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 to succeed Mario Draghias 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 the power 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

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