The European Commission chaired by Jean Claude Juncker takes only 23 days in office and already has that fajarse to defend its credibility, start LuxLeaks forward by filtration (tax evasions permitted by Juncker when he was Prime Minister of Luxembourg) and doubts about the ability of the organism to revive the European economy.
This week, Juncker attempt to regain the initiative knowing that much of its prestige depend on the announced plan to mobilize 300,000 million euros public investment between 2015 and 2017.
“We can not disappoint, because the Juncker Commission is going to judge by this investment plan,” a senior official of the new equipment is concerned with the questions raised the creation of a European Strategic Investment Fund, as claimed baptized at Juncker plan. The same source states that the European Investment Bank (EIB) will be the centerpiece of a plan that hopes to serve as a catalyst to increase the available resources.
However, the budgetary constraints of the EU and the deaf but intense conflict between Berlin and Paris on the reorientation of European economic policy limit the ability of Brussels to present an ambitious stimulus.
President of the Commission had piqued the possibility of using available resources the bailout fund (ESM), but Berlin flatly refused. Nor has prospered hypothesized to increase the capital of the EIB as was done in 2012.
With almost all avenues of blinded funding, Juncker is willing to risk their triple A that holds the EIB as a guarantee of quality credit to try to mobilize the resources promised. In principle, Brussels endorse the new risks with its own funds worth about 15,000 million euros, which, ideally, could attract an investment four or six times. But regardless of that financial alchemy, which is often met in Brussels seeks, above all, relax the strict criteria of the EIB in its management.
“can not be granted unless the EIB loans in 2013 [ 72,000 million] in 2009 [79.000 million], just before the sovereign debt crisis “was shocked Commission sources.
Brussels accuses the EIB to ensure more by their own credit standing which act as a counterweight in times of crisis. A crisis that has reduced by almost 500,000 million private investment available each year. There are those who attributed the lack of interest from the EIB to cover the gap to the presence of a German, Werner Hoyer, leading financial institution in the EU.
The EC wants to end the shield and played the EIB to finance more risky projects in energy, transport and broadband. For now, the criterion requiring only border infrastructure fund to include purely national be deleted.
Brussels also wants to relax the pre-project approval environmental assessments, but there is a risk that fiascos like Castor, gas warehouse built in Spain and you can not use repetition. And finally, we want to give priority to financing of small and medium enterprises. “To compensate for the favors Juncker made multinational when he was prime minister, ‘says an EU source critical of the plan.
If the schedule is met, the plan Juncker be adopted tomorrow Tuesday and will present the day before the European Parliament. The final terms will be decided presidents Government at the European summit on 18 and 19 December. And the fine print will depend largely on the willingness of Angela Merkel.
German Chancellor requires, as a counterpart to any stimulus to the full force of the Covenant of Estabilidad.Alemania want to call attention to Brussels Paris to complain expedited wage cuts, pension cuts and lower pressure in the corporate tax.
The compromise between the two parties aims to closer budgetary surveillance over France, which could implement this week, but without opening the entire route of sanctions. And, in return, a European investment plan very limited, based on a theoretical leverage in the previous four plans (two stimulus, one through the bailout fund and another for SMEs) never fulfilled. Typical minimum solution waiting for a miracle to avoid its third recession in six years
Pope Francis, ¿ally against austerity?
The European economy is so down that even the papal visit to Strasbourg acquires a symbolic recovery. On Tuesday, Francisco visit the headquarters of the European Parliament and the Council of Europe. The last visit by a pontiff to the European institutions was in 1988. Only a year after the visit of John Paul II, the Berlin Wall, an event that some historians attribute in part to anti activism Cardinal Wojtyla was felled . Similarly, there are now those who trust in the presence of Cardinal Bergoglio in Strasbourg mark a turning point in the austerity policies that have contributed to the impoverishment of a part of Europe. “We hope that the Pope’s visit will serve as a reminder that the economy is at the service of citizens and not vice versa,” says Jorge Nuño, secretary general of Caritas Europa. Nuño presented last before the European Parliament a report that makes a devastating balance of managing the crisis in Europe week: “There is hardly any growth and, instead, the debt is huge and there are millions of unemployed,” summarizes a document that recalls there are already 122 million Europeans at risk of poverty. And the damage is not limited to the rescued countries or the euro area. Germany is the country where the poverty rate among people grows faster with work. In Poland, a million people receive food assistance from Caritas. In the UK, child poverty has skyrocketed. Data that Francis probably remember his native Argentina, but may not be expecting just a kilometer from Vatiano state.
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