Live Currency Rates
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

EU budget deal may face rough ride in parliament  Join our daily free Newsletter

MENAFN - AFP - 09/02/2013

No. of Ratings : 0
Add to Mixx!


(MENAFN - AFP) EU leaders may think they have settled the bloc's 2014-20 budget but it is the European Parliament, angry at the first ever cut, that now has the final say and early signs point to tough talks ahead.Stung by the agreed three percent reduction in EU spending over the next seven years, parliamentary leaders were quick Friday to reject the hard-won deal, saying it would undermine Europe's future and could even be illegal if it resulted in Brussels running a budget deficit.Under the core 2009 Lisbon Treaty, parliament is now a party to the EU budget process, with lawmakers required to sign off on the figures EU leaders agree.In the heat of the moment, however, that aspect tends to get overlooked and the tone of the press commentary Saturday too was very much as if the deal had been done and that was it.But Parliament has to vote on the 2014-20 budget in July and significantly, EU President Herman Van Rompuy was careful when he announced the accord after marathon talks Thursday and Friday to note that the hard-won deal still needed lawmakers' approval.It was "perhaps nobody's perfect budget," Van Rompuy conceded, but "there is a lot in it for everybody" and he urged MEPs to do their duty towards Europe.The budget was not "an accounting exercise" and before rejecting it, lawmakers should think "very carefully" about the potentially huge implications for the economy, jobs and future prosperity."I hope that the European Parliament will meet its (responsibilities)," he added, in the same way the 27 EU leaders had met theirs by agreeing to compromise on their differences.Parliament head Martin Schulz, however, had repeatedly insisted that the cuts were unacceptable to most lawmakers.Schulz made his position clear to EU leaders as they began the talks and then warned even more bluntly afterwards that he could not go along with a budget which would likely result in a deficit -- barred under EU law, but familiar territory for most member states.He was backed up Friday when the leaders of the four biggest parties in parliament rejected the accord outright.Parliament "cannot accept today's deal in the European Council as it is. We regret that Mr Van Rompuy did not talk and negotiate with us in the last months," they said in a joint statement."The real negotiations will start now with the European Parliament. We will maintain our priorities which we have clearly stated many times."The prospect that parliament may also conduct July's vote by secret ballot -- and Schulz claimed to have enough support for that -- must also give EU leaders pause for thought that the assembly might just decide to buck the system.An EU source recognised the problem."The best case scenario is that parliament gives its consent" to the current proposal but that seems unlikely, the source said."The worst case scenario is a that parliament says 'No,' we will never agree. (In that case) there would be no budget or (EU leaders) would have to come back to change it," the source said.In between, there "are very many scenarios," the source said, adding: "We will have to find an understanding."An editorial in the Belgian daily Le Soir regretted the cutback in EU spending as a "political failure" for Europe but parliament still had to have its say, with rejection leading to the rollover of the current 2013 budget into 2014 and so on.MEPs, it noted, also had more demands than just the total amount involved -- they wanted more flexibility in spending, the right to review and revise the budget as it proceeds, and a promise the EU itself will be allowed to raise more of its own resources, rather than rely so much on member states."Another very difficult set of negotiations are therefore going to open up in coming weeks," it said, adding that to "avoid pressure being put on individual lawmakers ... parliament should hold a secret vote on the 2014-20 budget."


  MENA News Headlines
Apr 23 2014Omantel launches service package for youth ,MENAFN
(MENAFN) Omantel announced launching 'Ozone' plan, a new package designed especially for the youth. This comes with the company"s constant efforts to enhance the communication needs of its customers, ...

Apr 23 2014Dh154 billion for Arabtec projects ,Khaleej Times
(MENAFN - Khaleej Times) Arabtec will spend dh140 billion on building one million low-cost houses in egypt and dh14 billion on five mixed-use residential projects in abu dhabi and dubai its chief ...

Apr 23 2014?Titli? makers excited about Cannes selection ,Khaleej Times
(MENAFN - Khaleej Times) The movie about the badlands of delhi?s dystopic underbelly will be in competition as part of the un certain regard section of the 67th cannes film gala to be held may ...

Apr 23 2014Saudi- Yaroub Bashraheel: In search of peace ... underwater ,Arab News
(MENAFN - Arab News) You've heard of diving snorkeling and other water activities but rarely has anyone heard of free-diving. it's a form of diving underwater without the aid of any breathing ...

