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good morning. News of the Beginning: France is pushing for more joint EU debt as part of its efforts to make the euro more attractive in international markets and raise its profile as a global reserve currency.
Today, our financial correspondents report on a weekly race to lead the Eurozone. Our climate correspondent has some news about EU bureaucracy. Thanks to Brussels, the new phone lasts for a long time!
Have a great weekend.
Start a gun
The eurozone leading race has officially begun, and it is said that Ireland’s current position Pascal Donohoe is losing, writes Paola Tamma.
Context: The Minister of Euro Area Finance will decide that Majority 11 is the magic number at regular July meetings until next Friday.
The once-popular post, the face of the EU’s handling of the Euro-debt crisis, has been a coordinator of fiscal policy in the eurozone in recent years, attempting to mix up consensus on key files, and there is a mix of results.
The ambitious plan to complete the bank union has been shot down by a series of objections from countries large and small, and a much more modest revision of the rules regarding banks that go into settlement has yet to be approved. Similarly, progress in the capital market coalition has declined despite recent political momentum pushing the political agenda.
Five large countries, Germany, France, Italy, Spain and the Netherlands, wrote in a paper seen by the Financial Times that “the next Eurogroup president’s mission will begin at a critical time, from a macroeconomic and geopolitical perspective,” and that “the Eurogroup must face these new challenges.”
They listed DO and DOT for their next mission. There was less focused discussion, meetings, and there was no overlap with the Finance Minister’s EU27 meeting workstream.
Some signatories are pondering whether to take part in the race themselves, while others are silenced their preferences.
The Eurogroup needs to be “more efficient,” said Spain’s Carlos Querpo, adding that Madrid has “not yet decided to run for office.”
German Lars Klingbail similarly said, “The federal government has yet to decide who it wants to support.”
Officials and French and Italian finance ministries said they could not express their preferences at this time.
Dark Horse candidates may appear. Lithuanian Limantas Shazius may decide to throw a hat into the ring to gather social democratic votes around the table. Another conservative Belgian Vincent van Petegem could also take part in the race if he could gain enough support.
Nevertheless, Donohoe, the two-time Eurogroup president, said he “welcomes the strong level of support he has received from many of his colleagues at this point”, and appears to be indifferent to rival bids reaching 11 votes.
“We have it along with something we can afford!” said a senior EU official who is well-versed in the discussion.
Today’s Chart: Spikes
Oil hit $79 a barrel a barrel yesterday since Israel attacked Iran as conflict in the Middle East continued to escalate.
Recharge
If you’re buying a new smartphone in the EU, please be happy. From today, it should be more robust and have a longer batter lifespan, writes Alice Hancock.
Context: The new EU regulations governing product design came into effect last year as part of the Bloc’s comprehensive green trading climate law.
The law is based on energy efficiency measures and labels that may be familiar with washing machines or boilers with specific measurements for different types of products. Smartphones are one of the first groups that have come under governance.
As of today, all smartphones and tablets sold in the EU must charge a full fee of 800 units while maintaining 80% of their original battery capacity.
The smartphone must also be able to survive at least 45 accidental drops. Manufacturers should also make software updates available for at least five years to prevent planned obsolescence.
Mathieu Rama, senior program manager at environmental NGO ECOS, said that this means that smartphones and tablets will “gradually last longer and easier to repair.”
But it’s not the endgame of sustainable smartphone design. Smartphone makers must also prepare for battery regulations that will come into effect in 2027. This will allow you to extract the battery from your phone and replace it.
What to see today
French, German, British Foreign Ministers and EU Chief Diplomats meet Iranian counterparts in Geneva.
The EU Finance Ministers will meet in Luxembourg.
European Parliament President Roberta Metsora meets Warsaw’s Polish Prime Minister Donald Tass.
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