japanese interest in Poland is more recent. On the political front, attention is invited to Tokyo to Warsaw by the weight that Poland is likely to have the EU enlarged. "This visit is a sign of attention to a country that, after enlargement, will be with Spain, the fifth 'institutional power' of Europe," said Japanese Foreign Minister Jiro Okuyama. Koizumi is no coincidence that during a meeting with Prime Minister Leszek Miller has suggested the dispatch of Japanese troops in the area under Polish control. But the discussions dealt with in the first place the way forward to strengthen the economic ties between the two economies. Currently in Japan, with approximately $ 600 million, is only the eighteenth foreign investor in Poland, and international trade between the two countries, amounting in 2002 to $ 1.1 billion (with a passive Warsaw $ 900 billion), is still weak. But these figures are in 2001 and 2002 (the year in which investment Nipponese showed a peak of about 352 million dollars) have shown a strong upward trend.

And a push on the accelerator will give its enlargement: once in the EU countries of Eastern Europe will benefit from the bilateral agreements between Brussels and Tokyo that allowed the strong development of economic relations between Japan and the European Union .

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Even on defense moves the Paris-Berlin (Finance & Markets)

Asked about the fate of Howaldtswerke Deutsche Werft (HDW), the shipbuilding industry leading German military, the defense minister Peter Struck, whose statements were released yesterday by the French newspaper La Tribune said that "one of a 'maritime EADS' is a good formula," suggesting, therefore, go to the shipping industry the same way that four years ago was choice for the aerospace industry through the establishment of the European Aeronautic Defence and Space Company (EADS), with capital in hand, 80%, to a Franco-German consortium.

HDW is the world leader in the construction of conventional submarines, and in particular in the field of silent propulsion through fuel cells. Its capital is, since June 2002, entirely in the hands of American fund One Equity Partners (OEP). Because of the constraints that the German government imposes on military exports, OEP has decided to sell HDW. In the running for the acquisition, the German ThyssenKrupp, and the French Thales and DCN (this controlled by the government in Paris). But that will have to 'face competition from a strong contender: the American shipbuilding group Northrop Grumman. According to Struck

"Europe must preserve the existence of a strong naval shipbuilding sector." Berlin intends to avoid so that the know-how of HDW reaches across the Atlantic. In early August, Chancellor Gerhard Schroeder had called for a "German solution", but the difficult financial situation of the Thyssen group makes this route impractical. A Franco-German cooperation appears to be the only alternative.

So, if the "Summit of the four" on European defense convened in Brussels in April by the Belgian government has turned into a stalemate, the business plan but the Paris-Berlin axis shows its determination to strengthen cooperation with a view to creating a single market in armaments that can ensure a greater weight and greater autonomy for the European industry.

London has always been hostile to any project to build an autonomous European defense alliance Atlantic, meanwhile, prepares his own counter-moves. The Times yesterday reported a project of the British government seeks to create a "planning cell European military "but that works' within the structures of NATO operations or ability to manage without it, but never against, Washington (in essence, the model applied for the EU peacekeeping mission in Macedonia). The proposal seeks a side to take out the ambitions of France, Germany, Belgium and Luxembourg, on the other to prepare the ground for the battle that the UK intends to launch the Intergovernmental Conference that, starting in October, will launch the draft European Constitution: London's goal is to obtain the cancellation of those standards approved by the Convention, which give the possibility to a group of states to proceed through the instrument of enhanced cooperation on the road to greater integration of defense structures. And on this, as well as the right of veto on tax, London does not seem willing to negotiate.

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The real objective of EU Gaddafi (Finanza & Mercati p. 1).

The telephone conversation took place yesterday between the European Commission President Romano Prodi and Colonel Muammar Gaddafi - a few hours before the UN Security Council vote that could decide by next Friday the lifting of sanctions imposed in 1992 after Tripoli's involvement in the Lockerbie massacre - reveals that the Libyan dictator gives the normalization of relations between Libya and EU strategic importance probably higher than that of its "Rehabilitation" on the international political scene and with the U.S. in particular.

Besides the EU and Libya have always had intense commercial relations. In particular, Italy, Germany, UK and France deliver more than 50% of Libyan imports. Italy, Germany, Spain, France and Greece alone absorb about 70% of exports from Libya. The 1.4 million barrels of oil produced daily from Libya covering 51% of Italian oil requirements, 13% of the German and 5% of the French.

these data that explain the constant attention and anxiety reciprocated EU standards. The sanctions imposed by Brussels in 1992 following the UN resolution, however, have prevented the inclusion of Tripoli in the euro-Mediterranean partnership launched in 1995 with the Barcelona conference (from which the Libyans were left out) and directed to establish closer political and economic cooperation between the countries involved and to create by 2010 a free trade zone euro-Mediterranean, including some 40 states, and between 700 and 800 million consumers, would become one of the largest business entities in the world. After delivery, in 1999, the accused of the Lockerbie and following the suspension of sanctions, Libya has been allowed to attend, as invited by the President, the third euro-Mediterranean conference held in Stuttgart in April 1999 and given the status of observer in the Barcelona Process. But only the complete removal of the (already suspended), UN sanctions may pave the way for the full integration of Libya into the partnership.

After the agreement reached in recent days between Tripoli, Washington and London, which provides for acceptance of responsibility by Libya in the Lockerbie tragedy and a compensation of $ 2.7 billion to the families of 270 victims, the way seems open space. Only obstacle, the opposition in Paris, which is threatening a veto if the families of 170 victims of the attack in 1989 destroyed the flight French UTA, Libya - who is responsible and who had already agreed with France significantly less compensation than promised recently to the UK and U.S. - will not recognize an additional compensation such as to place them on the same level of family members of victims' attack in Scotland. But France is totally isolated and is now paying to have always maintained, in contrast with the U.S. yesterday and today with itself, the need to lift sanctions on Libya. It seems, once again, having hunted down a blind alley.

