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Lessons from Ireland’s economic crisis are shaping the European Union’s economic response to the coronavirus pandemic, Minister for Finance Paschal Donohoe has said in an interview with The Irish Times.

                                                    <p class="no_name">Mr Donohoe said there was a “profound difference” in the approach of the EU to the Covid-19 challenge compared to the aftermath of the 2008 global financial crisis. He expressed the hope that spending to support businesses and incomes will help prevent the build-up of bad loans that could drag on economic growth for years.</p>
                                                    <p class="no_name">“We have experience in <a href="/news">Ireland</a> of what those challenges are,” said Mr Donohoe, who was elected president of the <a class="search" href="/topics/topics-7.1213540?article=true&tag_organisation=Eurogroup" rel="nofollow">Eurogroup</a>, the powerful body of euro zone finance ministers, this summer. “I use the experience that I have on these issues within Ireland to influence the direction of policy for those areas.”</p>
                                                    <h4 class="crosshead">Borrowing costs</h4><p class="no_name">Intervention by the <a class="search" href="/topics/topics-7.1213540?article=true&tag_organisation=European+Central+Bank" rel="nofollow">European Central Bank</a> to bid down borrowing costs, a massive stimulus programme, and wage support schemes across the bloc are all aimed to lessen the economic impact and duration of the pandemic, and prevent members states struggling with high interest rates on debt.</p>
                                                    <p class="no_name">“There is a very strong appreciation within the <a class="search" href="/topics/topics-7.1213540?article=true&tag_organisation=European+Union" rel="nofollow">European Union</a> at the moment that we need to have budgetary policies that support the retention of jobs and support income while we are battling with a health crisis,” Mr Donohoe said. “That is a profound difference from where we were a decade ago, and that reflects our learnings from the crisis.”</p>
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                                                                                                                    <p class="no_name">There have been some calls for the joint EU borrowing initiative that will fund its €750 billion recovery fund to be made a permanent feature of the bloc, a milestone in integration. The Eurogroup head opposes this.</p>
                                                    <p class="no_name">“I think we should only have this kind of common borrowing in dealing with common challenges of this scale,” Mr Donohoe said. “Outside of a crisis like this, it is up to national governments to fund national policies.”</p>

                                                    <p class="no_name">Mr Donohoe’s first success as Eurogroup president has been shepherding an agreement to widen the uses of the EU’s <a class="search" href="/topics/topics-7.1213540?article=true&tag_event=European+Stability+Mechanism+bailout+fund" rel="nofollow">European Stability Mechanism bailout fund</a>. The changes were described by German finance minister <a class="search" href="/topics/topics-7.1213540?article=true&tag_person=Olaf+Scholz" rel="nofollow">Olaf Scholz</a> as a reform “so technical that it is difficult to see their political impact at first”.</p>
                                                    <p class="no_name">In layman’s terms, Mr Donohoe described the reform as strengthening a “safety net and an additional support for banks that get into great difficulty”, preventing the future likelihood of taxpayer bank bailouts and consequences for public spending.</p>
                                                    <p class="no_name">Back home, with <a class="search" href="/topics/topics-7.1213540?article=true&tag_company=NatWest" rel="nofollow">NatWest</a> weighing whether to close down its <a class="search" href="/topics/topics-7.1213540?article=true&tag_organisation=Ulster" rel="nofollow">Ulster</a> Bank arm, Mr Donohoe said he had met the company leadership and emphasised its importance in the Irish banking system. “This is a process that NatWest are leading themselves, and I have to recognise that.”</p>
                                                    <h4 class="crosshead">Great competition</h4><p class="no_name">Member states have been lobbying for a share of the <a href="/news/world/brexit">Brexit</a> Adjustment Reserve – a pot of €5 billion agreed to help hard-hit EU member states. <a class="search" href="/topics/topics-7.1213540?article=true&tag_location=France" rel="nofollow">France</a> has argued that much of it should go to support its fishing industry but the division will depend on the outcome of talks with the UK.</p>
                                                    <p class="no_name">“There’s not a European project in existence that there isn’t great competition for,” Mr Donohoe said. “I’m very confident that we will get an outcome that recognises how Ireland is affected by Brexit.”</p>
                                                    <p class="no_name">Irrespective of whether a deal is struck or not, Ireland’s economy after January 1st will be different to how it was when Britain was an EU member due to barriers that will make some kinds of trade unviable, he said.</p>
                                                    <p class="no_name">“The economy that we will move to will be different to the economy that we had with Britain within the European Union. That is the case,” Mr Donohoe said. “It’s why we spent four years working really hard to try to get them ready for this point. And yes, it will put pressure in particular on smaller Irish exporters and smaller businesses that trade heavily with the <a class="search" href="/topics/topics-7.1213540?article=true&tag_location=United+Kingdom" rel="nofollow">United Kingdom</a>. ”</p>

