European Union

A straightforward comparison between Britain remaining in the EU and leaving isn’t possible.

That’s because we know what ‘Remain’ in the EU means – it’s the status quo and we’ve experienced it for four decades.

But Leave?

Nobody knows; nobody can say for sure. Even those campaigning for Britain to leave the European Union cannot agree with each other on their different visions of Brexit.

And even if the ‘Leave’ campaigners could agree with each other, none of them can promise to deliver.

They are not in power, and even if they were in power, their (different) dreams of Brexit would require the agreement of over 50 countries, which would take years to negotiate, with no guarantee of the outcome.

With the exception of Russia, no major country in the world backs Britain to leave the EU.

On his visit to Britain, USA President Obama said that the EU Single Market “brings extraordinary economic benefits to the United Kingdom.” He added that being in the EU “magnifies” British influence.

If Britain left the EU, however, the President warned that it could take up to ten years to negotiate a new trade agreement between the USA and  Britain.

These sentiments were echoed by US Presidential hopeful Hilary Clinton, whose spokesman told The Observer newspaper today that, “She has always valued a strong United Kingdom in a strong European Union. And she values a strong British voice in the EU.”

There are many lists showing the benefits of Britain remaining in the EU that are credible and evidence-based.  That’s because we’ve been a member of the EU (previously called the EEC) for 43 years. We know what we get in the EU. We already have it.

But any lists of the benefits of Brexit have to be entirely hypothetical. Nobody knows for sure. No member state has ever left the EU.

The only honest answer is that there would be years of disruption and uncertainty before we discovered for sure what would be the advantages, if any, of Britain outside of the EU.

And now that the official Vote Leave campaign has indicated that it also wants other countries to leave, how would Britain’s Brexit negotiations fare with the EU?  Our former European allies would know that Brexiters didn’t just want to close a deal with them, but to close the EU itself. (See my other article, ‘What they really want: End of the EU’)

The benefits of Britain in the EU are extensive. Here’s a summary of just some of them:

Free trade

Top of the list is that it’s only because of EU membership that Britain enjoys full free trading status with all the other member states – representing the world’s most lucrative market place, and by far our most important trading partner. As such, almost half of our exports go to the EU, and over half of our imports come from the EU.

The EU has an iron tariff wall against non-members; so would we really want to be on the wrong side of that wall as an ex-member? Even non-European countries that have negotiated ‘free trade’ agreements with the EU don’t enjoy full free trade access to Europe’s internal market, as Britain does now.

Could Britain continue to participate in full free trade if we left the EU?

We don’t know for sure, but it’s less likely.

Unless, like Norway, we were accepted as a member of EFTA/EEA. However, like Norway, we would still have to obey the rules of the EU single market (including free movement of people) and we would still have to pay an annual contribution to the EU.

And like Norway, we would have no say in those rules or the size of our annual contribution to the EU. Would there be any point to leave the EU for that?

A say in Europe

Next on the list is that as a leading member of the EU, we have a say – and votes – on the rules, laws and future direction of our continent, Europe.

Would we have that as a non-EU member?

No non-EU member has a say or vote in those rules, so it’s highly unlikely that an exception would be made for Britain. Otherwise, what would be the point of an exclusive club offering exclusive benefits for members?

Living in the EU

The right to live, work, study or retire across our continent is  a precious membership benefit that around two million Britons already enjoy.

Would that right continue if we left the EU? Nobody really knows, but it’s unlikely.

The residence and other rights of Britons already living across the rest of Europe, and citizens from the rest of Europe already living in Britain, would be thrown into doubt and confusion if ‘Leave’ wins the referendum vote.

Free health care whilst travelling on business or holiday in Europe is another cherished benefit of Britain’s EU membership – that would be unlikely to continue on Brexit.

EU protection

EU laws protecting the rights of workers, consumers and travellers across the continent are probably among the most important reasons for Britain to remain an EU member.

For example, 4-weeks paid holiday a year; the 48 hour working week; anti-discrimination law; guaranteed rights for agency workers; guaranteed worker consultation – all of these protections exist because of the EU.

Would we retain those rights if Britain left the EU?

We don’t know, but it’s unlikely.

