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of the Eurozone countries. It was also suggested that the EU Commission should have more influence in the use of European Structural Funds. In addition to these recommendations, they opposed the introduction of common Eurozone bonds. 23 - The German President, Christian Wulff criticized the ECB’s direct purchase of bonds, stating that this practice would only be justified if authorities fail to deal with extensive purchases on the secondary market. It is also a concern that the German Finance Minister has advocated the expansion of the powers of the EFSF. Critics see this potential expansion as encroachment on the right of national parliaments to determine their domestic budgets. 24 25 26 - Germany rejected the Eurobond proposal because the bonds were likely to have a negative impact on Germany’s credit rating, thus leading to higher interest rates. Some Eurobond proponents argue that bankruptcies and the breakup of the Eurozone would cost Germany significant- 67 ly more. 27 28 - The dispute over the tightening of the Stability and Growth Pact was overcome and an agreement was reached. The Parliament is to waive the quasi-automatic imposition of sanctions against financially unsound Euro countries. In return, Member States will agree to sanctions that must be supported in the future by only a simple majority of the EU states. 29 - The EFSF reform was officially approved in Parliament and is now a company under Luxembourg law. The owners of the legal company are the countries of the Euro and their ownership is based upon a private contract between the participating governments. The fund is intended as a temporary entity until 2013. After 2013 the ESM permanent aid fund will be launched. An international treaty between Eurozone countries will establish the ESM. All of this is in conjunction with debates on the reform of EU treaties that would allow the Commission more rights to monitor the economic and budgetary policies of the Member States. 30
- Over the weekend of 22 October 2011 the EU held another emergency meeting for the negotiations of a “comprehensive solution” to the sovereign debt crisis. Merkel stressed that this process took time because of its complexity and that another meeting would occur within the week. In a report from the IMF, ECB, and Commission, it was stated that Athens needed €252 billion by 2020 which means refinancing will not commence until 2021. 31 32 33 - The Summit in Brussels on Wednesday, 26 October 2011 led to the agreement that would increase the core capital ratio for banks temporarily until 2012, to 9 percent. The EFSF should therefore be used as insurance to guarantee purchases of bonds. The remaining EFSF, €250 to €270 billion, will be used so that government securities valued over €1 billion can be secured. Merkel said the risk on the German guarantees totals €211 billion. 34 - The Commission proposed an increase in its control of the fiscal policies of the Eurozone members. The proposal would have the Eurozone countries develop a common framework and timetable for the preparation of national budgets, as well as the creation of independent national authorities to monitor them. In Germany it meant a new body for the financial supervision would need to be created. The President of the European Commission, José Manuel Barroso faced criticism from Germany regarding the euro-dominated bonds. There appeared to be a growing chasm between Barroso and Merkel. 35 - In December 2011, after another EU summit in Brussels, Merkel looked forward to the commitments of the summit. After ten hours of negotiations, the heads of state for the 27 Member States agreed to sign a contract in March. This would be an intergovernmental agreement that would have any breach of the Stability and Growth Pact lead to the commencement of legal proceedings against the country. The group wanted the Eurozone to enshrine a debt brake, of at most 0.5 percent of GDP, in their constitutions. Also, the permanent Euro rescue fund, ESM would be established mid 2012, a full year ahead of sche- 68
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ACKNOWLEDGEMENTS We would like to t
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CONTENTS GLOSSARY 6 INTRODUCTION 7
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GLOSSARY CEPS Centre for European P
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We sincerely hope that you find our
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BACKGROUND: Austria joined the EU i
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EU Enlargement Another prominent is
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fied EU asylum policy. Once again,
Page 17 and 18: 24 Solana, Javier. "Die Türkei und
Page 19 and 20: BACKGROUND: Belgium is a constituti
Page 21 and 22: FINDINGS: Assessment of Belgium’s
Page 23 and 24: - 25 May 2011: The EU pledged an ex
Page 25 and 26: 1 “EU facts.” Civitas. 21 July
Page 27 and 28: BULGARIA By Anjela Deyanska Ethnic
Page 29 and 30: media. 7 In 1997 the German press c
Page 31 and 32: so viewed, by foreign political sci
Page 33 and 34: Issue of reforms Since Bulgaria’s
Page 35 and 36: states, and the EU as a whole, indi
Page 37 and 38: 1 "Bulgaria Country Profile." BBC N
Page 39 and 40: 46 "Чехия: Блокиране
Page 41 and 42: 86 "Калфин: Ако не см
Page 43 and 44: 123 Гутсузян, Мишел. "
Page 45 and 46: BACKGROUND: Denmark became a member
Page 47 and 48: countries at the expense of small a
Page 49 and 50: controls despite backlash from Germ
Page 51 and 52: not agree with the Eurosceptics and
Page 53 and 54: 1 "European Countries-Denmark." Eur
Page 55 and 56: FRANCE By Emily Barrette Ethnic com
Page 57 and 58: Libération www.liberation.fr The t
Page 59 and 60: o “Les divergences entre Paris et
Page 61 and 62: elationship explicitly questioned.