Apr 23 2014Saudi- Schneider highlights intelligent health care solutions at forum ,Arab News
(MENAFN - Arab News) Schneider electric a global specialist in energy management is set to showcase its leadership in intelligent health care solutions at the second saudi forum for planning and ...

Apr 23 2014Saudi- Divorcees can seek housing ,Arab News
(MENAFN - Arab News) The kingdom will accept applications from saudi divorced women and widows for financial and housing support said justice minister muhammad called on applicants ...

Apr 23 2014Saudi- New passport office opens at Red Sea Mall ,Arab News
(MENAFN - Arab News) The passport department has opened a new office for citizens and residents at the red sea mall.gen. abdul rahman bin abdullah al-tuwairki deputy director general of the ...

Apr 23 2014Saudi Savola Group revenue up 43 pct in Q1 ,MENAFN
(MENAFN) Saudi Arabia's Savola Group registered a 43 percent increase in profits in the first quarter, well over expectations of analysts, Arabian Business reported. According to a statement to ...

Apr 23 2014Dewa and GE explore collaboration opportunities ,Khaleej Times
(MENAFN - Khaleej Times) Saeed mohammed al tayer managing director and chief executive officer of the dubai electricity and water authority (dewa) recently received a ge delegation to explore ...

Apr 23 2014Sale of Gate Towers penthouses launched ,Khaleej Times
(MENAFN - Khaleej Times) Aldar properties has launched the sale of 21 exclusive duplex penthouse apartments at gate towers the penthouse collection in shams abu dhabi on al reem island. one of ...

Apr 23 2014Tamouh steps up activity on projects ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi-based real-estate developer tamouh has scaled up construction activity on all of its announced reem island projects to meet the rising demand for prime spaces in ...

Apr 23 2014Local international companies come out in force ,Khaleej Times
(MENAFN - Khaleej Times) Cityscape abu dhabi has started showing stronger interest from property developers who have showcased their upcoming projects. the three-day realty show was opened by ...

Apr 23 2014Here?s your chance to share screen space with SRK ,Khaleej Times
(MENAFN - Khaleej Times) Groupon india has joined hands with srk?s red chillies entertainment to give fans a chance to feature with the superstar in his upcoming film ?happy new year?. if you ...

Apr 23 2014ADCB profit grows 26% in first quarter ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank?s profit grew 26 per cent in the first quarter of the year to dh1. however net profit rose 22 per cent year-on-year. non-interest income was 24 ...

Apr 23 2014Kowait- Police deportation powers curbed ,Arab Times
(MENAFN - Arab Times) Kuwait city april 3 (afp): kuwaiti police will no longer be able to deport expatriates without interior ministry approval under new rules published thursday after officers ...

Apr 23 2014Saudi- Noha Al-Sharif — an expert in Islamic sculpture ,Arab News
(MENAFN - Arab News) Saudi sculptress noha al-sharif is known for her islamic inspired sculptures that reflect both religion and lifestyle. the concept of modern art attracted her to this medium ...

Apr 23 2014'Piles and piles' of bodies in S. Sudan ,Arab News
(MENAFN - Arab News) Nairobi: gunmen who targeted both children and the elderly left 'piles and piles" of bodies — many of those in a mosque — in a provincial capital in south sudan the un's top ...

Apr 23 2014UAE- Billion-dollar realty projects on show ,Arab News
(MENAFN - Arab News) Cityscape abu dhabi a three-day realty event that began with 120 regional and international exhibitors witnessed major announcements on tuesday.salama bint hamdan al-nahyan ...

Apr 23 2014Kowait- Amiri Diwan urges all off tape case ,Arab Times
(MENAFN - Arab Times)  kuwait city april 9 (agencies): the amiri diwan has called on everybody to steer clear of the controversial tape issue and let the public prosecution take the necessary ...

Apr 23 2014Kowait- New hospital to be ready by 2014 end ,Arab Times
(MENAFN - Arab Times) Kuwait city jan 14 (kuna): director of the 'mega projects 3' group at kuwait oil company (koc) yaqoub dashti said on tuesday that the new ahmadi hospital would be ready to ...


Live Currency Rates



Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Investment Game
Economic Calendar
Financial Glossary

Portfolio Tracker


Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2000 All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help