Read about the latest developments today in TTIP and the global economy below.
Inexplicably, the US Believes That it Can Win TTIP Action is taking some time today to enjoy the US-Germany World Cup match taking place in Brazil. We hope everyone’s teams are doing well, but today I’m taking sides to support the USA! (Wall Street Journal)
Speeches and Official Announcements
Attorney General Holder Pledges Support for Legislation to Provide EU Citizens with Judicial Redress in Cases of Wrongful Disclosure of their Personal Data Transferred to the US for Law Enforcement Purposes US Attorney General Eric Holder announced that as a core part of the ongoing negotiations on the EU-US Data Protection and Privacy Agreement (DPPA), the Obama administration will cooperate with Congress to enact legislation to provide EU citizens with the opportunity to seek redress if personal data is abused by US authorities. You can find the speech, from the EU-US Justice and Home Affairs Ministerial in Athens, in its entirety here.
News
Socialist Lined up to Chair Economic Committee in European Parliament
Roberto Gualtieri, an Italian member of the Socialist Party in European Parliament, has emerged as the top candidate for chair of the Economic and Monetary Affairs Committee. Mr. Gualtieri’s appointment will come as a relief to bank executives, after fearing that a more partisan chair could emerge. Mr. Gualtieri’s committee is expected to play an increasing role in monitoring the work of the ECB as it assumes direct oversight responsibility of Europe’s largest banks. (Financial Times)
Ex-Im’s Fate Uncertain on Hill
Congressional debates over the Export-Import Bank has exposee some age-old partisan divides as the agency faces an increasingly uncertain future. The House Financial Services Committee held an important hearing on Wednesday on this issue, as reauthorizing the program is a key priority of big and small businesses alike. However, some conservatives worry that export lending is really corporate welfare in disguise. (Politico)
Business Leaders Urged to Make Stronger Case for EU
Benoît Potier, newly appointed chairman of the European Round Table of Industrialists, is urging for business leaders to make a stronger case for the EU. Mr. Potier is pushing for a ‘Schengen’ of data, urging the next EU Commission to take action on deepening the single market, energy, infrastructure, and the digital economy. He further argues that the priorities for the next commission should include a strong and well managed policy on innovation and competition policy. (Financial Times)
Italy’s Matteo Renzi likens EU to ‘Old Boring Aunt’
Matteo Renzi, Italy’s prime minister, has warned that the EU has to change course and focus on competitiveness and growth. He has further argued that a “technocratic cut and paste,” with the election of Luxembourg’s Juncker, are not enough to resolve the fears of many European citizens. Renzi has emerged as a leading voice among center-left leaders on the international stage, and has thus increased demands that Germany accept more flexibility in fiscal rules. (Financial Times)
Who Joins Juncker at the Top?
The European Council is now shifting focus beyond Jean-Claude Juncker to the appointments of the president of the European Council and of the EU’s foreign policy chief. Herman Van Rompuy, president of the European Council, is expected to take a decision tomorrow, as members of the European Parliament are scheduled to vote on the nomination on the 16th of July. Possible contenders for the position of president of the European Council are Helle Thorning-Schmidt, Enrico Letta, and Federica Mogherini. (EuropeanVoice)
Recent Analysis
German Member of Parliament Brinkhaus Discusses the Future of Transatlantic Trade and European Financial Politics
Member of the German Parliament (CDU) Ralph Brinkhaus discusses political and administrative challenges for the pending TTIP agreement between the United States and the EU. In addition, he elaborates on the current divide over the next president of the European Commission. He stresses the importance of cooperation to produce feasible results. (AICGS)
Free-Trade Pitfalls
In his article, Hans-Werner Sinn, president of the Ifo Institute for Economic Research and advisor to the German economy ministry gives a balanced insight into the pending trade partnership between the US and the EU, elaborating on the main advantages as well as risks of the agreement. He refutes common myths and provides the reader with further readings. His article provides an interesting twist to the TTIP debate, suggesting to avoid building a sort of “economic NATO” which excludes Russia and China which could have negative economic as well as political repercussions. (Project Syndicate)
Export-Import Bank Report to Congress: Aggressive, Unregulated Financing from Foreign Competitors is Costing US Jobs
On June 25, Export-Import Bank Chairman and President Fred P. Hochberg presented the Bank’s Annual Competitiveness Report to Congress, emphasizing the importance of continued Ex-Im support for American exporters to help level the playing field and to safeguard competitiveness for US businesses and workers in an increasingly competitive global marketplace which recently saw a rapid growth of export financing from foreign competitors. The article gives a short definition of the Ex-Im bank and introduces the main points of the report. (Export-Import Bank of the United States)
The EU Sells Itself Short
In his opinion piece, Karl-Heinz Büschemann, a German reporter and author, addresses recent criticsms of TTIP in Germany which range from a theoretical lowering of standards to an all-inclusive fear of American capitalism. He insists it would be wrong for the public to dismiss the partnership on the grounds that the US is a competitor of the EU. Instead, Europeans should blame their own governments for failing to properly address their voters interests. He concedes that there are certain issues in both sides of the continent that need to be examined carefully but dismisses the recent critics as a disproportionate demonization which uses the US as a scapegoat for all of Europe’s problems. (Sueddeutsche) – The original article in German.
Why the British are right about the next Commission President
Daniela Schwarzer, director of GMF’s Europe Program addresses the recent divide over the upcoming election of the next Commission president. She insists that the divide is based on two competing visions of the future of the EU, in which the first one shifts more powers to the supranational level and the second re-directs powers to the intergovernmental level. Her piece gives a level-headed explanation of the British rejection of Juncker and emphasizes that Britain’s preferences for subsidiarity should be honored and taken into account. (GMF Blog)
Upcoming Events
TTIP and Third Countries: Locked In or Left Out? – June 26 in Brussels; hosted by Carnegie Europe – More information
The Results of the European Parliament Elections and the EU Agenda for the Next 5 Years – July 8 in Brussels; hosted by the Martens Centre – More information
Round 6 of TTIP Negotiations – July 14-18 in Brussels