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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..