Tag Archives: European Union

EUROPEAN UNION AGREES ON NEW BANKING SUPERVISION DEAL AHEAD OF THE EU SUMMIT

The European Union has agreed the terms of a deal which will see centralized supervision of the eurozone banks.

The deal is expected to come into effect in March 2014, and will see the European Central Bank (ECB) acting as supervisor-in-chief of the eurozone banks. The deal will affect financial institutions with assets greater than 30bn euros ($39bn; £24bn) or with 20% of national GDP.

Around 80% of Europe’s banking transactions are conducted through the City of London, though UK banks will not be included in the deal. UK Chancellor George Osborne has stressed that he has worked hard to ensure the deal will protect the City.

The deal is a crucial step towards a full banking union. This is believed by many to be necessary and inevitable, in order to solve the eurozone crisis.

The deal has been reached ahead of the next EU summit, which is about to begin.

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ARE THERE MOVES TO GIVE THE UNITED NATIONS CONTROL OVER THE INTERNET?

Next month, nations will gather in Dubai to discuss the future of the internet. The mission of the conference is to secure “the free flow of information around the world, promoting affordable and equitable access for all”.

In the build up to the conference, there has been growing debate amongst some nations that the United Nations should take over control of the internet. A leaked document from Russian officials says:

“Member states shall have equal rights to manage the internet, including in regard to the allotment, assignment and reclamation of internet numbering, naming, addressing and identification resources and to support for the operation and development of basic internet infrastructure,”

Today the European Union have voted on whether they believe the UN should control the internet. The EU parliament have rejected this saying that UN control would “negatively impact the internet, it’s architecture, operations, content and security, business relations, internet governance and the free flow of information online”.

Currently different bodies around the world control the internet and it’s structure. Most of these bodies, like ICANN, ( Internet Corporation for Assigned Names and Numbers) are found just south of Santa Monica CA in Marina Del Rey (where the Dalai Lama’s second in command lives). They act independently of government control. Those opposed to handing control of the internet over to the UN argue that many of the member states of the UN do not seek to promote the free, “equitable access of all” that the internet allows.

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The European Union Have Been Awarded the Nobel Peace Prize

The Nobel Peace Prize has been awarded to the European Union, the move has left many baffled. The committee who decides on the winners of the Nobel Prize said it was recognising the work the EU has done to transform Europe from a continent of war, to one of peace.

However, many have been quick to point out the peace of Europe, after the Second World War, was not won by the EU; but by the work of Britain, America and even Russia- and later by NATO – with America picking up much of the bill. Within Germany itself the nation transformed itself out of the devastation left by Hitler to reject fascism and build a peaceful society and a robust economy.

The awarding of the prize to the EU has caused further anger because of the deep divisions that exist across the continent at this time. As violent riots erupt across European cities, and many see the actions of the EU to be robbing nation states of their democratic rights, questions have been asked as to why the EU is worthy of this accolade.

The award was all the more surprising given the Nobel Prize committee are based in Norway, one of the few European countries not to be a member of the EU. However, it has now emerged the most eurosceptic member of the committee, Aagot Valle, was ill this week, and therefore not part of the decision. Had Valle been present he would have almost certainly vetoed the decision. The committee now has questions to answer as to it’s political ethics in awarding the prize to the EU.

“The award of the prize will stir a massive controversy in Norway,” Kristian Berg Harpviken, head of the Oslo-based Peace Research Institute, told Reuters on Friday. “Many politicians here would see this as undue meddling in the internal affairs of Norway by the Nobel Committee.”

This is not the first time the Nobel Peace Prize has been awarded controversially. In 2009 Barak Obama was given the prize, and in 1994 Yasser Arafat.