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Is The EU Turning Into A Powerful Region Of State Corporatism?

|Includes: CurrencyShares Euro Trust ETF (FXE), HAO, VGK

Is The EU Turning Into A Powerful Region Of State Corporatism?

1) … Open Europe provides news of the rise of European State Corporatism
Dirk Schümer writes: “The EU was the best thing that has happened to Europe since the fall of the Roman Empire. Throughout the years it has however turned into a demon, uncontrollable, impossible to vote away.” FAZ reports

The French government has sent a letter to the Commission demanding “rapid action” to protect the integrity of the EU's carbon market from countries such as China, which is demanding exemptions for its airlines, Euractiv reports.

MEPs have backed the introduction of a new system of pan-European contract law, which could be used to govern dealings between businesses and between firms and consumers, increasing the chances that the Commission will push ahead with a proposal later this year, Euractiv reports

The European Parliament has approved legislation harmonising national reporting data on air pollution, green taxes and raw material flows, leading to Europe-wide “environmental economic accounts”. The new rules will come into force this year. Euractiv reports

2) … Tyler Durden asks Wondering what lit a fire under the EUR/USD? Wonder no more.
Reuters reports that the new bailout for Greece is likely to total about EUR 120bln and may comprise EUR 30bln from private sector, EUR 30bln from privatisations, and up to EUR 60bln from EU/IMF. Remaining loans from initial Greek bailout would be disbursed alongside new bailout, according to Eurozone sources.

Chart shows today’s rise and fall in daily trading in the Euro, FXE


3) …  Inflation Destruction is seen in the Between the Hedges report that China's small and medium sized companies may face the worst cash shortage since the 2008 financial crisis.
Citing a report from All-China Federation of Industry & Commerce. Cash, labor and power shortages as well as high costs and taxes are making it difficult for the enterprises to survive. Shanghai Securities News reports.

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