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

The Netherlands - Amsterdam: The inventors of true Corporate Capitalism - To the postcapitalist city … via Amsterdam circa 1619 - by Paul Mason

Imagine yourself in Amsterdam exactly 400 years ago. What word would you use to describe the extraordinary economic and social system around you?

There are a stock exchange, a currency market and a central bank. The most important social institution is something called a ‘company’—not just any old company but the VOC (the Dutch East Indian Company), the most powerful in the world.

There are other clues. The trade fleet of the United Provinces is bigger than all the trade fleets of Europe combined. Amsterdam is the ‘bookshop of the world’. And this is a republic.

So what, using the language available to you as a citizen of the Dutch Republic, do you call this kind of society?

Today it’s obvious. This is the first flourishing of mercantile capitalism. And the transition had been under way for at least 100 years. While London possessed some of the working parts of the new system, only Amsterdam had all of them.

The English ambassador, Sir William Temple, summed up the puzzlement of the rest of the world: "They have no native commodities towards the building or rigging of the smallest vessel … for havens they have not any good upon their whole coast … nor has Holland grown rich by any native commodities, but by force of industry; by improvement and manufacture of all foreign growths; by being the general magazine of Europe, and furnishing all parts with whatever the market wants or invites …"

 Read more at: To the postcapitalist city … via Amsterdam circa 1619 • Social Europe

EU Budget for 2020: Climate becomes top priority in EU’s 2020 budget – by Antoine Germain

The European Commission proposed on Wednesday (5 June) a budget worth €168.3 billion for the bloc in 2020, aimed at promoting a more competitive European economy and solidarity and security in the EU.

This is the last budget under the 2014-2020 fiscal period and put climate change at the top of the agenda.

As much as 21% of the proposed budget will be devoted to climate change issues.

Read more at: Climate becomes top priority in EU’s 2020 budget – EURACTIV.com

EU-US relations : US's Pompeo says current US-EU trade deal is not fair

Pompeo says current US-Europe trade deal is 'not fair'

Read more at: 

https://www.euronews.com/2019/06/03/pompeo-says-current-us-europe-trade-deal-is-not-fair

British - US Relations: An abusive relationship with a now vulnerable Britain

Read ,more at:
https://www.politics.co.uk/comment-analysis/2019/06/03/trump-s-uk-trade-deal-an-abusive-relationship-with-a-now-vul

China - US Relations: Tariffs China: Blame U.S. for escalation of trade war, China says - by Christopher Bodeen

China issued a report Sunday blaming the United States for the countries’ trade dispute and said it won’t back down on “major issues of principle,” but offered no clarification about what additional steps it might take to up the ante.

The report from the Cabinet spokesman’s office said that China has kept its word throughout 11 rounds of talks and will honor its commitments if a trade agreement is reached. It accused the U.S. of backtracking three times over the course of the talks by introducing new tariffs and other conditions beyond what was agreed on. “But the more the U.S. government is offered, the more it wants,” it said, accusing America’s negotiators of “resorting to intimidation and coercion.”

Read more: Tariffs China: Blame U.S. for escalation of trade war, China says

EU-China Relations: No Huawei ban, but relations with China 'complex': EU foreign policy chief: by Lin Xueling

The European Union (EU) is not currently planning to ban the Chinese technology giant Huawei, which has become an acrimonious subject of dispute between the US and China in recent weeks, its foreign policy chief, Frederica Mogherini, said on Saturday (Jun 1).

The US Trump administration has accused the Chinese technology giant of industrial espionage, receiving unfair subsidies, and having too close ties with the Chinese government.

Read more at: No Huawei ban, but relations with China 'complex': EU foreign policy chief - CNA