BEIJING, Dec. 1 (Xinhua) — Cooperation far outweighs differences between China and the European Union (EU), said Chinese State Councilor and Foreign Minister Wang Yi during a telephone conversation with Slovenian Minister of Foreign Affairs Anze Logar on Tuesday.

Wang said that China and Slovenia have witnessed sound development of bilateral ties, solid political mutual trust and strong economic complementarity.

Noting that the year of 2022 marks the 30th anniversary of diplomatic relations between the two countries, and that Beijing will hold the Winter Olympic Games in the same year, Wang said China and Slovenia, a major winter sports power in Europe, should strengthen cooperation on winter sports, so as to add luster to the 30th anniversary, and open up new prospects for bilateral relations.

The two countries have supported each other in the fight against the COVID-19 pandemic, which has further enriched the connotation of bilateral relations, he said.

China attaches great importance to Slovenia’s need to purchase anti-epidemic materials from China, and will continue to provide all conveniences, Wang said, adding he believes that Slovenia will win a complete victory over the pandemic.

Wang said that China stands ready to work with all countries, including Slovenia, to jointly oppose politicizing the pandemic, promote the development of global public health, and build a community of health for all.

There is no conflict of fundamental interests between China and the EU, and cooperation far outweighs differences between the two sides, said Wang, noting that both China and the EU firmly support multilateralism, the central role of the United Nations in international affairs, and settling disputes by peaceful means.

Wang said that China and the EU should step up dialogue and exchanges and provide a fair, just and non-discriminatory business environment for enterprises of both sides in the spirit of equality, mutual benefit and win-win cooperation.

Slovenia will assume the rotating presidency of the EU in the second half of next year. China expects Slovenia to take this opportunity to promote the process of European integration and greater development of China-EU relations and China-Central and Eastern European Countries (CEEC) cooperation, the Chinese foreign minister said.

Logar thanked China for providing anti-epidemic materials and purchasing convenience to Slovenia, and wished the Beijing Winter Olympics a complete success, saying that Slovenia is willing to plan activities with China to commemorate the 30th anniversary of the establishment of diplomatic relations.

Slovenia will hold the rotating presidency of the EU next year, and hopes to take the opportunity of promoting the agenda of tackling climate change and protecting biodiversity to strengthen cooperation with China and push forward the EU-China comprehensive strategic partnership, said Logar.

The Slovenian top diplomat noted that China plays an important role in dealing with global problems, saying no global challenge can be met without China’s participation.

Slovenia believes that Europe and China should adhere to the principle of mutual respect and manage differences in a constructive way. Slovenia has been committed to promoting China-CEEC cooperation, believing that this mechanism is a valuable opportunity for CEE countries to conduct mutually beneficial cooperation with China, and will also be conducive to promoting EU-China cooperation, Logar said.

Turkey pulled an energy exploration ship from the Eastern Mediterranean in overtures to European leaders who’ll be pondering imposing tougher sanctions on Ankara next week, Bloomberg reports.

