german crisis cant stop euro reforms commissioner
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

The EU will push ahead with plans

German crisis 'can't stop' euro reforms: commissioner

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice German crisis 'can't stop' euro reforms: commissioner

The EU's euro chief Valdis Dombrovskis
Brussels - Emirates Voice

Germany's political crisis "cannot stop our work" and the EU will push ahead with plans to reform the euro after Brexit, the European Commission's euro chief vowed in an interview on Tuesday.

Valdis Dombrovskis, the commission vice president responsible for the single currency, said Brussels would unveil its proposals for the 19-country eurozone as planned on December 6.

The collapse of German Chancellor Angela Merkel's coalition talks has sparked fears that the EU's largest economy will be paralysed just as it hopes to embark on ambitious reforms pushed by French President Emmanuel Macron.

"We cannot stop our work only because there is an election in one country or coalition building, and sometimes it takes time. Therefore, in any case, we are moving ahead with our work," Dombrovskis told AFP at his office in the commission HQ.

The former Latvian prime minister rejected suggestions that the problems in Germany had closed the "window of opportunity" which commission chief Jean-Claude Juncker said was available to reboot the bloc after the Brexit vote.

Merkel has been one of the strongest backers of Macron's plans, which were developed in tandem with Juncker.

"In a union with 28 democracies, or potentially 27 democracies (after Britain leaves in 2019), there are always elections somewhere, and we need to accept this," said Dombrovskis, who oversaw his country's entry into the euro in 2014.

EU sources have told AFP that a meeting of EU leaders on December 15 to discuss the future of the euro is at risk because of Merkel's woes, but Dombrovskis said that was a matter for European Council chief Donald Tusk, who organises summits.

"The European Commission's plans remain on track... we intend to present our package of proposals on the 6th of December," said Dombrovskis, who oversaw his country's entry into the euro in 2014.

Juncker's spokesman said earlier that "Europe will not pause" for Germany.

 

- Brexit warning -

 

The European Commission plans, which will be considered by member states, include a "budget line" for the eurozone, which could be used to stabilise countries in case of economic "shocks", Dombrovskis said.

But the money would remain within the overall EU budget, stopping short of a completely separate eurozone budget proposed by France's Macron.

The proposals also include transforming the eurozone's bailout fund into a dedicated European Monetary Fund, with "possibly less role of the IMF" in future rescue packages.

Tusk has said he wants EU leaders to decide on the reforms by June next year, and EU sources said that while the German crisis could lead to "a couple of months" delay in negotiations, that deadline should still be possible.

On Brexit, Dombrovskis warned that there would be an impact on London's status as Europe's financial hub, pointing to the decision a day earlier to move the EU's banking regulator from London to Paris.

"I would expect London to be a financial centre, it's a historical financial centre, but also we see there are certain implications of Brexit," he said.

Dombrovskis confirmed EU negotiator Michel Barnier's warning that Brexit would deprive London's financial services industry of its "passporting" rights to do business unhindered in the bloc.

The Latvian also warned there could be "no overarching equivalence" -- ruling out London's hopes of a single deal to say that Britain adhered to the same financial standards as the EU. 

Instead, equivalences would have to be negotiated for individual sectors, he said

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

german crisis cant stop euro reforms commissioner german crisis cant stop euro reforms commissioner

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

german crisis cant stop euro reforms commissioner german crisis cant stop euro reforms commissioner

 



GMT 09:54 2018 Wednesday ,24 January

'Friendly and kind' N. Korean skaters

GMT 07:16 2018 Thursday ,18 January

Macron's tapestry gesture risks rousing

GMT 23:45 2018 Tuesday ,23 January

Europe in the pink of health, feels Bjorn

GMT 16:03 2017 Friday ,05 May

Ban on Omani foods

GMT 03:07 2017 Saturday ,30 September

Facebook helps UAE resident reunite with brother

GMT 00:05 2017 Wednesday ,15 November

Deadly heat from climate change may hit slums hardest

GMT 10:18 2016 Thursday ,27 October

Sharjah Book Fair’s Professional Programme attracts

GMT 13:56 2012 Sunday ,21 October

King Mohammed VI Gulf tour

GMT 19:28 2017 Sunday ,12 March

Carlos the Jackal faces trial again in France

GMT 05:55 2018 Tuesday ,23 January

US tax reforms send UBS profits plunging

GMT 06:01 2018 Saturday ,20 January

How to take a bullet, by 'Den of Thieves' star 50 Cent

GMT 23:50 2018 Thursday ,18 January

1.5 C climate goal 'very unlikely' but doable

GMT 08:42 2018 Wednesday ,17 January

Was preparing new version of 'Zombie'

GMT 13:06 2018 Tuesday ,16 January

The London Fashion Agency relaunches as LFA

GMT 14:17 2017 Friday ,03 February

Facing Trump trade threats, Mexico eyes new partners

GMT 10:33 2017 Thursday ,28 December

Putin files nomination for 2018 re-election bid

GMT 08:01 2017 Tuesday ,21 November

China's Tencent overtakes Facebook

GMT 10:15 2017 Tuesday ,21 November

US-Saudi warplanes hit Sanaa

GMT 07:42 2010 Wednesday ,15 September

Global regulators agree on tougher Basel III bank rules
Emiratesvoice, emirates voice
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice