Finnegan's Take

Tapping a developing country for cash is a lot to ask so we need not be surprised that China wants something in return So it looks like Europe is asking China to contribute more than €100, 000,000,000 to boost its bailout fund and help save Europe’s single currency. The French President has been delegated the… » read more

Posted by Gary Finnegan

While closer fiscal union can help solve today’s crisis, the public backlash will cause some Member States to pull away over the next decade. Still, it’s better to separate the currency crisis from the political crisis as simultaneous catastrophes would be unbearable. The future remains uncertain but key elements of a plan to end the… » read more

Posted by Gary Finnegan

Let’s predict the headlines for the next EU summit: – Day before the summit: EU leaders divided ahead of crunch summit This one comes with stories of how impossible it will be to come to any agreement and how Obama has been on the phone screaming at Sarkozy to recapitalise French banks – Night of… » read more

Posted by Gary Finnegan

With Greece on the brink, Brussels is dangerously distracted by efforts to invent new European rules and institutions which will help prevent future sovereign debt crises. After protracted negotiations, MEPs and the European Council – which represents EU Member States – came to an agreement on the so-called “Six Pack” economic governance package. The deal… » read more

Posted by Gary Finnegan

The draft EU budget is a win for Geoghegan-Quinn but it won’t make her popular at home. The EU’s budget has been the subject of much wrangling of late, with the usual tug-of-war between interest groups from industry, agriculture and the rest. Ireland’s European Commissioner Máire Geoghegan-Quinn, who is responsible for research, innovation and science,… » read more

Posted by Gary Finnegan

Always say never

Over the past 18 months, observers have noted the alarming frequency with which things that were once ruled out of hand by EU leaders have become the norm. It began with the mantra-esque refrain of “We won’t bail out Greece”, which ultimately morphed into a commitment to back Athens to whatever extent becomes necessary. This… » read more

Posted by Gary Finnegan

Fears that Greece could default on its debt tops the EU agenda because it puts the balance sheets of a dozen German and French banks in peril. But Greece has already defaulted on its debts to companies. What is default? EU leaders have been trying to find a way around the fact that Greece cannot… » read more

Posted by Gary Finnegan

At every turn the euro crisis gets harder to solve. With every emergency meeting; with every short-term fix, a credible solution to the eurozone’s debt mountain becomes less likely. Europeans are sick of living in a state of permacrisis. We have grown numb to the real urgency that surrounds the problem because the news headlines… » read more

Posted by Gary Finnegan

While thousands of young people are fleeing Ireland as the depression deepens, others who planned to return are stranded overseas. This is my story. Lehman Brothers collapsed the week we landed in Brussels. Two weeks later the Irish government signed a blank cheque guaranteeing the debts of Irish banks. It seemed interesting but incidental to… » read more

Posted by Gary Finnegan