Daily Archives: December 6, 2012

Van Rompuy, left, has set out a different vision of common eurozone debt than Barroso, right.

Herman Van Rompuy, the European Council president, published the latest iteration of his plan to overhaul the eurozone this morning, just a week after his counterpart across the Rue de la Loi, European Commission president José Manuel Barroso, offered his own blueprint.

Van Rompuy’s 14-page outline includes many of the ideas he’s been proffering since October, including a requirement that all eurozone countries engage in “contractual arrangements” with Brussels, committing them to economic reform plans, and the creation of a eurozone budget. Barroso’s plan has similar elements.

But it’s worth noting where Barroso and Van Rompuy differ, because it could have major implications for the direction the eurozone heads in the coming months. And the differences are perhaps nowhere more evident than on one of the issues that has bedevilled the eurozone since the outset of the crisis: so-called “eurobonds”.

 

Europe’s top trade official accused Russia of reneging on its commitments to the World Trade Organisation just three months after it joined the group, and warned “the clock is ticking” before EU legal action.

The comments from Karel De Gucht, the EU trade commissioner, set the stage for a tense visit in two weeks when Vladimir Putin, the Russian president, is due to come to Brussels for a bilateral summit.

They also reveal how quickly the optimism that accompanied Russia’s accession to the WTO in August – after nearly 19 years of negotiations – has given way in Europe to a more familiar sense of frustration.

“Since Russia has become a member of the WTO they are doing exactly the opposite of what they are supposed to do or what they have been promising to do,” Mr De Gucht said in Brussels.

“At this moment in time, I’m rather upset about all this,” Mr De Gucht added, calling the developments “very disturbing.”