If we took away the strong armour of EU employment law, workers’ rights would be at the mercy of a Conservative government. Anyone who believes they would then be in safe hands might be in for a rude shock upon Brexit.

Consumer and traveller protection laws are also arguably much stronger as a result of EU laws than we would have enjoyed under national legislation alone.

In any event, how can a national government assure safety and protection across a continent?

The simple fact is that it can’t – it needs the reach of a pan-European intergovernmental organisation to achieve that (albeit with the democratic consensus of member states).

For example, comprehensive passenger compensation when, say, an Icelandic volcano seriously disrupts air travel – such compensation is only possible because of EU law, not national law.

Abolishing exorbitant mobile-roaming charges across Europe was also only possible because of EU law – no nation state alone could have achieved that. Europe-wide consumer protections, such as when buying products online or by phone, came about because of EU law rather than national law.

Negotiating power

Because the EU is the world’s richest, biggest market-place, and the world’s biggest exporter and importer of manufactured goods and services, it can negotiate the best trade deals with other countries.

It’s often said that when negotiating, you get better deals if you’re the same size or bigger than your opposite number. The EU is the biggest economy – bigger than the USA, bigger than China, bigger than Japan. It has the muscle to negotiate extremely favourable trading terms with the world’s countries.

Could Britain, being considerably smaller and less important than the EU, achieve similarly good trade agreements with the world’s countries?

It’s unlikely, but in any event, it would take many years to find out after we had left the EU.

Collaborations

There are many collaborations that take place between scientists, doctors, lawyers, accountants, etc, between EU member states that are made much easier and more effective because we’re all in the same club.

Could that continue on the same level if Britain left the EU?

Who knows..?

And of course, because of agreements and directives agreed between member states, there is considerable Europe-wide sharing of intelligence, information and practical collaboration in the fields of policing, security, defence and the prevention and combat of crime.

On BBC’s Andrew Marr show today, Home Secretary Theresa May confirmed that Britain doesn’t have open borders, not even to EU citizens. She said:

“We check people at our borders, but what matters at our borders is that  you have the information about people that enables you to make that decision about whether somebody should be allowed into the UK or not.

“We are more likely to have that information if we’re inside the European Union.”

Could that co-operation continue with our EU allies if Britain left the EU? Again, nobody knows – it might, but at this stage, nobody can guarantee that it would.

Is the British electorate likely choose Brexit and all the uncertainties that option offers?

Anything is possible. However, in all the referendums so far in Britain, the electorate has never voted against the status quo.

What will be important is that everybody who can vote in the referendum does vote. That way, at least the decision about Britain’s future will be decisive. 

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Other stories by Jon Danzig:

• EU is the not the USSR
• What does Brexit look like? Nobody knows
• They want their country back, not yours
• List of the latest articles by Jon Danzig

To follow my stories please like my Facebook page: Jon Danzig Writes

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The post The problem with Brexit appeared first on Ideas on Europe.

Good evening. Let me first of all thank Prime Minister Davutoglu for the invitation to Gaziantep today. We last met in Brussels on 18 March, when we concluded an ambitious agreement between the European Union and Turkey with an aim to stem irregular migration and to create a legal avenue for refugees to seek and obtain asylum in Europe. Our visit here today is part of the follow-up to that agreement.

Combined with other actions we have taken together with the Western Balkans countries, in Greece and by stepping up our support to refugees in third countries, we are starting to see results.

Since the March agreement we have seen a sharp reduction of the illegal migration flows across the Aegean. Our return operations are working in tandem with resettlements of Syrian nationals from Turkey to EU Member States, demonstrating the desired shift from illegal to legal migration.

This is a big and complex undertaking and much work still lies ahead of us. Our visit here today gives us the opportunity to discuss with Prime Minister Davutoglu the further implementation and next steps.

Today I  also had another opportunity to assess the situation with regard to the Syrian refugees in Turkey. After visiting a refugee camp in Nizip, I was pleased also to participate in the inauguration of a child protection centre in Gaziantep on the occasion of the National Sovereignty and Children's Day in Turkey. A number of other projects are currently being launched through the EU Facility for Refugees in Turkey.  Programming under the Facility has been accelerated.