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Corporate Governance EU looks to the British model (Markets & Finance)

If the financial collapse of Enron, the U.S. responded by deploying the strict Sarbanes-Oxley, the United Kingdom (Not immune, as the story Marconi suggested by the phenomena of corporate malpractice) has not been watching: on 23 July, the Financial Reporting Council has published the "Combined Code on Corporate Governance."

The UK approach is however fundamentally different from the U.S., and more "ancient". The United Kingdom, even after the serious financial scandals and crack in the early '90s hit companies such as Maxwell, BCCI, Polly Peck, Clows Barlow, is the first country to have initiated a discussion on the topic of corporate governance which resulted in 1992 in drafting the Code of best practice by a committee which included representatives of the City and the public sector and chaired by Adrian Cadbury. The recent Combined Code is that the revision (the third, and more effective in ten years), designed by a committee chaired by Derek Higgs, the rules prepared by the Cadbury Committee. The new rules proposed by the Higgs Committee aim to strengthen the role of non-executive directors within the board. The route choice, and now confirmed, from London was not the "iron fist" of legislation, but self-regulation by the stakeholders (meeting in the Financial Reporting Council, a private), and since 1993 the authority of these rules is ensured by the inclusion car tax between the listing rules of the obligation for directors to state whether you have complied with and, if not, why. So rules based on "comply or explain". A

EU Commissioner Frits Bolkestein has shown, since Enron, are not among those who believe Europe's overall security of the USA (and the news in recent months seem to bear him out) and presented on May 23 a action plan aimed at strengthening the rules of corporate governance in Europe, in which there are both legislative measures (introduction for companies listed in an annual statement on corporate governance and standards aimed at facilitating the exercise of shareholders' rights) that non-binding recommendations (to reinforce the role of non-executive directors and to establish a European Corporate Governance Forum in order to select the best experiences of various countries). Brussels, bound by the extensive regulatory differences between member countries, seems to seek a "third way" between legislation and regulation. The positive experience so far, however, the British could - through increased use of self, able to overlap more flexibly to the different national experiences - a useful model for the EU.

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Europe all agreed to fight for the "Parma" (Finance & Markets)

As one man the EU countries have launched a tough campaign to rid the "Parma" and 34 other geographical indications (GIs) illegally appropriated by non-European producers (including Roquefort, Champagne, Gorgonzola ...). It is not yet a ransom from lacerations on the liberation of Iraq, but the "strategy gourmet" European nevertheless appears solid.

Objective: To create a multilateral register of GIs, in order to ensure their protection equivalent to that received in the Union and extend the types of products they are applicable.

The issue that the EU intends to include in trade negotiations before the WTO Ministerial Conference in Cancun, it is not trivial: the second the Commission is linked to the fate of the IG that a significant part of the European economy, for example, that of 138,000 farms in France and about 300,000 workers in Italy. In the EU there are well-IG 4800 (4200 for wines and other alcoholic beverages and 600 for other products).

Commission spokeswoman Arancha Gonzalez of "the recent CAP reform is a step towards an international competition based on quality rather than quantity, even to the benefit of developing countries. But this effort is likely to be in vain if the main instrument to enforce that status, geographical indications, are not protected on the international markets. "

For Brussels, the protection offered by current WTO rules are insufficient, for example, nothing prevents an American manufacturer of own label a cheese "Roquefort-style" if somewhere in the product is labeled "Made in the USA". Add to this the problem of geographical indications - before the TRIPS Agreement came into force prohibiting such practices, and have been registered as trademarks in third countries. Case in point, that of "Parma", trademarked by a Canadian citizen when he was still possible, with the result that in Canada can be sold as "Parma" Parma ham that is not, while the original must be marketed under the brand name "Number 1 Ham", with losses estimated in Brussels approximately 3 million Euros per year.

"We have prepared a list of 35 geographical indications that have become generic in international trade or that have become trademarks: we want to get them back and use them exclusively," said Arancha Gonzalez.

And Canada, with U.S., Australia and Argentina, is at the forefront in opposing the demands of the EU. Sergio Marchi, Canadian ambassador to the WTO, said that "the issue is not part of the negotiating agenda agreed in Doha and in any case it would be useless our efforts to liberalize agricultural trade if, through the exclusive right to use names that in many countries are now commonly used, re-create monopolies.

The battle, in a dossier already tricky enough, looks difficult. The EU issues on the table, as well as interests, strong. Not as it seems to be its credibility undermined by protectionist trade policies are still too in the primary and certainly not enhanced by a reform of the CAP that many consider "watered down".

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These "defenders" of the Covenant (Markets & Finance)

The chorus of voices raised against the stability pact is becoming increasingly fed, and now seems intent, among other a splint, to sing a requiem. Romano Prodi, whose job was to defend the other hand, dealt 'a blow to the pact, calling it "stupid". Next to the de profundis many brave and authoritative solos, only to mention the most recent of the Trade Commissioner Pascal Lamy, another defender in default, that of the EIB president Philippe Maystadt that as well, by the Belgian Minister in 1997 he was among the signatories; that of French President Jacques Chirac, who unified networks, on the occasion of 14 July, accused the court is made.