Page 63 and 64: 26 Semo, Marc. “Paris le lièvre,
Page 65 and 66: BACKGROUND: Germany has the largest
Page 67: EU; however, believe that each stat
Page 71 and 72: testing factory farming, the use of
Page 73 and 74: were opposed to the ECB´s plan to
Page 75 and 76: 1 “CIA - The World Factbook Germa
Page 77 and 78: 41 Brost, Marc, Matthias Krupa, and
Page 79 and 80: BACKGROUND In 1981, Greece became a
Page 81 and 82: other Eurozone countries to find a
Page 83 and 84: 1 "Corruption Perception Index 2011
Page 85 and 86: BACKGROUND: Hungary is a parliament
Page 87 and 88: tainment’ style. 16 Blikk is targ
Page 89 and 90: force in record time - one year - w
Page 91 and 92: first created with Orban at its hel
Page 93 and 94: 1 “The World Factbook: Hungary.
Page 95 and 96: IRELAND By Chris Granicolo Ethnic c
Page 97 and 98: The Irish Times www.irishtimes.com
Page 99 and 100: the urgency of the European situati
Page 101 and 102: 24 Beesley, Arthur. "All the Work R
Page 103 and 104: BACKGROUND: Italy was one of the si
Page 105 and 106: editions for the provinces of Lazio
Page 107 and 108: Italian economy was more stable and
Page 109 and 110: opean Commission applauded Italy fo
Page 111 and 112: 29 “Sostegno All'Italia Di Merkel
Page 113 and 114: BACKGROUND: Though only officially
Page 115 and 116: EFSF in order to “decisively impr
Page 117 and 118: from Libya. It also reaffirmed its
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ther needed to “force” other me
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22 Mercieca, Nikki Abela. “PM hop
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BACKGROUND: The Netherlands is a co
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Eurozone because of the credit rati
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illegal immigrants. The freedom of
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POLAND By Stanislaw Pelc Ethnic com
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Rzeczpospolita employs many of Gaze
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Eastern Partnership Finally, the ma
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ole of Poland in the EU. They divid
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PORTUGAL By Camilla Guiguer Ethnic
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Diario de Noticias www.dn.pt Diario
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Portuguese faith still exists in th
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1 Advameg, Inc.. "Portugal Press, M
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ROMANIA By Alexandra Savilo Ethnic
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and the newspaper upholds a strong
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voted to it; even though it was onl
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Over the course of the year, most a
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31 Voicu, Anca, Eva Galambos, and M
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63 Toader, Flavius. "Germania şi A
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THE RUSSIAN FEDERATION By Amina Abd
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in total) in Russia in 2011. 7 Desp
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Arab Spring The operation in Libya
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- Finally, the question of energy h
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1 Speech by Peter Mandelson, “The
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37 “Russia And The EU Have Agreed
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BACKGROUND: Over the past decade, S
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status and the issues surrounding t
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forces after an attempt to staff th
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that many articles discussed whethe
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27 "Merkel: Srbija ne ispunjava usl
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BACKGROUND: After its 1986 entry in
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lief, Spain would not be requesting
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environment and foreign relations w
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SWITZERLAND By Rabiya Asad Ethnic c
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Swissinfo www.swissinfo.ch Swissinf
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available resources for Swiss natio
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1 "Switzerland Country Profile." BB
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BACKGROUND: Turkey’s relationship
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The unfair use of Cyprus as a barga
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1 “EU-Turkey Relations.” Europe
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UKRAINE By Tanya Branitska Ethnic m
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1+1 www.1plus1.ua 1+1 is the countr
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ecome a notable point in the relati
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1 Van Rompuy, Herman “Remarks of
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THE UNITED KINGDOM By Debbie Butts
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FINDINGS: In January, there were su
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into the public arena and being gra
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1 George, S. An Awkward Partner: Br
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44 "UK rejects EU call for city cen
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