World
Germany and Netherlands push for minimum debt targets for EU countries
![Germany and Netherlands push for minimum debt targets for EU countries](https://static.euronews.com/articles/stories/07/51/73/24/1000x563_cmsv2_f559d073-f7f4-5388-a357-4b73860c85c1-7517324.jpg)
The continued reform of the European Union’s fiscal guidelines has taken a brand new flip after Germany and the Netherlands got here ahead with calls for for minimal debt discount targets, immediately difficult the European Fee’s strategy based mostly on tailored nationwide plans.
EU legislation requires international locations to maintain their finances deficit beneath 3% of gross home product (GDP) and public debt beneath 60% in relation to GDP however many international locations exceed these thresholds after years of intense spending to cushion the impression of the COVID-19 pandemic, Russia’s conflict in Ukraine and the vitality disaster.
The European Fee argues this new financial actuality warrants a reform of the bloc’s fiscal guidelines and has taken the primary steps to revise the present framework.
In a report printed final November, the Fee proposed to maintain each the three% and the 60% targets untouched however add higher flexibility in order that governments can adapt the goals to the precise circumstances of their international locations.
Beneath the plan, EU states would negotiate their very own nationwide blueprints with Brussels to manage public deficit and step by step lower debt throughout a four-year interval.
Extremely indebted international locations like Greece and Italy might be granted an additional three years to regulate their funds and return to “prudent” fiscal insurance policies.
In a notable change, the norm that imposed a uniform 1/twentieth fee of debt discount can be scrapped and changed by distinctive pathways. This norm has been criticised for forcing painful sacrifices and exacerbating financial crises.
However Germany and the Netherlands, two international locations identified for advocating fiscal moderation, disagree with this strategy and are actually demanding minimal targets for indebted international locations.
In a non-paper seen by Euronews, Germany makes the case for a one-size-fits-all rule that ought to assure a decline in debt ranges of an “considerable magnitude.”
This “frequent safeguard” would compel international locations which have a debt ratio above 60% of GDP to cut back their debt ranges by a minimum of 0.5% per 12 months.
Nations effectively above that threshold would want to cut back their debt by a minimum of 1% per 12 months, based on the German doc.
“The present concepts of the Fee must be amended in a means that the medium-term fiscal plans result in a (ample) decline in excessive debt ratios in annually… it must also be ensured that an precise discount in debt ratios on an annual foundation is achieved,” the non-paper says.
Germany additionally suggests “easy and clear” guidelines to handle public expenditure and a provision to routinely set off a brand new reform course of if excessive debt persists.
“If the reformed framework doesn’t obtain a discount within the debt ratios, it should be revised after a most interval of 4 years,” the non-paper says.
Days after the German doc leaked to the press, Dutch Finance Minister Sigrid Kaag threw her assist behind the thought of a “frequent numerical benchmark” to forestall country-specific plans from changing into “idiosyncratic.”
“We predict it is extremely necessary that there’s variance, that there’s area for reform and investments, however in fact, debt discount must be tangible and must be measurable,” Kaag informed the Financial Times.
“We would like ample debt discount.”
Kaag, nonetheless, didn’t specify the annual ratios, as Germany did in its non-paper.
Euronews reached out to the Netherlands finance ministry asking for extra particulars.
In response to the statements, Veerle Nuyts, a European Fee spokesperson, mentioned Brussels would unveil legislative proposals “within the coming weeks” to advance the political debate however refused to say whether or not the proposals would function the minimal targets advocated by Germany and the Netherlands.
“The final word intention is to make sure a broad consensus on this necessary subject,” Nuyts mentioned, noting engagement with governments continued on “remaining open points.”
She additionally mentioned the conclusions from final month’s assembly of financial and finance ministers, which included a reference to “the appropriateness and design of frequent quantitative benchmark,” supplied a “stable basis” for the Fee’s work.
Brussels is decided to conclude the reform course of by the tip of the 12 months and have the brand new fiscal guidelines in place by January 2024, an formidable objective additionally shared by member states.
