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  • Article / 25 April 2017 at 14:48 GMT

    French toast?

    Head of Trading / The ECU Group plc
    United Kingdom
    French toast?
    The first round of the French presidential election brought a sigh of relief across markets, but France's likely next president, Emmanuel Macron, faces formidable challenges to reform his country's troubled economy, and much will depend on whether he gets a mandate for change in the June parliamentary elections.
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  • Editor’s Picks / 07 September 2015 at 12:21 GMT

    Dr Issing warns of EU superstate by backdoor

    The Telegraph
    Creating a Eurozone-wide finance ministry before such power is democratically anchored would be a mistake, Otmar Issing, former ECB chief economist and board member, says. Political union cannot be obtained in the European Union by the backdoor, Issing told policymakers at a gathering on Lake Como, The Telegraph's Ambrose Evans-Pritchard reports. Proposals for an EMU finance ministry appeared in a paper by the heads of the European Commission, Council, Parliament, Eurogroup, and ECB in June, a document known as the “Five Presidents Report.” It would start as an advisory fiscal board and a strategic investment fund, which would be "a finance ministry in embryo," and evolve towards a “euro area Treasury” from 2017 onwards, Evans-Pritchard says. The euro may survive “for a period” under its current structure, but it will break apart if the monetary union's principles are permanently violated. “Pacta sunt servanda (Agreements must be kept),” said Professor Issing.
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