Euro expanding its global Reach: Possible Draghi successor wants to increase the euro’s global use

The Governor of the Banque de France, François Villeroy de Galhau, told a conference in Paris on 4 June that increasing the global use of the euro would bolster “European financial sovereignty”.

Villeroy de Galhau, who is a frontrunner to succeed Mario Draghi as the head of the European Central Bank in October. argued that since the2008 financial crisis and the 2012 Eurozone crisis. the international use of the euro as a major reserve currency has sharply declined.

More than 60% of global official reserves are held in US dollars. A key for the euro to emerge as a global currency that is on par with thepower of the greenback hinges on the creation of a safe asset similar to US Treasuries, an objective that provides a new impetus to the discussion for Eurobonds.

European Commission President Jean-Claude Juncker has repeatedly vowed to turn the euro into a global reserve currency by replacing the dollar with the single currency when concluding deals tiedmto energy imports.

Read more at: Possible Draghi successor wants to increase the euro’s global use

EU Budget: Commission tables €1.279 trillion EU budget plan for 2021-2027: By Irene Kostaki

The European Commission on Apri 2 proposed an EU budget of €1.279 trillion for 2021 to 2027, the long-anticipated Multiannual Financial Framework (MFF).

European Commission President Jean-Claude Juncker unveiled the MFF draft plan during the European Parliament plenary in Brussels. It is the first such plan for the EU-27, in the wake of the UK’s decision to withdraw from the European Union. According to Juncker, this plan is “an opportunity to shape our future as a new, ambitious union of 27.”

With the cost of Britain’s departure factored in, the remaining EU member states will be required to fill the hole by raising their contributions to around 1.1% of gross national income (GNI) per member state, a 1% rise from the current level. According to Juncker, “the ball is now in the court of the Council and the Parliament”.

The EU’s Budget Commissioner, Günther H. Oettinger, has said that more than one sector will see their costs cut as, “The gap being left by the UK’s departure and the new tasks ahead call for changes”.  The possible cuts could see cohesion funds could be slashed by 7% and agriculture by 5%, while direct payments could be cut by about 4%, according to the Commissioner.

Read more: Commission tables €1.279 trillion EU budget plan for 2021-2027

Brexit: Miracle needed to advance talks, says Juncker - BBC News

EU Commission President Jean-Claude Juncker agreed progress had been made between the two sides this week.

But asked if it was enough to persuade the EU to agree to open trade talks, as the UK wants, at a summit next month, he replied only if "miracles happen"
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But British PM Theresa May said she was "pleased" with recent developments.

Speaking in Estonia, where she is attending an EU security summit, Mrs May said there had been movement on issues such as citizens' rights during the fourth round of Brexit talks which concluded on Thursday.

British negotiators, led by Brexit Secretary David Davis, suggested there had been "decisive" steps forward although his EU counterparts have been more cautious, suggesting there was a lot more work to be done.

Read more: Brexit: Miracle needed to advance talks, says Juncker - BBC News

EU : Juncker must prove he is ready to tackle Europe's problems - Philippe Lamberts,

We need to see from European Commission President Jean-Claude Juncker proof that he has listened to the people of Europe, and is ready to take the action needed to address their problems. To hear him admit that the price of the financial crisis has been paid by the most fragile amongst us; that the richest amongst us are also those who contribute the least to our public services and our social protection; that social and economic reforms have benefited capital owners more than anyone else; that in the name of short-term profit, the air we breathe, the water we drink, the food we eat have been left contaminated by poisons and that the indispensable ecological transition has been postponed to “better times”.

Many Europeans blame the European Union institutions for this. While, in all honesty, it is the member states that must carry a significant part of the responsibility for these policy choices, the Commission has to admit that is has too often pushed in the same direction rather than challenged them to do the right thing

When Juncker was sworn in as president of the Commission, he said it was the “last chance” Commission. But did he really mean it? We need to see a major shift in the focus of the Commission’s work

Doing the right thing within our borders goes hand in hand with doing it towards our neighbours and especially towards those who bang on our doors in need for help. No one is asking Europe to welcome every single person in need but let us recognize that we can collectively do much more than what we have done so far. And while we do our share of welcoming and protecting those in need, we must act on the root causes that force people to leave their homes.

All of this will of course entail drastic changes in our economic, social, fiscal, trade and regulatory policies. These changes will not come about without difficulties and will not generate instant results. But they will also not be possible without the absolute commitment of Juncker and his colleagues.

If Europe cannot succeed in this, it will lose whatever trust its people keep in the European project. But believe me, no single member state will be better off on its own in meeting the ecological, social, economic, security and strategic challenges of the 21st century. The best, indeed the only way to “take back control,” is for Europeans to act together.
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Read more: View: Juncker must prove he is ready to tackle Europe's problems | Euronews

Barcelona attack: EU president Jean-Claude Juncker pledges Europe-wide response to 'cowardly attack' - by Jon Stone

The European Commission President has condemned a “cowardly” vehicle attack in the Spanish city of Barcelona and pledged a Europe-wide response to the atrocity.

Jean-Claude Juncker  pledged to put the EU's its resources at the disposal of Barcelona’s emergency and security services following the outrage, which he said had “deliberately targeted those enjoying life and sharing time with family and friends” as reports of several persons having died in the attack came in.

A speeding van ran through the city’s famous pedestrian street Las Ramblas, mowing down people and sending others flying for cover. Spanish media reports that the driver fled on foot.
Read more: Barcelona attack: EU president Jean-Claude Juncker pledges Europe-wide response to 'cowardly attack' | The Independent

EU president Jean-Claude Juncker picks a fight with Donald Trump - by Jon Stone

European Commission president Jean-Claude Juncker has publicly mocked Donald Trump’s chaotic White House – potentially inviting a row with the volatile US president.