The brand new framework is anticipated to take note of the large injection of money wanted to hurry up the EU’s inexperienced and digital transition, a twin effort estimated to price €650 billion in extra investments per 12 months till 2030.
EU international locations have spent the final months discussing how you can strike a balancing act between robust investments and sustainable debt discount, with no clear reply in sight.
The Fee, in the meantime, has determined to delay fines for non-compliant international locations till subsequent 12 months.
On the finish of the third quarter of 2022, authorities debt stood at 93% of GDP within the euro space and 85.1% within the European Union. Greece had the best ratio, at 178.2%, adopted by Italy with a 147.3% fee.
In that very same interval, German debt stood at 66.6% of GDP, whereas the Netherlands had a 49% fee, based on Eurostat.
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World
Israeli Official Describes Secret Government Bid to Cement Control of West Bank
Israeli judges have long ruled that Israel’s control of the territory is a temporary military occupation and complies with international law. A powerful minister’s recent speech, caught on tape, suggested the government is trying to change that.
World
Former Hong Kong residents embrace UK politics amid lingering Beijing fears
![Former Hong Kong residents embrace UK politics amid lingering Beijing fears](https://static.foxnews.com/foxnews.com/content/uploads/2024/06/Hong-Kong-3.png)
- More than 180,000 Hong Kongers have immigrated to Britain under a special visa program, fleeing political crackdowns in their home country since 2021.
- Unlike many immigrants, Hong Kongers arrive in Britain with the right to vote.
- Some Hong Kong immigrants remain concerned about Chinese influence and potential repercussions for their families.
For Richard Wong, 25, who moved to Britain from Hong Kong two years ago, it “feels strange” taking part in a free election, exercising exactly those rights that he once fought for, knowing that his friends back home no longer can.
“Back in Hong Kong we tried so hard to get democracy and then lost it. And I moved here, and we are actually practicing democracy, but in a very different context,” said Wong, who has been knocking on doors as a volunteer for an opposition Labour party candidate in next month’s UK general election.
“I still have friends spending their time in prison and I’m … doing this at the other end of the world.”
HONG KONG LAWMAKERS UNANIMOUSLY PASS CONTROVERSIAL SECURITY LAW, GRANTING GOVERNMENT POWER TO CURB DISSENT
Since 2021, more than 180,000 Hong Kongers have moved to Britain under a special visa program set up in response to a crackdown on dissent in their homeland, a former British colony handed back to Beijing in 1997.
The Hong Kong skyline is seen on Dec. 19, 2018. Since 2021, more than 180,000 Hong Kongers have moved to Britain under a special visa program set up in response to a crackdown on dissent in their homeland, a former British colony handed back to Beijing in 1997. (DALE DE LA REY/AFP via Getty Images)
China says the crackdown was necessary to restore stability after months of sometimes violent protests in 2019.
When Britain left Hong Kong it offered a limited form of British nationality to residents, which means the Hong Kongers, unlike many newcomers from elsewhere, arrive with the right to vote in the UK.
Britain’s national election next month is the first chance they will have to participate in the central ritual of democracy in their adopted home. Many are passionate about the opportunity.
“I know the power of votes. I think if we have that power we should utilise it,” said Carmen Lau, a campaign coordinator for Vote for Hong Kong 2024, a group rallying Hong Kongers in the UK to participate in the British election.
Before she moved to Britain, Lau was elected a Hong Kong district councillor in 2019, but later disqualified for refusing to take an oath of loyalty to the territory’s mini constitution.
With relations between Britain and China at a low ebb, amid accusations from London that Beijing had intimidated a foreign national on British soil and counter claims of spying activities, some Hong Kongers are still fearful China’s reach.
Lau said at cultural events many attendees wore masks and avoided cameras because they were afraid their family back in Hong Kong would be harassed.