Beyond our cooperation on the migration crisis, we will take stock of our revitalised bilateral relations. It also includes an accelerated roadmap for visa liberalisation. The way I see it, Turkey has made good progress ahead of decisions to be taken this summer, provided that Turkey meets all the agreed benchmarks.

One of the most crucial subjects of our discussion will be the conflict in Syria and the need for political talks to get back on track. Recent attacks on civilians and the prevention of humanitarian access are cynical attempts to derail the only real chance to stop the bloodshed.

Let me conclude, Prime Minister Davutoglu, dear Ahmet, by thanking you once again for your invitation, but also for your involvement and determination.

I would just like to add that, and it is not only a formal and political assessment but it is also my very private, personal feeling also after today's visit, that today Turkey is the best example for the whole world on how we should treat refugees. No one has the right to lecture Turkey what you should do. I am very proud  that we are partners. I am absolutely sure that we will succeed. There is no other way.

http://tvnewsroom.consilium.europa.eu/uploads/council-images/thumbs/uploads/council-images/remote/http_7e18a1c646f5450b9d6d-a75424f262e53e74f9539145894f4378.r8.cf3.rackcdn.com/7c6f7e9a-095f-11e6-a57c-bc764e092fac_76.47_thumb_169_1461422202_1461422202_129_97shar_c1.jpg

Donald TUSK, President of the European Council, visits Gaziantep, Turkey, together with Angela MERKEL, German Federal Chancellor and Frans TIMMERMANS, European Commission Vice-President, on 23 April 2016.

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The mandate and budget of Frontex has consistently been enhanced since its inception in 2004. Since the Agency’s role under EU law has expanded, the capacity of Frontex to deal with possible violations of fundamental rights should be strengthened as well. In this regard, the European Ombudsman and the Parliament recommended that Frontex introduced an individual complaint mechanism to handle violations of fundamental rights alleged to have occurred in the course of its operations. Moreover, the European Commission’s proposal of 15 December 2015, designing a European Border and Coast Guard System, included such a complaint instrument. Consequently, this paper analyzes to what extent the individual complaint mechanism guarantees the protection of fundamental rights and ensures that potential incidents are effectively handled by Frontex. Particularly, the strategy and instruments designed by the Regulation nº 1168/2011 of Frontex to promote the protection of fundamental rights is firstly examined. While these instruments promote respect for fundamental rights in all activities of the Agency, they do not provide individuals with an effective remedy to file a complaint against Frontex should they believe their rights have been violated. Secondly, this paper analyzes the degree to which the creation of a complaint mechanism would strengthen control of Frontex operations, given the current limitations of immigrants and asylum seekers to seek judicial redress at the Court of Justice of the European Union. Lastly, the complaint mechanism introduced in the European Border and Coast Guard System is studied as well as the limitations it presents.

–

See, David Fernandez Rojo, “The Introduction of an Individual Complaint Mechanism within Frontex: Two Steps Forward, One Step Back”, Tijdschrift voor Bestuurswetenschappen en Publiekrecht, forthcoming. This paper will be presented in the doctoral conference named “Democratic legitimacy without Parliament: fact or fiction?” on May 20, 2016 in the University of Antwerp.For more information and the program, see website. For more information on the authors and TBP’s special edition, see www.legalworld.be

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Under an U.S. Army airborne exercise in Germany (Hohenfels) a Humvee broke free of its rigging and plummeting to the ground, followed by another — and another. The scene starts serenely as equipment is dropped by parachute April 11 from planes with the 173rd Airborne Brigade flying across blue skies until the first Humvee breaks free and crashes to the ground.
It's followed by a second and then a third Humvee crashing to the ground and increasing laughter on the video. The Army says nobody was hurt, and it's investigating what went wrong — and who shot the video.

Tag: Humvees173rd Airborne Brigade

So now the truth is out. The ‘Leave’ campaign don’t just want Brexit – they want to see the end of the European Union.

Justice Secretary, Michael Gove, said as much in his keynote speech this week for Vote Leave, the official campaign which he leads, fighting for Brexit in Britain’s EU referendum.

Mr Gove said:

“Britain voting to leave will be the beginning of something potentially even more exciting – the democratic liberation of a whole continent.”

He described Britain’s departure from the EU as “a contagion” that could spread across Europe.