In recent months, Commissioner Pedro Solbes appeared to be backed by the ECB, the last bastion of the pact. But recent statements by the Commissioner Economic Affairs, would indicate, according to many, his "surrender": even if France and Germany do not - as it seems - to respect their commitments and return in 2004 to a deficit / GDP ratio below 3%, there would be a automatic application of sanctions, primarily because these are not decided by the Commission but may be taken by the Council by a majority of two thirds (other countries). However Solbes did not just remember the rules, but has called for an application with maximum flexibility, "which has translated his spokesman Thomas explained that in theory the penalty could be applied from next year but that the Council to decide "should not just figures but also actions." The ultras of financial discipline Solbes turned into lamb? A surrender dictated by the impossibility to keep open that front while the storm rages on the accounts of Eurostat? Maybe. However

the face "severe" by Solbes in recent years has often served to mask anything but hard-liners in the choices of the pact. It is true that since January 2002 the Commission had tried to launch an early warning about the Germans and Portuguese accounts, an initiative Stoppata few days later by the Council. But then it is also true that, despite this, Germany was left undisturbed and the excessive deficit procedure has been launched by the Commission until November 19, 2002 (while for Portugal it was already September 1st). Just will not interfere with the election? According to the pact, the Council must be noted that the excessive deficit within three months after the procedure, and this delay has allowed the Council to formalize the German deficit in January 2003. "The excessive deficit should be corrected within the year following that identification," reads the resolution of Amsterdam, then, with a little 'melina, "Germany has gained an extra year. France and the Commission has spared any possibility of early warning, delaying the process, despite the bad signals directly to 2003. Add to this the "reinterpretation" of the Pact, launched in 2002 by the English Commissioner, and aims to give greater weight in the evaluation of the accounts to the business cycle emerges Solbes - maybe just for the sake of the covenant - the master of flexibility.

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the blunt weapons of the Commission on the reform of the CAP (Markets & Finance)

Built a compromise on reforming the Common Agricultural Policy, the Commissioner for Agriculture Franz Fischler said in recent days launched a campaign of appeal in defense of the CAP. Yesterday, the Wall Street Journal hosted a talk "against the myths about European agricultural policy."

First myth to be dismantled: the politics of USA is better than that of the EU. Fischler said that in fact these policies are much more convergent than many people would have you believe. The difference is that while the U.S. with the 2002 Farm Bill have made a "U-turn" from the reforms of the Clinton administration and toward a more and more trade-distorting, public intervention, the EU has with recent reforms "undertaken a completely different way." To dispel the myth
second, which ones for which the reform of the CAP is "too little, too late," Fischler points out that since 1992 the CAP has been subject to three reforms whose cumulative effect is to have decreased by 70% forms distorting support. Not to mention reforms next venture in the sugar, cotton, oil and tobacco.
against the third and most shameful accusation, that damage to poor countries whose economy is based on agriculture - authoritatively endorsed by Jacques Chirac in February at the Summit of African heads of state, but then (when the war in Iraq was over and the votes were no longer at the UN ..) take the field for the proposal annacqure Fischler - Commissioner argues that the EU is by far the largest importer of agricultural products from developing countries. "

The road to the Cancun WTO Ministerial Conference will be hard and Fischler's meeting Sunday with the trade representative Robert Zoellick and U.S. Agriculture Secretary Ann Veneman, aimed to rally round to convergences "interventionist" indicated on the WSJ by the Commissioner. But the EU sharpens his weapons and prepared for confrontation. With the U.S., that if the support to farmers may seek agreements with the EU on export subsidies - which produce a real effect of dumping to the detriment of developing countries - and access to markets, have a negotiating position far more drastic : elimination of the first, and cut average tariffs by 15% and setting a ceiling of 25% (which wipes out rates-wall as that of the EU Sugar 100%) for the second. With developing countries: as pointed out by Fischler, the EU is an important outlet for their products, but for this reason the existing tariff barriers are a serious damage to those economies, which can only partially exploit the potential of one of the richest markets. Without regard to the dumping of surplus production ipersussidiate European international markets. And remember how the same Fischler, key sectors such as sugar, cotton, tobacco were not affected by the reform. Brussels promises to follow soon, with yet another "great reform". But the question is whether the three reforms in ten years is really a sign of a continuing desire for reform or not but many missed opportunities. As a missed opportunity is likely to be Cancun.

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Europe-America Pact "agricultural" but before Cancun (Markets & Finance)

Commissioner for Agriculture Franz Fischler will meet tomorrow in Washington Robert Zoellik, trade representative of the U.S. government and Ann Veneman, U.S. Agriculture Minister.

After non-compliance, the key sectors of the various milestones and deadlines set by the timetable for the negotiations agreed at Doha in 2001 and after the stalemate of the various mini-ministerial conferences in recent months - last one in Sharm el Sheik - the two giants of international trade have decided, in view of the meeting of trade ministers that will begin in Montreal on Tuesday, addressing the question of agricultural trade, which remains the main stumbling block in negotiations. The objective

already seems to be to agree to Montreal - the last event before the Ministerial Conference to be held in Cancun September 10 to 14 - a common line on agriculture so as to prevent a deadlock in this area can affect other policy areas for European and Americans.

cha this scenario has already put up in arms exporting countries (including many developing countries) gathered in the Cairns Group, who fear a repeat of the scenario that led to the agreement in 1992 "Blair House" in agriculture ' context of the Uruguay Round, forged, unfulfilled in many developing countries, the USA and the EU.

And indeed, if the question of market access and tariff agricultural products on the distance between Washington and Brussels remain on the issue of subsidies to farmers, after the recent compromise on CAP reform and after the "Farm Bill" American, many can be consonance between the two sides of the Atlantic. The more recent statements of both parties indicate that the common goal may be to avoid that is already in Cancun lay down clear and binding targets on reducing subsidies and tariffs, as was proposed by Stuart Harbison, chairman of the Committee for agriculture in the WTO. Australia, leader of the Cairns Group calls instead for the present stalemate Cancun showing ambition and the voice of the Minister for Trade Peter Gray warns "If you can not make progress on agriculture, will not be for any industry."

