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Austerity Pays Off For Greece


It seems that Greece is now well on the way to restoring its economy. Following financial improvements and reduction in the economy, the European Commission will recommend to the European Council to end the disciplinary procedures.

A spokesperson said, “Our recommendation to close the Excessive Deficit Procedure for Greece is another positive signal of financial stability and economic recovery in the country.” So now it’s down to just three Member States who will remain under the Stability and Growth Pact, France, Spain and the UK.

It seems that a solid working agreement between the French and German governments is well under construction. Macron on election put forward a new vision which proposed a Eurozone Budget with its own Finance Minister. That proposal was initially met with a stiff rebuke from some elements within Germany. This proposal is not dissimilar to one made some years ago by Merkel. Macron said, “France must reform its economy to give it more vigour, but Germany must support a revival of public and private investment in Europe.”

France is also taking a proactive position in respect of migration. They are proposing to increase the number of accommodation places while reducing the time taken to process asylum applications. To assist this, they will draw funding from the European Funding Programme, “Asylum Migration and Inclusion Fund.”

King Felipe of Spain got to make his State visit to the UK last week This was scheduled for early last month but the date clashed with Ms May’s failed plan to get the backing of the British people. Spain has raised the governance of Gibraltar as one which should be addressed during the Brexit negotiations. The King, in his address to both houses of Parliament, suggested that arrangements could be reached between the two countries on the issue. The UK says sovereignty is not up for discussion.

The UK Government published the Repeal Bill designed to transpose EU into UK law as might be appropriate after the UK’s exit. But both Nicola Sturgeon and Carwyn Jones, first ministers of Scotland and Wales respectively are not happy with the proposal. The Labour Party also say they may vote against it. It seems that the Government will have a very hard time for whatever length of time they have in Parliament.