Agrégateur de flux

The enduring financial crisis in Europe has exposed a tremendous weakness in the supervision of financial markets. What supervision was actually exercised not only failed to prevent a crisis but may have precipitated it.

In September 2010, the European Parliament and Council reached a political agreement to adopt three Commission proposals to effect a substantial change in the way financial supervision is to be exercised at the European level: to set up a European Banking Authority, a European Market and Securities Authority and a European Insurance and Occupational Pensions Authority. This document released in September 2010 provides a very brief overview.

When these different regulations are finalized and come into effect on January 1st 2011, the changes will be profound.

Professor Eilis Ferran of the Law Faculty, Cambridge University, England, has written a wonderful overview of the new supervisory system that puts it in its historical context and explains its significance. Here's what the abstract states:

Most of the big decisions about the rules governing financial market activity in Europe are now taken at the EU level. This has not been matched by a simultaneous centralisation of supervisory responsibility. Yet, notwithstanding that frontline supervision remains mostly a Member State responsibility, with a layer of EU-wide structural co-ordination added on top, the longstanding process of step-by-step assumption of supervisory functions by bodies that have a pan-European remit has undoubtedly accelerated in the aftermath of the financial crisis. This article examines the recent EU institutional developments with respect to financial market supervision against the background of arrangements at Member State level, and assesses their significance. It contends that whilst the recent EU institutional reforms are at the boundaries of current legal, political and practical feasibility, they include some key breakthroughs that bring the prospect of the European scene becoming dominated by euro-authorities with direct supervisory power across significant swathes of financial market activity considerably closer.

You can download the entire article, which is highly recommended, here.

There's big trouble brewing between the Council and the Commission.

The European Parliament and Commission have, apparently, concluded a new "Framework Agreement" on how the two institutions should coöperate (for a press release see here). This new agreement, signed on October 20, 2010, replaces the 2006 Framework Agreement (available here (main part), here (annex 1) and here (annex 2)).

The new Framework Agreement generally updates the old one to take account of the Lisbon Treaty. In particular, it seeks to improve the accountability of the Commission by setting up a Question Hour with Commissioners, including the Vice-President for External Relations/High-Representative for Foreign Affairs and Security Policy based on the existing Question Hour with the Commission President. It also provides that if Parliament asks the Commission President to withdraw confidence in an individual Member of the Commission, he will seriously consider whether he should request that Member to resign. The President shall either require the resignation of that Member or explain his refusal to do so before Parliament in the following part-session. The new Agreement also increases the involvement of Parliament in international negotiations and provides that the Commission will provide Parliament with immediate and full information at every stage of negotiations on international agreements and in particular those on trade matters and other negotiations involving the consent procedure. At international conferences, the Commission shall, in view of Parliament's extended powers under the Lisbon Treaty, at Parliament's request, act as facilitator in order to enable the chair of the EP delegation to be granted observer status in relevant meetings and guarantee access to EU facilities for Parliament's delegations.

Despite the European Parliament and the Commission paying lip service to transparency, open access to information and all that jazz, they don't feel that the reading public is fit to see the actual text of the new Agreement. Well, a search of their respective websites has proved vain. Fortunately, Council has published a more-or-less final version dated June 29, 2010, on its public register here.

But now the Council has registered a public protest about the new Framework Agreement and has written to the Parliament and Commission to voice its misgivings. The Council's Legal Service has published a thorough legal opinion on the matter in which it states that the text agreed by the European Parliament and Commission negotiators on June 29 2010 aims, on several points, to modify the balance between the Institutions that was established by the Treaties and according the Parliament powers which are not conferred upon it by the Treaties. The Legal Service recommends that the Council should, by statement published in the Official Journal, reserve the right to submit to the Court of Justice any act or action of the Parliament or the Commission which refers to the Agreement and would have an effect contrary to the interests of the Council and the prerogatives conferred upon it by the Treaties. The Council should in particular reject the provisions on international agreements, infringement proceedings against Member States and transmission of classified information to the European Parliament. The text of the protest and Legal Service Opinion is available here.

UPDATE: A reader kindly pointed us to the text of the new Framework agreement, available here on the European Parliament's website.

FURTHER UPDATE: The new Framework Agreement is now published in the OJ (OJ 2010 L 304, p. 47)

On 29 October, Carlo Magrassi, EDA's Deputy Chief Executive Strategies, delivered a speech at Defensys'10.

As China's economic might expands, Beijing not only wants a greater stake in international organizations but also to remake the rules of the game.

2010.10.08.
Klubrádió - Eurozóna
A magyar EU-elnökség lehetőségei
interjú Schlenker Ádámmal, intézetünk legfrissebb kiadványa ("A szlovén elnökségtől a lengyel elnökségig - A magyar elnökségben rejlő lehetőségek") kapcsán

1. rész (6:35-től)

2. rész

On April 8, sitting beside each other in Prague Castle, U.S. President Barack Obama and Russian President Dmitry Medvedev signed the New Strategic Arms Reduction Treaty (New START). Just two days earlier, the Obama administration had issued its Nuclear Posture Review, only the third such comprehensive assessment of the United States' nuclear strategy. And in May, as a gesture of openness at the Nuclear Nonproliferation Treaty Review Conference in New York, the U.S. government took the remarkable step of making public the size of its nuclear stockpile, which as of September 2009 totaled 5,113 warheads.

For proponents of eliminating nuclear weapons, these events elicited both a nod and a sigh. On the one hand, they represented renewed engagement by Washington and Moscow on arms control, a step toward, as the treaty put it, "the historic goal of freeing humanity from the nuclear threat." On the other hand, they stopped short of fundamentally changing the Cold War face of deterrence.

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interview with dr. Zoltán Fehér
Fraternity Magazine
By Kathy A. Megyeri
Summer 2010.

(...)

One of our newest, youngest, best-looking and most talented HRFA members travels regularly betweenBudapest and Washington, DC. In 2005-2009, he served at the Hungarian Embassy for four years as Political Officer and Press Attaché. In 2006, he was appointed the Embassy’s Chief Creative Offi cer and in this capacity, he developed creative diplomacy. This young diplomat designed a new approach to public diplomacy that integrates popular culture, the entertainment media and the Internet-based new media to promote his native Hungary. He was the Coordinator of Hungarian October, the series of events in Washington, DC commemorating the
50th Anniversary of the 1956 Hungarian Revolution in the fall of 2006.
Last summer, he returned to Hungary where he has been working as the Senior U.S. Desk Officer and EU-Americas Coordinator at the Foreign Ministry’s Department for the Americas. He has reorganized the Young Diplomats Club of the Ministry and is currently the Club’s leader. In Budapest, he has also been teaching European integration to American and European students at the joint program of Pázmány Catholic University and the University of San Francisco.

(...)

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Chilean BMS-1 Alacran Prototype Armored Personnel Carrier

American Oshkosh M1120 LHS Heavy High Mobility Truck

Am 2. August 2010 konnte ein wertvolles Ergebnis dieser wissenschaftlichen Archivarbeit in Form eines Findbuches (Repertorium) vom Vorsitzenden der Hanns-Seidel-Stiftung, Staatsminister a.D. Hans Zehetmair, an den CSU-Parteivorsitzenden Horst Seehofer übergeben werden. Es verzeichnet die Auftritte aller Parteitagsredner von 1946 bis ins Jahr 2000. Der Inhalt des 600-seitigen Findbuches ist durch ein Personen-, Orts- und Sachregister erschlossen.