July 4th: Independence Day!
Today, July 4th, is Independence Day in the USA, and I send greetings to all our friends in America. Americans will be celebrating all around the world, and apparently Denmark also celebrates the US Independence Day, for reasons which remain obscure. I trust that the Danes, and other Europeans, will also want to join us on June 23rd 2017 in celebrating our own British Independence Day. And perhaps before too long they will have their own Independence Days to celebrate. Let’s build a new, open, free, democratic Europe of nation states, bound together solely by free trade and voluntary intergovernmental co-operation.
Italians told by the EU to follow the rules
The full extent of the Brexit shock will depend less on what happens in this country than on its impact on the Eurozone, whose weakest link is the Italian banking system, writes Simon Nixon in The Wall Street Journal.
The paper says under new EU rules which came into force earlier this year, no public money can be used to support failed banks until private-sector creditors accounting for eight per cent of the bank’s liabilities have been bailed in.
Italy’s upcoming referendum will deal with major Senate reforms which, if approved, could improve the stability of Italy’s political machine and give Prime Minister Matteo Renzi some breathing room.
If the referendum fails, Renzi’s government will fall, and Italy will return to the sort of political anarchy that followed the ousting of former Prime Minister Silvio Berlusconi. Watch this space – the clamour to get out of the EU could soon intensify even further.
Angel Merkel to oust Juncker
Angela Merkel could move to oust EU chief Jean-Claude Juncker ‘within the next year’, a Germany government minister has said, in a sign of deepening European divisions over how to respond to Brexit.
The Daily Telegraph reports Mr Juncker’s constant and unabashed calls for “more Europe”, has led to several of Europe other dissenting members – including Poland, Hungary and the Czech Republic – to lay some of the blame for Brexit at his door. Watch this space.
Call for Conservative leadership contest to be cut short
An interesting piece in The Indy which claims the Conservative leadership contest should be cut short and one of the candidates given a coronation, a senior party figure has said.
Anna Soubury, the business minister, said a period of uncertainty would be bad for the party and country at a time of instability. The uncertainty isn’t great for our country she says. Certainly we need to move forward with Brexit!
Hammond backs May
Meanwhile, on the same topic foreign minister Philip Hammond has backed Teresa May’s leadership push.
Hammond, who campaigned to remain in the EU, said the next leader would have to make a trade-off between continued access to Europe’s single market and limiting freedom of movement.
“Unfettered free movement of EU nationals, as it has worked hitherto, is no longer on the table,” Hammond said in a column for The Daily Telegraph newspaper.
This continues the narrative of ambiguity from ‘Remain’ voting Conservatives as to what is going to be the approach as we move forward – these mixed messages are not what the majority of people voted for during the referendum.