While Cancun is not the final stage of the Doha Round negotiations which will conclude at the end of 2004, all agree that if the Mexican city will not be a clear indication of the direction in which to continue negotiations, the suspect stalled permanently. Risk anything that remotely if to defend protectionist policies in agriculture, and despite a round of negotiations that the EU had just wanted to baptize "Development Round", it will take into consideration the demands of developing countries, which After the disappointments of the Uruguay Round and as Doha proved even more than Seattle, they are no longer willing to stand by.

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The Court defines state aid (Markets & Finance)

In a ruling intended to "make law", the European Court of Justice has established yesterday that "financial compensation that is merely the counterpart of public service obligations imposed by Member States do not have the characteristics of aid the state. "

The case involved a public transport service that a German district had given him, without tender and award of grants, the company Altmark. Hence the use of a competitor who believed the subsidies were to be considered state aid, and they were then - not having been notified to the Commission - are incompatible with EU rules. Shared this opinion by the Advocate General, whose opinion, that 4 out of 5 times is taken up by the Court, was rejected by the courts.

"For a government intervention may be state aid it must be considered as an advantage to the recipient that this would not have obtained under normal market conditions," the Court stated.

This is a decision destined to weigh heavily on the ongoing debate on the role of so-called services of general interest (SGI), or the services that public authorities make subject to special rules ritenedoli instrumental in achieving certain political objectives. To affect So on crucial sectors of the economy such as the identities of the network utilities (energy, water, telecommunications), postal services, transport, health, audiovisual, social services.

Debate revived on 21 May by the European Commission, with the publication of the Green Paper on services of general interest "in Brussels points out that today there is no Community definition of such services: each Member State is free to decide what constitutes" service of general interest ", a situation that has often produced conflict with European competition rules and internal market. The Commission notes the Green Paper as "a first step to evaluate possible Community Initiatives ": that is a directive that clarifies the situation. France, increasingly concerned by the objections that have recently arrived from Brussels, pressed a lot in this direction, with the goal of having rules istituzionalizzino definitely SGI, stating once and for all of its right to intervene in this area. The Commission, for its part, began to see a future directive as an instrument to secure stakes in a position to prevent abuse.

"We are not sad," said Commission spokesman Reijo Kamppinen "the sentence will clarify the relationship between SGI and state aid and to avoid distortions of competition." And indeed, if the court's decision meets some argue that it is legitimate for the SIG are, at least in part, removed from the free market, it sets strict conditions: a clear definition of public service, public subsidies which are actually related to the cost of those obligations and that this cost is determined by clear and objective criteria, especially if the service is awarded without tender. Viale Mazzini stuff that has made me shudder to many, you can bet.

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Criticism in Basel two by the EU Parliament, it takes flexibility (Markets & Finance)

The third (and final) consultation by the Basel Committee on the new agreement on capital adequacy of banks, better known as "Basel 2", runs until the end of July. The objective remains to reach a final agreement by the end of 2003, so as to facilitate its implementation in the state by 2006.

The European Commission, which should translate into a proposal for a directive of the Basel 2, earlier this month published a study on the impact and at the same time also started a third consultation, which ends on 22 October. If the study sought to send a reassuring signal to businesses, indicating that the consequences of the new standards would be generally positive for banks and European companies, the new consultation indicates that Brussels intends to proceed with extreme caution in preparing the new rules. Moreover

Giulio Tremonti, the current president of the Ecofin Council, he has since raised its reservations on Basel 2, reiterated in recent days also in the budget document (see F & M on July 17).

And to support the Italian presidency in raising doubts now also operates the European Parliament, the Economic Commission which was approved a few days ago, an overwhelming majority a resolution on Basel 2, a resolution on September 1 will examine the Assembly plenary session in Strasbourg. Support is not insignificant for the Minister Tremonti, since the proposed directive, which must be approved by the co-decision procedure between the Council and Parliament, the role of MEPs will be decisive.

And to underline this role, the resolution expresses criticism of the method of developing the new rules, confined to a technocratic structure such as the Basel Committee, "has no mandate and democratic control." According to the rapporteur, the popular German Alexander Radwan, "the Commission shall take part in negotiations only as an observer, while neither the European Parliament or national ones are involved. E 'concern that the rules are so important to be left solely to technical committees." Words reminiscent of Tremonti's warning on the need for political power is not ousted from the technocratic.

In this respect, MEPs, while recognizing the need for a new agreement and accepting the basic principles, the Commission first called for a more thorough assessment of the impact on small and medium-sized enterprises and the risk they incur in higher financing costs. Second point to the possibility that an approach that rigidly fixed capital requirements of banks at risk could lead to a strong pro-cyclicality in lending. Finally, the resolution warns that if, as announced, the U.S. authorities will apply the new rules to a very limited number of banks, the risk of competitive disadvantage for European banks would be high.

certainly important that the Commission will do well to consider, Standards that might indicate the general principles but they leave room for flexibility to national authorities, as is the case across the Atlantic.

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obstacle course on the European trust. The challenge of Mountains (Markets & Finance)

Commissioner Mario Monti has taken another step in the process of radical transformation of the EU competition policy. After the reform of regulation on agreements, the creation of the European Network of Competition, Regulation on the distribution of cars, the gradual dismemberment of the feared and discussed Merger Task Force, the Commission yesterday called the German Lars-Hendrik Röller from office; just created, and Chief Economist.

