European Union foreign ministers have closed on an embargo on Iranian oil imports to the EU, which will go into effect on July 1st of this year. Now, the European Commission is seeking alternative oil supply sources. “I understand that the embargo only affects oil- thus European refiners will have to look for alternative oil…
Author Archives: Derrik Brunner
Germany and France Support Financial Transaction Tax, Building Pressure for Britain
The Daily Telegraph recently revealed that France and Germany believe the financial transaction tax, proposed as a means to alleviate some of the region’s pressure, is in fact the first step towards the EU’s new power. The Franco-German paper that discusses the issue claims that “European institutions and member states should accelerate the process of…
Japan’s Concerns Heighten as France, Other EU Countries Downgraded
As Standard and Poor’s downgraded several EU countries, Jun Azumi, finance minister of Japan, voiced his growing concerns. “Unless Japan shows that we are swiftly securing stable financial conditions and rebuilding fiscal policies… it will be us next time,” he said. Azumi was not, in fact, the only person to express trepidation. Nine EU countries…
Denmark Speaks Against EU Financial Transaction Tax
European Union countries have been debating the creation of a financial transaction tax, with Denmark a frontrunner in the opposition. Speaking against the motion, Denmark said it would impede growth and cost “hundreds of thousands of jobs.” Economy Minister Margrethe Vestage is part of the Danish EU presidency, and chairs EU finance ministers meetings. In…
Foreign Investments Boost Ireland’s Employment and Confidence
Foreign investments reached a record high in Ireland last year, creating 13,000 employment opportunities and boosting the country’s economy after a three year recession. IDA Ireland, the Irish state investment agency, warned that the ongoing debt crisis in the region may discourage some companies from investing, but described 2012’s new projects as “encouraging.” Barry O’Leary,…
Polish Finance Minister Jacek Rostowski on the Economy and 2012
An interview with Polish Finance Minister Jacek Rostowski was recently publicized on BBC Monitoring European. When asked if he feared for the upcoming year, Rostowski responded: “It will be a distinctive one. We are entering with a very strong economy in Poland. We saw quite high investments and growth in the third quarter. Our economy…
New Central Bank Laws Cramp IMF Negotiations
New central bank regulations have been approved, cutting short talks between the International Monetary Fund and the European Union. Now, Hungary is also less likely to obtain a bailout. In Budapest, parliament has expanded the Monetary Council, opened a position for an additional vice president, and stripped current President Andras Simor of his right to…
Russia Offers Additional Funds to Support the IMF and the Eurozone
On Thursday, Russia announced that it is ready to contribute to a Eurozone IMF rescue. The news came at the end of a two-day meeting, where President Dmitry Medvedev mentioned financial aid and “other measures” which would be invested to resolve the situation. Other issues discussed at the summit included energy deals, Syria and an…
Canada Offers to Add to Europe Bailout Fund
Jim Flaherty, finance minister, recently stated that Ottawa would be willing to contribute to the IMF’s European bailout fund on the condition that other G20 countries participate as well. “There’s some sense around the world that is at the end of the day we have to provide some help somehow, that we would not turn…
EU President Herman Van Pompuy Prepares for January 30th Summit
EU President Herman Van Rompuy said European Unnion leaders are to meet on January 30th to evaluate jobs and economic growth. In a video message for the EU’s website, Rompuy said: “I’m preparing for this meeting intensively. It will be focused on jobs, and that’s a big challenge in a context where zero growth is…
