How the New Silk Roads are merging into Greater Eurasia

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People take pictures of the first freight train from Shenzhen to Minsk, capital of Belarus, that set out of Yantian Port in Shenzhen in May 2017. Photo: Reuters / stringer

 

Russia’s embrace of the Far East and other parts of Asia is proceeding with a symbiotic embrace of China’s New Silk Roads, or Belt and Road Initiative

The concept of Greater Eurasia has been discussed at the highest levels of Russian academia and policy-making for some time. This week the policy was presented at the Council of Ministers and looks set to be enshrined, without fanfare, as the main guideline of Russian foreign policy for the foreseeable future.

President Putin is unconditionally engaged to make it a success. Already at the St Petersburg International Economic Forum in 2016, Putin referred to an emerging “Eurasian partnership” Continue reading

‘Two-Pack’ enters into force, completing budgetary surveillance cycle and further improving economic governance for the euro area

A new chapter in world history is being made, yet very little attention is brought to it. Not one article. When the readership gets past the friendly, politically polite terminology found within, one can see that this further subjugates EU members and that the economic sovereignty of all EU members is now gone. The United States of Europe, or European Project as some would put it, is well underway.

Since this is not necessarily an article, but a press release, the entire document will be posted.

Reference: MEMO/13/457 Event Date: 27/05/2013

Since the launch of the euro, clear rules to ensure sound public finances have been in place in the form of the Stability and Growth Pact (SGP), which sets the well-known limits for budget deficits and public debt of 3% and 60% of GDP, respectively. However, the global economic and financial crises exposed shortcomings in economic governance and budgetary surveillance at the EU level. These shortcomings were effectively addressed with the creation in 2010-2011 of the European Semester of economic policy coordination and the six legislative proposals known as the ‘Six-Pack’, which strengthened the SGP in a number of ways.

However, given the higher potential for spillover effects of budgetary policies in a common currency area, there is a clear need for still stronger mechanisms specifically for the euro area. To address this need, in November 2011 the Commission proposed two further Regulations to strengthen euro area budgetary surveillance. Continue reading