Reporting on Mr Gove’s speech, the BBC stated:

“Leaving the EU could also encourage others to follow suit, said Mr Gove.”

Commenting after the speech, a senior aide for the Leave campaign indicated to the Herald Scotsman that Mr Gove would be, ‘happy if Britain’s in-out referendum sparked similar polls across Europe.’

The Herald Scotsman reporter asked if Brexit would lead to the break-up of the EU as we knew it and the aide replied, “Yes.” When asked if the Out campaign hoped that it would trigger “the end of the Brussels block” the aide replied, “Certainly.”

In his speech, Mr Gove suggested that far from being the exception if Britain left the EU, it would become the norm as most other EU member states would choose to govern themselves. It was membership of the EU that was the anomaly, argued Mr Gove.

The Guardian headline was:

‘Brexit could spark democratic liberation of continent, says Gove’

The Telegraph headline:

‘Michael Gove urges EU referendum voters to trigger ‘the democratic liberation of a whole continent’

The Express headline:

‘BREXIT WILL BREAK-UP EU: Leave vote to spark domino effect across bloc, says Gove’

The Bloomberg headline:

‘U.K. Brexit Vote Would Be End of EU as We Know It, Gove Says’

The Irish Times headline:

‘Michael Gove says other EU states may leave EU’

The right-wing of the Conservative Party, which makes up the biggest support for the Vote Leave campaign, is now in tune with UKIP’s long-held ambition to see the end of the European Union.

On Talk Radio in Spain three years ago, UKIP leader Nigel Farage said that he not only wanted Britain to leave the European Union, he also wanted to see “Europe out of the European Union” – in other words, the complete disintegration of the European Single Market.

This week, Mr Farage shared a Brexit rally platform with Conservative cabinet minister, Chris Grayling, who backed Mr Farage’s chant of, “We want our country back.”

The battle lines are now starkly clear. Britain’s EU referendum is not just about whether Britain should remain in the European Union. It’s now a referendum about whether the European Union itself should continue to exist.

This is no doubt going to wake up all pro-EU supporters across the continent. What happens in Britain on 23 June could result in Brexit and EU breakup.

Britain chose not to be one of the founding members on the Union back in 1957 but joined later, in 1973.

Now Britain might be the first member state to leave the Union, with the open aspiration of the ‘Leave’ campaigners that some or all of the other EU members will follow to the EU exit.

It now seems impossible for ‘Leave’ campaigners to continue with their rhetoric that Britain could negotiate a ‘good deal’ with the European Union if the referendum results in Brexit.

EU leaders will no doubt be in a state of heightened alarm that not only could Britain’s departure from the EU trigger the downfall of the EU, but that this is actually the stated aim of Brexit campaign leaders.

For all of us who cherish the European Union as one of the most successful post-war projects, this is now a battle to ensure that Britain’s EU referendum doesn’t result in either Brexit or the end of the EU.

__________________________________________________

Other stories by Jon Danzig:

• EU is the not the USSR
• What does Brexit look like? Nobody knows
• Can’t vote or don’t vote?
• List of the latest articles by Jon Danzig

To follow my stories please like my Facebook page: Jon Danzig Writes

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The post What they really want: End of the EU appeared first on Ideas on Europe.

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The Informal Economic and Financial Affairs Council takes place on 22 and 23 April in Amsterdam.

Download this video here.

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Eurozone Ministers meet on 22 April 2016, in Amsterdam, to discuss the next steps and the timeline for the completion of the first review of Greece's economic adjustment programme, following a presentation on the state of play by the institutions.

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“Digitising industry” should be more than wishful thinking and a catch phrase for eurocrats as “Europe’s pride” – traditional manufacturing and production methods have not proved immune to digital transformation; and this is for the best. Over the past year, private sector executives and decision makers from Davos to Washington D.C. have been using their brain power and time to discuss the impact of new technologies for the development of products and the future of the manufacturing sector at global level.

With the EU focusing on growth and jobs in order to maintain its competitiveness, Commission officials are no strangers to the concept of the digitisation of the European Industry. This new space, nonetheless, holds both challenges and opportunities; this is where the “Digitising European Industry Package” comes in.