“The right to vote is precious, and more Hong Kong people are moving to the UK and we’re concerned about China’s control and spies, so there is a need to speak out,” said one Hong Konger in the UK, Kate, 33, who declined to give her full name as she was fearful of reprisals.
World
Is Israel’s Smotrich fulfilling his dream of annexing the West Bank?
![Is Israel’s Smotrich fulfilling his dream of annexing the West Bank?](https://www.aljazeera.com/wp-content/uploads/2024/06/AFP__20221026__32M84FX__v1__HighRes__IsraelVoteCampaign-1718629643.jpg?resize=1920%2C1440)
About a month ago, a quiet transfer happened.
The Israeli army’s Civil Administration handed more control over the occupied West Bank to the Settlements Administration, led by far-right Finance Minister Bezalel Smotrich, who lives in an illegal settlement himself.
Now Smotrich and his Settlements Administration control more things, like building regulations and the management of farmland, parks and forests.
Since he entered government, Smotrich has pushed openly for more Israeli settlements in the occupied West Bank – illegal under international law – as steps towards annexation.
So what does this all mean?
What’s the Settlements Administration?
It was set up back in February 2023, after lots of political wrangling between Smotrich – who is also a minister within the Ministry of Defense – and Yoav Gallant, the defence minister.
There were a lot of details, but the upshot is that the responsibility for monitoring illegal construction in the occupied West Bank came under Smotrich.
Meaning that illegal settlement or outpost construction would be ignored and eventually approved, while Palestinian construction would be subject to intense scrutiny over permits, and often demolished.
How did Smotrich swing that?
Smotrich and his fellow member of the extreme right, Itamar Ben-Gvir, head a coalition of hard right and ultra-Orthodox parties that have propped up the rule of Israeli Prime Minister Benjamin Netanyahu.
Using that far-right heft, Smotrich negotiated to essentially take control of Israeli expansion into occupied land.
So what changed this May 29?
The army’s handover on May 29 means pages of bylaws will now be enforced by the Settlements Administration, making illegal settlement expansion even easier.
Did Israel already control the occupied West Bank?
Israel occupied the West Bank in 1967, as well as Gaza and East Jerusalem – the longest military occupation in modern history.
But, even occupation has rules.
According to international law, the occupying power cannot move its citizens into occupied land. Israel’s Supreme Court confirmed this in 2005.
That did not stop Israelis from building illegal settlements on stolen land. And it did not stop Israeli settlers – supported by security forces sometimes – from attacking Palestinians to force them off even more land.
How many Palestinians live in the West Bank?
According to the US government, three million people.
In many cases, families have lived in the same house or on the same farm for centuries.
Traditional farming is a source of pride and identity, with generations dedicating themselves to tending ancestral olive groves and fruit orchards. Some Palestinian tribes are shepherds, traditionally roaming across their lands so their flocks can graze.
But settler attacks have focused on farmers and shepherds, who tend to live in small, peaceful communities that make easy pickings for armed settlers with the police as their backup.
This pushed many Palestinians to move to towns, working unskilled jobs like construction.
What’s going to happen to them now?
Life will likely get even harder.
On top of sweeping arrest campaigns being stepped up in the occupied West Bank since Israel launched its brutal war on Gaza on October 7, the number of settler attacks to scare families off their land has exploded too.
More than 500 Palestinians have been killed in attacks in the occupied West Bank.
Restrictions on movement have increased as Israel increased both fixed and mobile checkpoints and settlers have started setting up their own random roadblocks.
This means Palestinians have a much harder time getting to work or keeping their businesses running. Or seeing family, or going for a picnic. Anything, really.
Add to that the increased leniency Smotrich’s Administration is likely to show illegal settlement expansion and the crackdown on any Palestinian construction, the outlook is bleak.
Is this it? Annexation?
Annexing the occupied West Bank to Israel is certainly a dream for Smotrich and his close political ally, National Security Minister Itamar Ben-Gvir.
They see taking over managing the occupation – by essentially commandeering the Civil Administration – as a major step towards that ambition.
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