"The appointment of a chief economist is an integral part I made the commitment to further strengthen the economic foundation of our analysis of competition, "said Mario Monti. Analysis that the Court of Justice, through three sensational sentences that have repudiated the decisions by which Brussels had vetoed many concentrations (Airtours / First Choice, Schneider / Legrand and Sidel / Tetra Laval), was severely questioned.

But the biggest news coming in a few months: this is the reform of the EU Merger Regulation, the Italian Presidency has - although differences still exist not permit optimism - to accomplish within the current semester.

The Commission proposal provides for greater coordination with national authorities to limit the problem of multiple filings, greater flexibility in the timing of the procedure, a strengthening of the investigatory powers of the Commission and, above all, a revision of the "dominance test" contained within 'Article 2, on the basis of which a concentration is considered to be compatible or not with the internal market.

Given that the integration of European markets over the past decade has led to a steady increase in merger and that, after three years during which he prevailed wait and see, in recent weeks as the merger and acquisition are multiplied (from the beginning of July the value of deals in mergers and acquisitions rose to nearly 24 million euro, a clear sign of growing trend), it is clear the crucial role of the reform of the EU Merger Regulation, which will apply to many of these operations (the same Alcan, which is now back with an offer of € 3.4 million for rival Pechiney, had to give up three years later with objections from Brussels). But the path to

Mountains do not appear easy. The Economic Commission of the European Parliament has expressed its opposition to amend Art. 2. "The new text of art. 2 is indeed badly and risks, creating a hybrid between the test European and American dominance of the substantial decrease competition, increase the uncertainty for businesses, "said the rapporteur Benedetto Della Vedova, who had tried to mediate by rewording the proposed text by the Commission. "We risk giving too much discretion to the Commission" uniting in support firms. Discuss this issue again on September 2 in Strasbourg. But it seems unlikely that Mario Monti, the already difficult negotiations in the Council, will have the support of Parliament.

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Ecofin, hard green infrastructure. Unresolved node IAS (Finance & Markets) Last groomed

The Ecofin Council yesterday gave a mandate to the European Commission and the European Bank Investment ", to perform a series of technical studies intended to evaluate the objectives and the impact of an economic recovery plan based on a strong increase in investments in the trans-European transport networks and research. It 's the first step, the first one "executive", albeit preliminary, of the "Tremonti Plan" which aims to mobilize resources between 50 and 70 billion euro per year through greater involvement of private capital, strengthening the role of the EIB and the identification of new financial instruments that can leverage to increase the capacity of member states and the EIB itself.

"It is no longer an Italian plan, now is European," said Giulio Tremonti, who earned the favorable reaction of all member states (except Denmark, which asked about guarantees the neutrality of the plan on public finances).

The Commission and the EIB will now have to develop concrete proposals on investment to be made and resources used. An initial report must be made available to the Heads of State and Government at the European Council in October, while the final report will come to the next summit in December. At the Economic and Financial Committee, which brings together experts representing all member states, it will be to assess the impact of proposals on the stability of public finances.

And the attention to the balance of public budgets has also emerged from the reaffirmation of the need to respect the Stability Pact, in response to French President Jacques Chirac, who on Monday had asked that it apply more "soft". "The key driver for growth is confidence, which can 'only be based on bold structural reforms and the respect of the covenant," said Commissioner Pedro Solbes.

For a project that finally moves its first steps, one has concluded its process: after the agreement reached with the European Parliament had approved the directive two weeks ago, Ecofin yesterday finally approved the Directive on the prospectus to be published offered to the public or admitted to trading of securities. Issuers will benefit from a true "European passport" and may turn to investors of all Member States after obtaining approval from a single national regulatory authority. As requested by Parliament, bond issuers will be able (with single designation for emissions above 1000 €) to freely choose the national regulatory authority to which requests for approval of the prospectus.

At the request of France, the EU finance ministers also addressed the controversial issue of the application of international accounting standards since 2005: Ecofin has supported the commission's proposal to ratify today, following the postponement of last December, with the exception of accounting standards, following the alarm raised by the banking and insurance sectors and endorsed by Chirac in a letter to Romano Prodi, IAS 32 and 39.

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of Duisenberg (Markets & Finance) The bureaucrat

"Let me be very clear: the Board of Governors of the European Central Bank believes that the current stance of monetary policy is appropriate. The prospects of price stability with respect to our decision is unchanged in June." With these words, Wim Duisenberg an unusually hard, even if at times emotional, he first shot the expectations of those called for in view of the ECB Governing Council meeting of July 10, a further fall in interest rates since last December after those that have reduced the rate on main refinancing operations of 1, 25%, increase to 2% now and then, referring explicitly to the statement yesterday in which Jean-Pierre Raffarin and Gerhard Schroeder had called for greater attention to growth from the central bank, he replied curtly that "governments can no longer continue to hide behind the ECB to mask their failures in achieving those structural reforms that Europe has so urgent need. "

Nell'apprestarsi to spend the next month "to eight grandchildren and fishing", as announced in advance over a year ago, and brought before the European Parliament last annual report with his signature, the President of the ECB has therefore wanted to remove some pebbles from the shoes, "the central bank has done its part to create the conditions for economic growth in the euro area, now it's up to governments. " Duisenberg has also stressed the importance of the Stability Pact and the need to respect it, insisting on the hard line expressed by the ECB Governing Council, which in a statement last October had considered the budget difficulties of certain Member States "not caused by the rigidity of rules, but by an insufficient willingness to respect them and the inability to exploit the earlier periods of expansion. "

And since the language is flying where the tooth aches, yesterday afternoon Schroeder was quick to stress that his government is engaged in a difficult program of reforms and tax cuts. But Duisenberg was easy game to remember how long, and not only in Germany, has so far been lost.

