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Doped by their success to Angela Merkel, Nicolas Sarkozy and European elections attempt this evening in Brussels to convince one great losers of the election, the British Prime Minister Gordon Brown, to accept a strengthening of financial supervision in the EU. For the vast majority of Member States, the case is heard: increased control of the financial sector is essential to avoid new crisis (see also pages 28 and 29). As to the G20 in London, Europe is showing the way to its partners. But jealous of its independence and to defend the interests of the City, the United Kingdom, since several weeks of resistance. For many observers, the underperformance of the labour camp in the European risk further harden the position that will stand up for Gordon Brown. "I believe that we have the opportunity to put in place a system less complex, less slow and more effective." But it is of enormous resistance. "It cannot yet say that we will succeed," said Tuesday the President of the Commission, José Manuel Barroso.
Two points of disagreement
The British reluctance to crystallize on two key points of the new device invented by Jacques de Larosière, report back to his account by the Commission and supported by twenty-five Governments on 27 the Slovenia who joined the British camp. First on the Presidency of the European systemic risk Council, which will be responsible for any new crisis before it erupts. Twenty-five want to entrust this position to the President of the ECB, that refuse to London and Ljubljana. Then, on the binding powers that would be invested the future European authorities control of banks, insurance and the markets. Although that isolated, the United Kingdom and the Slovenia reluctant to give new powers to European institutions.
To show their publics that they share their concerns on the rise in unemployment, the heads of State and Government will be not silent on the issue, with the anticipated release of 19 billion euros on the European social fund in 2009-2010. They should also worry the could output of crisis and the necessary rebalancing of public finances.
Reduction of CO2 emissions
The thrust of the June 7 Green gives European leaders of the additional reasons to stay at the forefront of the global fight against climate change. The Union is committed to reducing its carbon dioxide emissions by at least 20 by 2020, must still convince the rest of the world to follow suit at the International Conference to be held in Copenhagen in December. The Europeans should take advantage of the Summit to discuss the manner in which they intend to share the effort between industrialized and developing countries without too slighting them.
Finally, the Brussels Summit must progress on two important institutional issues. As soon as their dinner tonight, twenty-seven should first decide to entrust a second five-year term at the head of the Commission José Manuel Barroso. European leaders should also pave the way for the entry into force of the Treaty of Lisbon by giving the Ireland guarantees it seeks to organize with a real chance of success a new referendum, late September or early October. These include to allow this country to keep its specificities in social law and the family, neutrality and taxation.