In case you missed it, the Package, which was published on 19 April, is made up of four non-legislative communications and three accompanying staff working documents covering issues such as Cloud Computing, standardization, internet of things, and funding.

Making Europe strong again

In line with the Commission’s priorities and the pressure from global competitors two trends run through the documents. Firstly, the Commission identifies ‘areas where progress is to be made’ in European digital services and explains that urgent EU-level support is needed to ‘coordinate national and regional initiatives to digitise industry’. Interestingly as well, while European technology companies are trying to take over the world, there is an underlying protectionist sentiment in the texts. The Commission refers to a need to ‘open the door for new competitors’ in some data and web platforms as European businesses are concerned about being locked in with a ‘few suppliers or platform owners. An earlier draft of the package went even further, saying that European digital services had ‘major weaknesses compared to major competitors in the US’ which is why EU-level support is needed for Europe to ‘stay in and win the digital industrial race’.’

Is there space for engagement?

As with every Commission non-legislative proposal, there is an opportunity for the manufacturing sector to engage on some issues that will have a long term strategic and business impact.

Development of common standards and interoperable solutions: This is one of the Commission’s priorities and will be key for the development of the Internet of Things (IoT). New standards will cover areas such as 5G, Cloud Computing, IoT, Data technologies, and Cybersecurity; harmonised standardisation will complement internal market mechanisms and could enable European manufacturers to make their products more competitive. eHealth, smart energy, intelligent transport systems and connected and automated vehicles, including trains, advanced manufacturing, smart homes and cities, and smart farming could be some of the sectors that will benefit in the short to medium term. However, the Commission also acknowledges that standards should continue to be industry-led, voluntary and consensus-driven. This leaves space for prompt engagement, both at EU and national level.

Data protection – The Commission will propose a legislative initiative in 2016 to remove or prevent unjustified localisation requirements introduced by national legislation. Data ownership, access and re-use rules, particularly in relation to data generated by sensors and other collecting devices will be at the centre of the proposal. These are elements that are key for producers of smart devices, especially in the energy sector.  The Commission also highlights possible obstacles to data flow, such as uncertainty regarding the distinction between personal and non-personal data and obstacles regarding data interoperability and reliability.

 Promoting innovation – The Commission acknowledges that innovation will drive growth. For this reason it encourages new innovative research services, such as data mining, and breakthroughs in supercomputing and secure networking through the European Open Science Cloud and the use of quantum technologies. Alongside the European Data Infrastructure, the Commission believes this will contribute to the digitalisation of industry. With the manufacturing sector driving European excellence, smart cities, smart living environments, driverless cars, wearables, and mobile health will be some of the sectors that are expected to grow thanks to digitisation. Dedicated zones will be set up across Europe to test new technologies, free from some of the regulatory burdens that these sectors face when scaling up projects. As for those complaining about the lack of financial resources, the Communication mentions a number of areas where the Commission will invest Horizon 2020 funds. For example, these include €500 million focused on digital innovation hubs. This will give a boost to companies, mainly SMEs operating in these technology spheres.

Is more coming up?

Digitising the European Industry will be the gift that keeps on giving for the next few months. The next peak in activity will take place at the end of the year when the Commission will publish its initiative on the ‘free flow of data’ which could impact companies using private or public data. The Commission also makes sure that industry stakeholders stay on the bench as observers. The time to start thinking about cybersecurity implications for your firm is now, as the deadline for industry stakeholders to draw up ‘practical guidelines’ on cybersecurity in ICT standards has been set for the end of the year.

The new industrial revolution is happening now and the Commission is aiming to have the manufacturing sector at its side in order to improve the environment in which “traditional” European companies operate. Smart value chains will be at the heart of this revolution, embracing a much higher level of both automation and digitisation. While cybersecurity and data protection concerns could leave executives skeptical on the added value for the industry, the future of European manufacturing is fortunately at the mercy of tech geeks. So better start to talking to DG CONNECT in order to harness the opportunities digitisation brings along.