Duisenberg, who has collected from many MEPs of esteem for his work in these crucial first five years of the institute in Frankfurt, has also reiterated that the best contribution the ECB can make to growth is the defense of purchasing power of the euro. And the constant and timely reminder of what is the fundamental mission of the ECB still young, is underpinned the success of the Presidency of the Dutch banker. In autumn Duisenberg will pass the baton to the current governor of the Bank of France Jean Claude Trichet. A sequence acquired in a non-clear, but - hopefully - will have to maintain balance the rudder on the policy objective of price stability.

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bury GMOs (Markets & Finance) The bank becomes

The European Parliament voted in Strasbourg today, the Regulation on traceability and labeling of genetically modified food and feed products derived therefrom, is preparing to remove what was considered the last hurdle to overcome the moratorium de facto GMO, which, when in 1999 it was decided by the EU Council, was justified with the absence of an appropriate regulatory framework at EU level.

The continued moratorium had led, on 13 May, the U.S. government to bring an action before the World Trade Organization, bringing into the open in front of a trade war between the two sides of the Atlantic until then remained, despite the pressures and demands of the American agro-industrial groups, precariously quiet.

But if, as seems likely, the plenary in Strasbourg were to confirm the position that prevailed last May 22 in the Environment Committee, removed the obstacle of the moratorium, American exporters are likely to be able to comply with the regulations, of having to accounts with administrative duties so onerous as to constitute an insurmountable barrier to the difficult access to the rich European market.

Among the most contested provisions that require the labeling of products containing genetically modified ingredients even when the transformation process has destroyed all evidence of their presence (such as cooking oils). Traceability requires that all genetically modified ingredients there are documents that can be traced back to the farm that produced them. According to the American Association of soybean "these rules will force companies to produce huge quantities of documents, costs and difficulties arise constitute a clear and deliberate non-tariff barrier to access to the European market. "

MEPs seem intent on lowering the threshold below which the presence of GMOs is not at the compulsory labeling from 0.9% to 0.5 %. They should also ask, in response to requests from several environmental groups contrary to the GMOs, the Regulation requires member states to take steps to prevent contamination between GM crops and foods and genetically modified ones and the continuation of the moratorium until these measures have been identified and implemented.

Commissioner for Agriculture Franz Fischler said that "it is justified use of co-existence between different cultures as an excuse to maintain the moratorium. "The Council appears split on the issue yet. In support of the Commissioner, Spain, United Kingdom, Ireland, Finland, Sweden and the Netherlands stressed that Member States are to undertake the their rules to ensure the coexistence of different types of productions and have the short-term waiver of the moratorium, but Belgium, Austria, Portugal (and, less intransigence, France and Italy) dragging their feet. An environment that does not allow all ' optimistic in comparison with the U.S..

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Committee (Finance & Markets)

The long awaited day for many European companies has therefore come: from today to the cross-border transfers within Union law will apply, by virtue of Regulation 2560/2001, the same fees provided for those taking place within a single country. On two conditions: that the amount is less than € 12,500 (the threshold will rise to 50,000 € from 1 January 2006) and that the customer provides the bank's IBAN (International Bank Account Number) and BIC (Bank Identifier Code).

Almost a revolution then, when you consider that today the cost of transfers can 'be 50 or 100 times that of a domestic bank. This effect of the non-existence, more than four years after the single currency, a single European payments area. The Commission had, since the early 90s, urged banks to start integration of national payment systems, but confronted with a lack of progress in July 2001 had decided to go the hard way and to require banks to the level of charges. "The Commission's policy objective is to create a single payment at the European level, where consumers and businesses no longer have to deal with national borders," said Internal Market Commissioner Frits Bolkestein.

hard way that the first effects are starting to feed and that is causing banks to move to create the necessary infrastructure to process cross-border payments: In June 2002, representatives of major European banks and banking associations of the major Europe gave birth to the European Payments Council (EPC) which aims to coordinate European banks in the transition to a unified payment area.

The strong initial opposition from the banks is understandable: now not only have to give up profits to non-negligible cross-border transactions, but rather will be forced to carry a loss, given that their cost for the bank industry is between 10 and 20 times higher than that of internal operations: while the latter are entirely automated, the crossing of a frontier involves several steps instead of "manual". "We will have to recover these losses by increasing charges for domestic transfers" warn by the European Banking Federation. "The cross-border transfers account for only 1 to 2% of the total, therefore, a substantial increase in fees would not be justifiable retort from Brussels.

The automation of cross-border payments is the only solution. To this end, the EPC, on 28 April, launched two STEP (Straight Through Euro Processing 2), the first pan-European clearing house for credit transfers a reduced amount, and with the agreement called Credeuro, set standards for carrying out transfers. However, this is a solution that has its costs. The McKinsey has estimated the cost of creating infrastructure and adaptation by banks more than € 1 billion, a figure considered by many excessive relative to the small number of cross-border transactions (although lower costs will certainly entail a large growth of such operations). For consumers and businesses will be up anyway to pay the bill, but at least it is not only to repay the banks of the operations at a loss, but also to build an infrastructure for the payments it makes more efficient internal market.

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EU passport for prospectuses toast the City (Markets & Finance)

The compromise reached Thursday 'between the European Parliament and Council on the text of the proposed directive on the prospectus to be published for the public offer or admission to trading, is a important step towards creating a more integrated European capital market.

