European Union

Boris Johnson’s Brexit long shot is short of time

3 Oct 2019

The prime minister’s long-awaited blueprint for leaving the EU has major flaws. Even if Brussels agrees to negotiate, it is far from clear that parliament would approve a deal rather than extend the Oct. 31 deadline. A final showdown may have to wait until after an election.

Cox: Italy’s summer “coup” occupies fragile throne

10 Sep 2019

Investors reacted with relief bordering on euphoria after the anti-EU League was shut out of a new coalition government, led again by Giuseppe Conte. But the undercurrents that propelled the party into power are still strong. Italy’s elites may not be sufficiently chastened.

EU merits new kudos for keeping old antitrust tsar

10 Sep 2019

Denmark’s Margrethe Vestager will keep the competition portfolio in Ursula von der Leyen’s new European Commission team. That shows a willingness to fight tech giants like Google and to resist Franco-German plans to water down antitrust rules. Von der Leyen has made a good start.

The Exchange: Enrico Letta

10 Sep 2019

Italy’s new coalition government, cobbled together from the centre-left and quixotic 5-Star Movement, has been greeted gleefully by markets and EU allies. But one former prime minister warns about complacency, calling for a reset with Brussels, tax cuts and renewed investment.

Johnson’s Brexit manoeuvre brings crisis to a head

28 Aug 2019

Britain’s prime minister wants to cut the time available for parliament to thwart his planned Oct. 31 departure from the European Union. Lawmakers who want to prevent a chaotic “no-deal” Brexit will have to move quickly. The chances of a contentious election have increased.

Permira plans $5 bln test of EU software appetite

28 Aug 2019

The buyout shop may list Germany’s TeamViewer, which sells technology for remote computer access. It’s part of a trend for enterprise-software groups offering just one service. U.S. peers have bumper valuations. The risk is that Europe’s sickly IPO market dents Permira’s returns.

Hadas: The right Brexit is still no Brexit

28 Aug 2019

Three years and two prime ministers after a divisive referendum, the UK is as far as ever from a national consensus on how to leave the EU. A decision to stay now would be economically sensible, globally responsible - and politically no harder than any variety of separation.

EU’s 100 bln euro tech fund scratches wrong itch

23 Aug 2019

Brussels officials, sad about not having their own Google, are cooking up an investment vehicle to fund home-grown unicorns. The bloc’s history suggests the main result will be a lot of squabbling. More important, lack of money isn’t what holds back European tech startups.

Boris Johnson’s political triumph will be fleeting

23 Jul 2019

Britain’s soon-to-be prime minister has won the office he long coveted. But to keep it, he must either pass a Brexit agreement that eluded his predecessor, persuade his party to leave the EU without a deal, or win an election. Rash promises have increased his chances of failure.

EU Amazon case pushes tech towards utility status

17 Jul 2019

Antitrust tsar Margrethe Vestager may probe the $990 billion group’s use of merchants’ data. That would fit with a wider European drive to stop technology companies’ platforms from favouring their own services. Tighter rules will, however, cement bigger players’ dominance.

EU budget pact is ready for 21st century reboot

4 Jul 2019

Italy argues that EU fiscal rules elevate stability over growth. They are complex and don’t encourage productive investment. Removing funds spent on research or green energy from deficit goals could help. Yet Rome’s budget plans show politicians’ priorities often lie elsewhere.

Viewsroom: The great EU jobs carve-up

4 Jul 2019

After much unedifying horse-trading, European leaders have finally agreed on who will head the commission, central bank and other top roles. That has implications for the bloc’s future. Plus: Why Africa’s growth figures make worrying reading for the continent’s democrats.

Time to look beyond Europe for next IMF boss

3 Jul 2019

The international lender’s chief has always been European. Christine Lagarde’s exit will be a chance to drop the outdated convention. Any hope of salvaging the multilateral system means giving emerging and developing economies more clout. Competence matters more than nationality.

Italy’s EU budget victory is temporary reprieve

3 Jul 2019

Rome’s anti-austerity government may avoid breaching European fiscal rules thanks to a last-minute budget windfall. That means it will not have to dig up spending cuts, or risk a fine. Yet the coalition’s plans for large tax cuts next year are paving the way for a bigger battle.

EU sacrifices own market principles in Swiss row

1 Jul 2019

By cancelling Zurich’s status as an approved stock market, the European Union has undermined its objectives for making equity trading cheaper and more transparent. Swiss bourse SIX will enjoy higher volumes. Meanwhile European investors will have fewer places to trade.

Switzerland can afford to gamble on EU referendum

26 Jun 2019

Fear of a popular backlash is preventing the Alpine nation from signing a deal to simplify EU relations and gain better market access. But Bern has little leverage over its trade partner and polls suggest most voters are supportive. Besides, a no vote would leave it no worse off.

Tech’s finance push is disrupting regulators too

25 Jun 2019

Innovations like Facebook’s proposed digital currency challenge established banking rules. New arrivals are hard to pin down, weaken existing players, and invert the risks and rewards of competition. A joined-up global response is necessary - but will be hard to agree.

EU’s debt warning to Italy is just opening salvo

5 Jun 2019

The European Commission says the country’s borrowing, which grew to 132% of GDP last year, could justify unprecedented sanctions. That move would need the support of EU governments, and Rome has some wiggle room. But political and economic signs point to a future showdown.

UK stocks ignore Boris Johnson’s roar

4 Jun 2019

Prime Minister Theresa May will probably be replaced by a eurosceptic like the former foreign secretary. He and other contenders threaten to drag Britain out of the EU without a deal. Yet while Brexit has hit UK share prices, investors are showing little sign of rising alarm.

Hostile markets will cap Salvini’s electoral yield

29 May 2019

Italy’s eurosceptic League party won big in EU elections. That may tempt leader Matteo Salvini to call a snap poll, ushering in a far-right executive. But a budget battle with the European Commission could rouse bond investors. And delaying may strengthen his hand with Brussels.