In a Twitter post yesterday, Turkey’s Energy and Natural Resources Minister Fatih Donmez confirmed the Oruc Reis survey ship was brought home.

“The Oruc Reis seismic research vessel had returned from the Eastern Mediterranean to the southern port of Antalya after completing its current research activities,” he wrote.

Oruç Reis Sismik Araştırma Gemimiz, 10 Ağustos’ta başladığı Demre sahasındaki iki boyutlu (2B) sismik araştırmalarını tamamladı. 10.955 km 2B sismik veri toplayan gemimiz, Antalya Limanı’na döndü. pic.twitter.com/8WWhcLQ16s

— Enerji ve Tabii Kaynaklar Bakanlığı (@TCEnerji) November 30, 2020

Meanwhile, Turkey has consistently contested efforts by EU members Greece and the Greek Cypriot administration to restrict its legitimate energy research in the Eastern Mediterranean.

While warning against additional EU sanctions, Turkey has already signaled its readiness for confidence-building measures and negotiations with Greece over territorial disputes, and recently sent an envoy to Brussels in an effort to de-escalate tensions.

On the other hand, European Union spokesperson Peter Stona yesterday said that the EU will assess its relations with Turkey not over one action, but on Ankara’s actions over a period of time.

“The leaders of the EU and the EU member states will get together during the next European Council in December and they will review whether Turkey delivered on their expectations,” Stona said.

EU leaders will meet on 11-12 December to discuss several issues, including the tension in the Eastern Mediterranean and possible sanctions against Turkey.

READ: France, EU lawmakers push for sanctions on Turkey next month

The European Union and Turkey have not made enough progress in improving relations, said German Chancellor Angela Merkel.

She noted that Turkey’s activities in the eastern Mediterranean, where the country is exploring for hydrocarbons in the waters of Greece and Cyprus, is a serious obstacle to improving bilateral relations with the EU, Kathimerini reported.

According to her, Turkey’s actions are very aggressive or even provocative.

Merkel welcomed Turkey’s announcement to withdraw its seismic research vessel to port ahead of the EU summit in mid-December. However, she noted that Turkey is still conducting seismic surveys off the coast of Cyprus.

EU leaders will discuss possible sanctions on Turkey at a summit scheduled to start on December 10.

Turkey has halted survey for oil and gas in the Mediterranean and had its survey vessel back to a Turkish port, days before European Union leaders are set to discuss the possibility of EU sanctions on Turkey over its intention to drill for oil and gas in waters that EU members Greece and Cyprus consider part of their territorial waters.  

The Turkish seismic survey vessel Oruc Reis has completed surveys in the Demre field in the eastern Mediterranean that began on August 10 and has now returned to the port of Antalya, the Turkish Energy and Natural Resources Ministry said on Twitter on Monday.

After a pause of a few weeks, Turkey resumed in mid-October survey activities for oil and gas in disputed waters in the eastern Mediterranean.

The Turkish drilling campaign in the Mediterranean has drawn criticism from Turkey’s neighbors, the European Union, and the U.S. State Department.

Tensions between EU members Greece and Cyprus on the one hand, and Turkey on the other, flared up again in recent months after Turkey resumed drilling and exploration for oil and gas in the eastern Mediterranean in waters that Greece and Cyprus consider part of their territorial waters.

The heightened tension in the eastern Mediterranean and the rift between Greece and Turkey, who are also both part of the NATO alliance, has had the EU consider possible sanctions on Turkey over the drilling in the eastern Mediterranean.

Ahead of the EU summit next week, France is has been reportedly pushing for sanctions on Turkey over its oil and gas exploration in the eastern Mediterranean.

“When the ship Oruc Reis is in port, as it is from today as far as I have been informed, that helps to reduce tensions and makes it easier to make progress also on deconfliction,” NATO Secretary General Jens Stoltenberg said on Monday, as carried by AP.

By Tsvetana Paraskova for Oilprice.com

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