Ilektra Tsakalidou, Catherine Armitage, with the help of Crispin Maenpaa

Image by Malte Helligsøe

Saturday 23 April 2016
Visit to Gaziantep (Turkey) together with Federal Chancellor of Germany Angela Merkel and EU Commission First Vice-President Frans Timmermans.
17.40 Visit to Nizip temporary protection centre
19.15 Visit to Gazientep Child protection support centre
20.50 Joint press conference by President Tusk, Chancellor Merkel, First Vice President Timmermans and Prime Minister Davutoğlu
21.50 Leaders' meeting

Tuesday 26 April 2016
13.00 Meeting with European Commission President Jean-Claude Juncker and European Parliament President Martin Schulz (Berlaymont)

Wednesday 27 April 2016
11.30 Meeting with President of Albania Bujar Nishani (photo opportunity - press statements ±12.00)

AMENDMENTS 71 - 372 - Draft opinion on the proposal for a regulation on the European border and coast guard
Committee on Foreign Affairs

Source : © European Union, 2016 - EP

Good afternoon. Welcome everyone, welcome to Amsterdam. Let me debrief you on the Eurogroup meeting. Many of us were already in Washington at the IMF spring meetings, discussing the state of play in the global economy, rising risks on the basis of the advice and analysis of the IMF. The good news, however, for major economies, this also goes for the Eurozone economy, is that our economies have weathered global events quite well. I believe we are still on the right track with economic growth that is broad-based, stronger supervision of banks and signs that investment is starting to pick up throughout the Eurozone.

Greece

Having said that, and on that positive note, let's first turn to Greece, which took up a major part of our time today. We discussed the state of play of the first review of the ESM programme and next steps to be taken.

Cooperation between the institutions and the Greek authorities has been strong and productive, but the institutions will say more about that. We believe that substantial progress has been made, reducing the number of open issues, and getting close to an agreement on a number of key areas such as pension reform, income tax reform, the NPL strategy and the establishment of the privatisation fund. On some issues more work will have to be done to fully conclude that, but we are very close.

Today we also looked at and clarified the way to go forward to bridge the issue which is about insecurity of a forecast and confidence that we can have in the implementation of what has been agreed.

We came to the conclusion that the policy package should include a contingent package of additional measures that would be implemented only if necessary to reach the primary surplus target for 2018. The contingency mechanism needs to be credible, legislated upfront, automatic and be based on objective factors which would trigger these contingent measures.

That needs further work: the design of that, how it would work, what kind of measures there would be and what would trigger it. I'm happy to say that with the commitment of the Greek minister to work on that constructively and as quickly as possible, the institutions have said that they stand ready to work as quickly as possible, in the coming days, on this contingency mechanism. On that basis, if we have the package which needs to be done and delivered upfront, and if we have the contingency package and the mechanism to support that, we can have a further Eurogroup next Thursday. This is not for sure yet, but we are aiming for a meeting next Thursday which would then come to positive conclusions on those two elements, on the upfront package and the contingency package, and have a serious discussion on debt sustainability. As you know we have a long standing promise which was reaffirmed during the summer agreement, that if necessary and on condition that the Greek government fully delivers on what has been agreed in the programme, if necessary, we stand ready to consider more measures to assure debt sustainability.

Ministers today have given us a mandate to work on that, to make the analysis, and to prepare possibilities within, of course, some limitations. To mention two main ones: there is no support in the Eurogroup for nominal haircuts on the debt, and what we will design and propose needs to stay within the agreement of last summer. So we will look at possibilities of re-profiling and if necessary possible additional measures, looking at maturities and grace periods as outlined in the agreement last summer. And hopefully we will meet again next Thursday to bring those elements all together and come to a political agreement which would be very important for Greece and for the Eurozone.

Insolvency frameworks

Secondly, let me go on in our agenda. Second item was work we are doing on insolvency frameworks. This is very important for strengthening our economies, dealing with our banks, and opening space for new investments throughout the Eurozone. It is of course also an issue for the EU 28, so the follow up that we will give on the issue will also be on the agenda in Ecofin for some months. We have asked the Commission to do further work on that, to improve the quality of the data that we have and to develop an approach aimed at improving the effectiveness of national frameworks, trying to reach convergence at a higher level, in speed, affordability and predictability of insolvency procedures.

So on work that has been done so far, the Commission will do more on improving the quality of data, and developing a method of benchmarking on insolvency frameworks.