The prediction is that the directive can be put to a vote next week in Strasbourg, and finally, already in second reading, the process just before the end of July. And finally, issuers of securities will be allowed to enjoy a true "European passport" and to turn to investors in all 15 (soon 25) member states after obtaining approval from a single national regulatory authority. It therefore exceeds the regime established by the Directive on the listing and from that, connected, on the prospectus regime based on a system of mutual recognition that, by providing translation full of prospects and opportunities for the country to introduce additional requirements for admission, has proved totally ineffective. The new system instead will introduce a mandatory and automatic recognition of prospectuses drawn up in accordance with the Directive.

According to the speaker of Parliament, the British Liberal Chris Huhne, is that achieved an "excellent compromise" that will "enhance competition, increase choice for investors and reduce the cost of capital for companies."

After months of stalemate - which could lead to a third reading and a complex and lengthy conciliation procedure between the Council and the Assembly of Strasburg - Representatives of the member states have accepted the amendments proposed by Parliament, and in particular the most controversial bond issuers will be able to choose the national regulatory authority to contact for obtaining approval of the prospectus. This freedom, the intention of the European Parliament, should be granted to any issue. The Council and the Commission - in particular to strong pressure from France, Italy and Spain, fearing such freedom could divert emissions on strong markets in London, Luxembourg and Frankfurt, as well as weaken the protection of investors - had proposed that the freedom of choice would be given only for issues with a single designation of more than € 5000 (representing about 60% of the total) and for the other authority would have to be that of the issuer's home. The compromise lowers the threshold to 1000 €, or to a level that is exceeded by about 95% of emissions.
According to the Federation of European Banks "freedom of choice is an important incentive for cross-border issues and thus creating a truly integrated European financial market."

The compromise is a clear victory for the City that has the ability to consolidate and reinforce its dominant role in the market for European bonds. But it is not impossible that more competition and freedom of choice for issuers and investors can open new opportunities for other markets.

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Immigration? for the EU is only public disorder (Markets & Finance)

European leaders meeting in Thessaloniki last night tried to revive the EU's commitment to immigration. In the background, reports of new landings of illegal immigrants and new tragic shipwrecks off the coast of Italian, Greek, English. And it is the southern European countries who ask, in a Union where there are no internal borders (almost) over and where migration flows directly to a member of any other concern, that the "burden" of political control dele borders to share more equally and not only loaded on the countries most exposed.

To begin with, the Heads of State and Government should give their support to two programs offered by the Commission: the first provides for the appropriation of EUR 140 million until 2006 for the promotion of closer cooperation among states, in particular through a plan for computerization of data on visas and through harmonization of procedures for the repatriation of illegal immigrants. The second involves the appropriation until 2008, 250 million euro for the creation of agreements "technical and financial assistance" with the countries of origin of migrants, which would be induced to cooperate in recovering illegal immigrants. So the attention of the Thessaloniki Summit will be including the fight against illegal immigration.

As for asylum but the EU is still on the high seas because of the difficulty of agreeing criteria for the granting of refugee status which is acceptable to all member states. The summit, however, could give the green light to a few pilot projects to create service centers for refugees outside the EU. The United Kingdom in particular, with the support of Denmark, Holland and Austria, has sought to promote the idea of \u200b\u200b"transit centers" designed to deal with applications for asylum in certain parts of Africa and Asia. "The current system is too expensive and vulnerable. The centers would provide protection refugees without forcing them to travel dangerous, "said a British diplomat." It 'a denial of asylum "retorts Amnesty International.

Although in 1999 the Amsterdam Treaty gives the European Union has jurisdiction over immigration and asylum, the progress in this field have been uncertain until now. This is why the Convention has proposed the full communitarisation of immigration policy and the abandonment of the unanimity rule. But it seems not easy to predict that this will do, as long as immigration continues to be treated exclusively as a problem of public order and as long as they continue in the EU policies - such as the Common Agricultural Policy or the co-operation agreements with dictatorial regimes - increased poverty. Britain with its proposal offers the "hands in the pot", but certainly something in the countries of emigration could be done. For example, export a bit less camembert and a little more democracy.

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software patent battle between the U.S. and the EU (Markets & Finance) Italian

Linus Torvalds, the father of the open source operating system Linux, the only one capable of competing with Microsoft in particular in the strategic market for servers, announced Tuesday he wanted to devote all their energies to the development of her child and diffusion of open source: will work with the Open Source Development Lab, the association created by a group of big science (Including IBM, HP, NEC, Fujiitsu, Hitachi) on the Linux platform that has a lot invested.

In the same hours the Legal Affairs Committee of the European Parliament has expressed its support for the proposal submitted by the Commission in February 2002 on the patentability of computer implemented inventions "or software capable of" industrial application "and that it is a "technical contribution".

"This is a proposal to widen and make more uncertain the limits to the patentability of software and which could bring a death blow to many companies, like those we represent, have developed open source products and promoted important innovations, "said the Eurolinux Alliance believes that the proposal" written under the dictation of Microsoft and other software giants gathered in the Business Alliance.

expressed satisfaction but the rapporteur, British Labour MEP Arlene McCarthy: "The patentability of software already exists enough to see over 2000 patents granted in different countries, it is only applied to harmonize the rules across the EU so that it is based on the same criteria wherever and overcome a situation of uncertainty that threatens to penalize European companies . Indeed, the amendments adopted by Parliament set more stringent conditions than those proposed by the Commission. "

And it is the stakes set by the MEPs that could lead to a new battleground between the EU and U.S. policies that are applied to software patents in Europe would become more stringent and would lead, for example, the non-recognition of protection for certain " business methods "protected instead of the Atlantic, as in the case of the now famous" one-click "developed by Amazon, which, moreover, even in the U.S., was the subject of bitter litigation and multimillion because seen by some as merely a combination existing techniques. But according Eurolinux "the stakes set by Parliament would be bogus, Amazon can 'even hope to see more of the first patent-protected in EU his 'inventions' type one-click ".

