Europe Launches War On Italy’s Fiscal Plans: Warns Of Debt “Explosion”, Threatens Savers

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In the aftermath of Italy’s defiant announcement that it would expand its 2019 budget deficit to 2.4% of GDP, above both the initial proposal from finmin Tria which was 1.6%, and also higher than the European “redline” of 2.0%, the question was how would Europe respond to this open mutiny by Italy.

The answers started to emerge on Friday, when European Parliament head Antonio Tajani said that fiscal targets set by Italy’s eurosceptic government were “against the people” and could hit savers without creating jobs.

“I am very concerned for what is happening in Italy,” said Tajani, who is a center-right opposition politician in Italy and close ally to former Prime Minister Silvio Berlusconi. The budgetary plans “will not raise employment but will cause trouble to the savings of the Italians,” Tajani said. Continue reading

Another 20 Million Could Come to Europe

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The President of the European Parliament has warned that Europe faces an inflow of up to 20 million African migrants in the coming years. Continue reading

Diesel Emissions: EU Commission Has Known for Years about Manipluation

The European Commission insists that it knew nothing about diesel emissions manipulations perpetrated by Volkswagen and other automobile manufacturers. Documents obtained by SPIEGEL ONLINE show otherwise.

Since at least 2010, the European Commission has been in possession of concrete evidence that automobile manufacturers were cheating on emissions values of diesel vehicles, according to a number of internal documents that SPIEGEL ONLINE has obtained. The papers show that emissions cheating had been under discussion for years both within the Commission and the EU member state governments. The documents also show that the German government was informed of a 2012 meeting on the issue. The scandal first hit the headlines in 2015 when it became known that Volkswagen had manipulated the emissions of its diesel vehicles.

The records provide a rough chronology of the scandal, which reaches back to the middle of the 2000s. Continue reading

EU wants stronger military industry

BRUSSELS – The European Commission on Tuesday (24 June) laid out plans on how to boost the EU’s military and defence industries.

It wants to create a single market on defence, make it more profitable, and intensify and merge research with the civil sector.

Antonio Tajani, the EU industry commissioner, said greater defence collaboration is needed between member states to enable the EU to “adequately face its security challenges”. Continue reading