Not really a ringing endorsement

Rather preposterously, Jacques Santer has got the job as head of the EU bailout fund. "He is someone with a name. He is close by and was available," or in other words 'he is unemployed and twiddling his thumbs',  is the best the EU could come up with to justify the appointment.

As UKIP's Farage pointed out,

The lunatics have finally taken over the asylum. The key to dealing with this crisis, as with any crisis in the markets is confidence. What sort of confidence can anybody have in somebody who was even the EU fired for incompetence.

The plain fact is that the name Santer is synonymous in the public mind with financial corruption. It is quite incredible that some-one of his reputation and past actions would be appointed head of an EU bailout fund.

It seems that even the Eurocrats agree with this assessment,

He was chosen because he is a "good European", a Luxembourger, who will take on the board role for the Luxembourg-based EFSF's SPIV without a salary.

"He is someone with a name. He is close by and was available," said an EFSF spokesman.

Defending the decision, Jean-Claude Juncker, who chairs the meetings of eurozone finance ministers, told reporters: "He (Santer) served both Europe and his country in the best way possible".

If Mr Junker thinks that presiding over a corrupt an incompetent Commission, leading to embarrassment and mass resignations is the 'best way possible' I am certain that watching the performance of the improbably named Special Purpose Investment Vehicle, or Spiv for short will be entertaining, if you are not one of millions who will suffer due to its depredations.

Junker: I was wrong to be honest about being a liar

In a rather shambolic exchange between UKIP's Nigel Farage and Jean-Claude Junker, President of the Eurozone, Junker comes up with an interesting point.

"Yes I lied, but I was wrong to have be so honest about it."



Worse he refuses to answer the important question, which is whether Greece can default and remain in the Eurozone.

Legally it can be done of course. It would take one hell of a lot of rewriting of contracts and would be a bureacratic nightmare, but it can be done.

However politically it is very interesting.

What will the EU say to Ireland for example? After all why should the Irish pay back 100% of their bailouts while the Greeks get a 50% cut.

Or what will he say to Italy who will read the lesson that it doesn't matter about too much austerity as the Eurozone will allow a default on its debts?

Neither of these key issues is addressed, and leaves the whole issue of Greek default is still a Gordian knot.

What the Hell is the "Collier du mérite européen" ?

I hope is it big and covered in silver gilt with great enamel knobs. I ask because I have never heard of it before, and it is obviously rather an important award.

It is being handed out by President Van Rompuy,

Luxembourg
17:00 Award of the "Collier du mérite européen" followed by dinner hosted by Prime Minister Jean-Claude Junker

To President Buzek,

Thursday 25-11-2010 - 12:30 - 18:00 Strasbourg -Luxembourg
...
17:00 Receving the award "Le Collier du mérite européen" - Luxembourg

At a dinner organised by Mr Jean Claude Juncker, PM of Luxembourg.


This is an award that has never existed before as far as I can tell. Currently its web existence seems to be solely the multilingual versions of the above links.

So can anybody help? What is the collar for?

Slightly off note in time for the Euro celebrations.

In a surprisingly candid moment, Jean-Claude Junker, PM of Luxembourg and hyper euro-elite member talks about the Euro in the Figaro,

"Il est vrai que dix ans après l'introduction de l'euro on constate que cette zone euro présente un point faible : son faible potentiel de croissance".

Or in my cod translation,
"It is true that ten years after the introduction of the Euro we are aware thta the Eurozone has a weakness: its weak growth potential".

Given that tomorrow we are going to experience the horros of a full formal sitting and solemn celebration of the anniversary this is tantamount to blasphemy. Particularly given he is a speaker,

Celebrating the 10th anniversary of the Euro
Plenary Session, Strasbourg - 13 January 2009

9h55 - 10h00: Photo opportunity, Protocol Room

10h00 - 11h15: Official ceremony in the hemicycle
Historical video
Opening speech by President Hans-Gert Pöttering
Guest speakers:
Jean-Claude Trichet, President of the European Central Bank
Jean-Claude Juncker, President of the Eurogroup
Joaquín Almunia, Commissioner for Economic and Monetary Affairs
Concluding remarks and vote of thanks by Valéry Giscard d’Estaing, former President of the French Republic
Debate with the participation of Pervenche Berès, Chairwoman of the Committee on Economic and Monetary Affairs,
Werner Langen, co-rapporteur on the report on "The first ten years of Economic and Monetary Union and Future challenges", and the representatives of the political groups

European Hymn
11h30 - 13h00:
Colloquium on the "Role of the Euro in managing the economic and financial crisis"

chaired by Pervenche Berès, Chairwoman of the Committee on Economic
and Monetary Affairs, Room Winston Churchill
Invitees and guests speakers:
Joaquín Almunia, Commissioner for Economic and Monetary Affairs
José María Gil-Robles, former President of European Parliament
Karl von Wogau, MEP, former Chairman of the Committee on Economic and Monetary Affairs
Christa Randzio Plath, former Chairwoman of the Committee on Economic and Monetary Affairs
Jesús Martínez de Rioja Vázquez, director of the economic newspaper "Expansión", (Spain)
Isabelle Couet, Markets service of "Les Echos" (France)
Carlo Bastasin, editor of the economic newspaper "Il Sole 24 ore" (Italy)
Milan Buno, editor of foreign-economic department of Radio Slovensko (Slovakia)
John Thornhill, editor of the Europe edition of the "Financial Times", (United Kingdom)

This bottom lot are the 'grand plumes', the media, bought and sold.