Monthly Archives

December 2017

Economic and Financial

Bickering over the Banking union

The EU summit, which has just concluded, will celebrate the “satisfactory progress” made in the Brexit negotiations and leave self-satisfied European leaders to enjoy year end celebrations with the feeling of having accomplished their duty! The cracks in the EU unanimity on the sensitive matters of migration and further deepening Eurozone integration will keep alive the hopes of extreme Brexeteers that the worst consequences of Brexit will be avoided by an eventual collapse of the EU itself. While there will be little respite in Brexit negotiations with the focus on the “transition period” starting early in the new year, other priority preoccupations, in particular reforming the Eurozone, are being pushed back to next June after the hoped for formation of…

Continue reading
European, Politics

Brexit: Sufficient Progress ?

An agreement full of contradictions! The agreement reached under maximum pressure by the EU and the United Kingdom during the night of December 7th is a paroxysm of ambiguity and hypocrisy, whose main – not insignificant – merit is to avoid the premature interruption of the Brexit negotiations as well as to offer the main protagonists peaceful year end celebrations. The fudge by which the parties have agreed in full (bad) faith that “the conditions to start the second phase of negotiations have been met” is based on two affirmations which are clearly and knowingly interpreted differently by the signatories: The first concerns the affirmation of the slogan “there is no agreement on anything as long as there is no…

Continue reading