SSM

Finally, on the SSM. We welcomed Danièle Nouy, the chair of the Single Supervisory Mechanism to the Eurogroup. She regularly joins the Eurogroup to present to us the state of play in the SSM. Today she presented the annual report. She informed us about the execution of the supervisory tasks of the SSM. She spoke specifically on the many options and national discretions that are still in our banks and in our bank legislation and regulations. She is making a lot of progress from the SSM. Work also needs to be done by legislators. The Commission will work on that and put forward proposals to improve our level playing field for our banking union.

Those were the key issues.

The Eurogroup is fully committed to supporting economic growth and jobs and holds regular thematic discussions to explore and define common policy ambitions to this end. The Council recommendation on the economic policy of the euro area in the context of the European Semester clearly indicates the areas where reform is the most pressing.

Since the beginning of the year, we have discussed twice the recommendation to improve national insolvency frameworks, an area explicitly addressed in the Council recommendation to the euro area for 2015 and 2016 as well as in the individual 2015 Country-Specific Recommendations for several euro area Member States.

Private sector debt remains high in a number of euro area countries and contributes to holding back the recovery in investment and consumption. In particular, the high level of non-performing loans in banks' balance sheets constrains the supply of credit, thereby hampering the monetary transmission mechanism, and reduces the efficiency of capital allocation. Having effective and efficient insolvency frameworks in place is key to ensuring a smooth deleveraging process, thereby facilitating adjustment processes within the euro area, while improving the business environment and supporting private investment. It would also support deeper financial integration within the euro area, which will be beneficial for the strengthening of the Banking Union, fostering growth and resilience to asymmetric shocks. It would also contribute to building the Capital Markets Union, recognising that this work takes place in the EU-28 setting.

While a number of euro area Member States have carried out significant reforms in the recent past, the Eurogroup is conscious that more efforts are needed. Today we agreed on a number of core common principles that could serve as guidance for improving the efficiency of national regimes in dealing with insolvency. While we aim to converge to a high level of efficiency and transparency of national insolvency rules and practices within the euro area, we recognise that when applying these common principles, country-specific circumstances - in particular national legal frameworks - need to be taken into account.

Speed, cost and predictability are of the essence for efficient national insolvency regimes, together with clear rules on cross-border insolvency. In order to promote speedy and cost-effective insolvency procedures, debt distress should be identified at an early stage. Early restructuring procedures with limited court involvement - in particular out-of-court settlement - should be developed further as a priority and resorted to where appropriate. Insolvency procedures should be easily accessible and affordable for both debtors and creditors. Honest distressed debtors should also be given a second chance after a certain period of time. Moreover, insolvency frameworks should be governed by predictability. In particular, creditor claims in secured lending should be enforced in an effective manner. Finally, clear rules on cross-border insolvency are of paramount importance in order to encourage cross-border investment. At EU level a Regulation and a Recommendation are in place and a legislative proposal is being developed by the end of 2016.

The Eurogroup also discussed the need for adequate flanking policies. In particular, enhancing the institutional framework for insolvency was recognised as critical to ensure an effective implementation of the insolvency legislation. Supervisory measures can contribute to support an accelerated process of banks' balance sheet clean up.

The Eurogroup intends to regularly take stock of the progress made by euro area Member States in reforming their insolvency regimes in line with these common principles and in coherence with parallel work streams led by EU institutions in the framework of the Commission's Action Plan on building a Capital Markets Union. We underlined the importance of benchmarking our common ambitions. We support the Commission's work to improve data availability and quality and we mandate the EWG to engage with this work as a matter of priority. We agreed to revert to the matter in autumn of this year.

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Barack Obama arrived last night in the British capital, where he is expected to give his full-throated support for the UK to remain in the EU – an intervention that is as highly anticipated as it is fraught with political danger. There is no set-piece speech the White House has engineered; instead, the US president has offered up an op-ed in today’s Daily Telegraph, and administration officials say he will speak “as a friend” if he is asked about the issue during his two-day stay. Which is something of a foregone conclusion, particularly with a Downing Street press conference set for this afternoon.

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Ireland v Commission
State aid
The General Court confirms the decision of the Commission ordering the repayment of the tax exemptions granted by France, Ireland and Italy for alumina production