Mehreen Khan Profile picture
Sep 30, 2020 โ€ข 7 tweets โ€ข 2 min read โ€ข Read on X
Seven member states - including Poland Hungary, the Frugal Four (plus ๐Ÿ‡ซ๐Ÿ‡ฎ) reject council draft text on the rule of law. ๐Ÿ‡ง๐Ÿ‡ช๐Ÿ‡ฑ๐Ÿ‡บ also raise objections. Council goes ahead with mandate to open negotiations with the Parliament
To make things easier from here on the EU's "Rule of Law Friends" (๐Ÿ‡ณ๐Ÿ‡ฑ๐Ÿ‡ฉ๐Ÿ‡ฐ๐Ÿ‡ธ๐Ÿ‡ช๐Ÿ‡ซ๐Ÿ‡ฎ๐Ÿ‡ฆ๐Ÿ‡น๐Ÿ‡ง๐Ÿ‡ช๐Ÿ‡ฑ๐Ÿ‡บ) will be known as ROLF
Senior diplomat from ROLF says German text goes against EU leaders July deal as it "limits" the powers of the commission to start legal action against a MS for breaching rule of law. Points out that EU 6 founding members are now fundamentally divided on this question
(That final remark was a shot across bow of ๐Ÿ‡ซ๐Ÿ‡ท๐Ÿ‡ฉ๐Ÿ‡ช obvs)
We are also in a position where ROLF - many of whom are Frugals - remain fundamentally distrustful of commission's role in independently monitoring the public finances of member states. But still vehemently defend commission's right to launch legal action against MS over RoL
**Clarification that all seven members of ROLF plus ๐Ÿ‡ญ๐Ÿ‡บ๐Ÿ‡ต๐Ÿ‡ฑ rejected the draft. So in total that is 9 against and 18 in favour. No abstentions.
German ambassador Michael Clauss, who chairs council talks on MFF/NGUE, says
"concern has grown that with the heated debate on RoL mechanism within the EU and also in the Council that we are increasingly running into a blockade in the overall budget negotiations"

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More from @MehreenKhn

Oct 12, 2022
NEW: Andrew Bailey and Kwasi Kwarteng attended a meeting of the G7 counterparts in Washington this afternoon, where their counterparts, led by Janet Yellen, made a number of "backhanded" swipes at events in the UK
Finance ministers, led by Yellen, warned against governments carrying out unfunded tax cuts and policies that threatened financial stability. Canada's finance minister Freedland also chipped in
The warnings were not explicitly aimed at the UK but they were clearly directed at the Brits. One diplomat said that Kwarteng and Bailey did not respond, sticking squarely to their pre-prepared scripts
Read 6 tweets
Oct 11, 2022
Bailey admits that the Bank's emergency liquidity interventions mean that its monetary policy goals and its financial stability mandate are now running in opposite directions. This is in contrast to the last dash for cash in March 2020, when QE achieved both goals. Image
โ€ผ๏ธโ€ผ๏ธ BoE Bailey sends clear warning that BoE interventions will end on Friday. He tells funds: "You've got three days left to get this done".
Bailey's categorical warning that bond-buying will end this Friday will raise more questions about whether the Bank can still proceed with its QT programme, which is due to start on the same day as the chancellor's fiscal update, October 31
Read 5 tweets
Oct 11, 2022
IMF has downgraded its 2023 global growth forecasts today (from slowest onwards, non exhaustive list):
๐Ÿ‡ท๐Ÿ‡บ -2.3%
๐Ÿ‡ฉ๐Ÿ‡ช -0.3%
๐Ÿ‡ฎ๐Ÿ‡น -0.2%
๐Ÿ‡ธ๐Ÿ‡ช -0.1%
๐Ÿ‡ฌ๐Ÿ‡ง 0.3%
๐Ÿ‡ง๐Ÿ‡ช 0.4%
๐Ÿ‡ซ๐Ÿ‡ท 0.7%
๐Ÿ‡ณ๐Ÿ‡ฑ 0.8%
๐Ÿ‡บ๐Ÿ‡ธ 1.0%
๐Ÿ‡ง๐Ÿ‡ท 1.0%
๐Ÿ‡จ๐Ÿ‡ฆ 1.5%
๐Ÿ‡ฏ๐Ÿ‡ต 1.6%
๐Ÿ‡จ๐Ÿ‡ณ 4.4%
๐Ÿ‡ฎ๐Ÿ‡ณ 6.1%
The ๐Ÿ‡ฌ๐Ÿ‡ง is due to suffer the worst average inflation rate of the advanced economies (9% in 2022, 9.1% in 2023). But the IMF forecast for a "significant slowdown" in growth does not factor in policies announced in the mini-budget on Sept 23
On the ๐Ÿ‡ฌ๐Ÿ‡งmini-budget, the IMF says the "sizeable" fiscal package "is expected to lift growth somewhat above the forecast in the near term, while complicating the fight against inflation."
Read 4 tweets
Dec 31, 2021
Happy new year from Planet Brussels where this has just landed in some people's inboxes ๐ŸŽ #taxonomy
A 60-page draft #taxonomy text landed in inboxes of member states minutes before 2022 struck. A "consultation" process - which does not involve MEPs - will run until mid Jan. Some highlights on what's included ๐Ÿ‘‡
Commission stresses that on nuclear energy and fossil gas there are "rapid technological" developments occuring.
On โ˜ข๏ธ, draft paves the way for awarding the green label as long as MS can provide plans for safe waste management and a 100g per KW of CO2 is not exceeded
Read 11 tweets
Nov 24, 2021
German Greens have won the right to propose the country's next EU commissioner. There has been an expectation that VDL would serve two terms. It's a canny move which will mean VDL will feel obliged to keep Greens on side for next 2.5 years.
Pilling pressure on VDL already, vice chair of Greens speculates how "cool" it would be to have a Green European Commission President
One suggestion is that VDL could secure Greens support if she agrees to stand on a transnational list at next EU elections. Thus far, debate over pan-EU lists has been killed by VDL's centre right EPP party
Read 6 tweets
Oct 4, 2021
France's finance minister has arrived at the #Eurogroup fuming at the state of EU energy market rules calling them "unfit for purpose" after energy price rises have "become unbearable for our citizens and businesses"
Le Maire will be teaming up with Spain's Nadia Calvino today to demand Brussels reform EU energy market rules to better regulate gas stocks and scrap a marginal pricing system so price of electricity production in each MS reflects costs for consumers ft.com/content/463d0eโ€ฆ
Commission's initial response - a flexibilities paper laying out what gov's can do - is unlikely to satiate French or Spanish asks. Worsening prices over winter risks poisoning Europe's fiscal and climate policy debate ft.com/content/5805c3โ€ฆ
Read 10 tweets

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