The software is now generally protected by copyright, and the dispute is whether and when it is possible to extend the patent protection. The risk is that a concession as to avoid indiscriminate patents may both hamper competition and innovation in a sector such as computer, characterized by "incremental innovations" and the other lead, as happened in the U.S., to a high - and expensive - number of legal disputes . How should consider the needs of the open source industry, vital for a growing number of companies. A difficult balance to achieve: as claimed by Trevor Cook, a lawyer expert in intellectual property, "I have the impression that copyright is not enough and that the patent is too much."

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new deal but be careful not to overdo it (Markets & Finance)

The President of the European Investment Bank, Philippe Maystadt, presented yesterday before the Economic Commission of the European Parliament, the annual report for 2002, the year in which the EIB has granted new loans for a total of 39, € 6 billion, an increase of 2.8 billion the previous year resulting in particular from increased efforts in the 10 acceding countries and candidate countries.

In pursuit of the mandates conferred by the European Council, the EIB has come to mobilize, including loans and guarantees, resources 31 December 2002 amounted to a total of 234 billion euro. Figures suggest that Maystadt to say that "the EIB is able to fulfill its role of strong support for the objectives of economic growth and social priorities of the Union". Role that seems destined to grow further, driven by an enlargement and on the other side of the growth targets set by the Lisbon competitiveness: between 2003 and 2006, the Bank's program "Innovation 2010" will invest 20 billion euro in particular in research and development in information technology and communications.

The EIB is prepared for future challenges with the capital increase decided January 1, bringing the registered capital from 100 billion to 150 billion euro and the potential investment of 375 billion euro.

Figures Maystadt shows that, with evident satisfaction. "Our policy-oriented economy and transparency we have earned the unanimous approval of a AAA rating," concluded the President.

no mention in the explanatory memorandum to the "Action for Growth" proposed by Giulio Tremonti, who own the Bank assigns a central role in collecting new resources for 50 to 70 billion Euros per year. Then, stressed, Maystadt said that the proposal is welcome and we are interested in exploring with the Commission and the Presidency Italian "He added," However, we should not overestimate the impact of initiative on the economic cycle that is projected over the long term, perhaps by the end of the year we will be able to judge which of the new financial instruments proposed by Italy, you can use , then for the project implementation will take several years. However, it is also possible that in the short term it can trigger an effect on business confidence. "" There is a broad consensus on the initiative ", says the Finance Minister Nikolaos Christodoulakis greek, current president of Ecofin, which, getting ready to intervene in the economy after the Board President of the EIB, the crosses on the door. "Anyway, when it comes actions for growth and we all agree, "he added Christodoulakis.

Addressing reporters, Maystadt states that" if up to now many of the projects contained in the Delors White Paper of 1992 (which inspired the proposal Tremonti, ed ) have not been realized is not only due to lack of financial resources: in projects including - in particular in the trans-European networks - several states, most of the delays created by regulatory and other policy issues. "Perhaps we should also rely on a New Deal this.

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EU Socialists promote the plan Tremonti (Markets & Finance)

"It 's time to take decisive action to restore growth, a shift in policy that will restore confidence businesses and investors, a new New Deal. "This is the message charming and ambitious, illustrating the Italian proposal for a" European Action for Growth ", Finance Minister Giulio Tremonti, has launched yesterday morning MEPs During the meeting of the Committee on Economic and Monetary Affairs.

"Every period has its own social model of development: if the market was in the eighties, the nineties was the new economy. In the current decade should be public investment, "said Tremonti, who will chair the Ecofin Council in July.

The Director General of the Treasury Domenico Siniscalco then stated that the plan - inspired that contained in the Delors White Paper of 1992 - aims to boost European infrastructure by mobilizing resources between 50 and 70 billion euro per year, a figure close to 1% of EU GDP, resources tapped by strengthening the role of the EIB ( European Investment Bank) and the identification of new financial instruments that can leverage to increase the capacity of member States and the EIB itself (extended term loans of up to 35 years, project financing, securitization, guarantees for bond issues, SPV ).

setting, this, that, according to Siniscalco prevent further government budgets to fulfill the Stability Pact and by eliminating at the same time the element that has prevented the "Delors Plan" to have decisive impact: the lack of financial resources.

The Commission welcomed the proposal: "We are working in the same direction," he said yesterday, the spokesman for the Commissioner Pedro Solbes. Among the political forces in the European parliamentary consent is transversal. Indeed, it is the Socialists to set aside the proposal, the clear impression Keynesian, the warmest welcome. "It 's an initiative gathering broad support," said the chairman of the Economic Commission, the German Socialist Christa Randzio-Plath, who, however,' added "I am afraid that even if one of the heads of government will be broad consensus, the ministers Finance to point your feet. "The strongest objections come from the Liberal benches:" There is no evidence that the problem of infrastructure, both financial and political rather than regulatory. He says he wants to raise funds on the market and not with the public debt. But, if so, 'the problem is the rate of return of items: if this is appropriate you do works, there is no need of special plans, "said Chris Huhne Liberal coordinator, who on the sidelines of addressing a colleague would have called Tremonti "another star of PR." Wim Duisenberg, speaking in committee after the economy minister, declined to comment on the proposal, pending "information clearer ", it merely reiterates the urgency of structural reforms. Reforms that, pending the new deal Tremonti, are likely to take second place.