Describing the tumultuous events the last week in Washington DC as “stunning” Mr Juncker claimed the EU was “better organised” than the US.

“We are better organised than the Trump administration. That is because if there are any internal difficulties, those difficulties are fixed in a direct conversation instead of by firing people,” Mr Juncker told the Politico Europe website.

Read more: EU president Jean-Claude Juncker picks a fight with Donald Trump | The Independent

EU Labor Relations: Juncker vows tighter EU labor laws

European Commission President Jean-Claude Juncker said on Tuesday that a package of workers' rights which the EU executive will propose next spring would reduce differences among labor markets across the bloc.

Addressing a European trades union gathering in Paris, the conservative former Luxembourg premier also criticized a trend away from long-term employment contracts toward short-term hiring and said the latter should not become the norm.

"We, the European Commission, will propose in spring 2016 a pillar of minimum labor rights, a protective cordon around the labor market," he said, adding that it would set labor norms that "cannot be adjusted downwards".

"In doing so," he said, "We will add to convergence in the employment sphere in Europe."
Juncker, who took over the EU executive 11 months ago, has said recently he would propose harmonizing employment standards, though there has so far been little detail on the plan.

The issue is particularly sensitive at present since Britain's conservative government is trying to negotiate terms of membership before holding a referendum on whether to stay in the EU. Employment regulation from Brussels is unpopular on the right in Britain, though favored by many opponents on the left.

In a reference which an EU official said was to workers being posted abroad, Juncker said he wanted to see a level playing field on pay: "In Europe, we must finally agree on a simple principle: the same pay for the same job wherever it is."
 
Read more: Juncker vows tighter EU labor laws | Reuters

EU Presidential Election: Left-wing leaders back Juncker for top Europe job

Jean-Claude Juncker's bid to head the European Commission has received a boost with the backing of nine left-wing heads of government.

The leaders said it was important to respect the spirit of the European parliament elections, which had returned a centre-right majority.

Mr Juncker is the centre-right's candidate for the post.

The announcement is expected to further isolate the UK government, which opposes Mr Juncker's candidacy.
The nine leaders met in Paris at the invitation of French President Francois Hollande, ahead of a summit next week.

The summit will decide who is to head the Commission, the European Union's executive body.

Prime Minister David Cameron has pledged the UK will oppose "right up to the end" the candidacy of former Luxembourg leader Jean-Claude Juncker to be European Commission president.

He has said Mr Juncker was too pro-federalist and the appointment would make EU reforms harder to achieve.

Read more: BBC News - Left-wing leaders back Juncker for top Europe job

Unity and comprehensive long-term vision vital for Eurozone, Juncker tells MEPs

Jean-Claude Juncker regrets what has not been achieved and delays in taking decisions, but is content that the Eurozone was saved in 2012 and fractures avoided, he told Economic and Monetary Affairs Committee on Thursday,  just days before he steps down as Eurogroup President.

Many MEPs quizzed Mr Juncker on whether austerity was the right cure for the crisis and also on the Eurozone's longer term prospects.  A few also pressed him on the need for a savings tax directive.

Mr Juncker said he had "many questions" about the strict adjustment paths being imposed on some countries, adding that the "tragedy of unemployment" is underestimated.  He insisted that countries receiving financial assistance, the programme countries, need to be compensated for their efforts. 

As to the Eurozone's future, Mr Juncker said he was disappointed that the last European Council had fallen far short of expectations that it would agree a roadmap for the next 10 years.  A move away from intergovernmental methods is needed to avoid a "chaotic approach" which could split the bloc, he added.

Mr Juncker also accepted that Eurozone governance needs to become more democratic.  "No country should consider itself infinitely more virtuous than others", he said, stressing that decision making must also become also more inclusive of the needs of all the Eurozone's component parts.

Read more: Unity and comprehensive long-term vision vital for Eurozone, Juncker tells MEPs

Luxembourg's Juncker to remain as head of Eurogroup for another 6 months

It was decided Monday night that Juncker will now step down by 'early next year'. "The mandate is for two and a half years but he will only serve for part of that," an EU source said.
Juncker, who has held the post since 2005, was due to step down in exactly one week, on July 17.

Finding a successor has been tricky, with the most likely new candidate, German Finance Minister Wolfgang Schaeuble, running into French opposition.

Juncker favoured handing over the post but agreed under French pressure to remain another six months on condition that the head of the Luxembourg central bank, Yves Mersch, should take a vacant board seat at the European Central Bank.

Read more: Luxembourg's Juncker to remain as head of Eurogroup - RTÉ News

FT.com - Juncker takes on Blair for EU presidency - by Tony Barber

For the complete report from the FT.com click on this link

Juncker takes on Blair for EU presidency - by Tony Barber

Tony Blair, the former UK prime minister, on Tuesday faced his first unofficial challenger for the European Union’s presidency after Jean-Claude Juncker, Luxembourg’s prime minister, indicated he was willing to take the job. “If I were asked, I wouldn’t have any reason to refuse to listen,” Mr Juncker told the French newspaper Le Monde in an interview.Hitting out at his British critics and rejecting the view that he represented too small a country, he said: “I am not a dwarf. Contrary to what the British press says, I have friendly relations with Vladimir Putin [Russia’s prime minister]. And I have known the Chinese leaders for a long time.”

Mr Juncker’s declaration crystallized the issue that has so far defined the contest – whether the EU wants Mr Blair, an instantly recognizable personality with global connections at the highest level but a controversial image in Europe, or a lower-profile politician judged to possess stronger European credentials but probably coming from a smaller EU nation.