Germany and France plan to hold talks before the EU summit at the end of the month to coordinate their positions on reform of the bloc after Britain’s exit next year. Christian Hartmann/Reuters
Germany and France plan to hold talks before the EU summit at the end of the month to coordinate their positions on reform of the bloc after Britain’s exit next year. Christian Hartmann/Reuters

Germany and France plot eurozone reform



The leaders of Germany and France meet on Thursday to work out a common position on reforming the eurozone, a sensitive issue testing Angela Merkel’s new government after just a month in office.

The chancellor, who hosts President Emmanuel Macron in Berlin, is under pressure from her conservative bloc in parliament not to agree to any reforms that result in German taxpayers funding what they see as profligate eurozone peers.

Mr Macron’s vision includes turning Europe’s existing bailout fund into a European Monetary Fund, to act as a buffer in any future financial crisis in the bloc.

He has also suggested the euro zone have its own finance minister and, at one point, floated the idea of a budget for the currency bloc worth hundreds of billions of euros.

“We have lots of institutions, why another one?” asked Ralph Brinkhaus, deputy leader of Mrs Merkel’s conservative bloc in parliament and a budget expert.

"And on the euro zone budget, why should the euro zone, in addition to the European Union, have an extra budget?" he told broadcaster ARD. "Why something else again?"

At a meeting with conservative lawmakers on Tuesday, Mrs Merkel trod a careful line between Macron’s drive for bold reform and their push to retain scrutiny over any European Monetary Fund developed out of the existing euro zone bailout fund.

Officials in Berlin and Paris both express confidence that they will find a common stance before an EU summit in late June.

“Let me reassure you that the silent, secret, demanding work under way will allow us to reach a true Franco-German roadmap by the time of the next European summit in June,” French Finance Minister Bruno Le Maire told lawmakers in Paris on Wednesday.

In Berlin, a government spokeswoman said Germany and France “have the firm desire to find a joint way forward”, echoing Mrs Merkel’s own cooperative tone at a news conference on Tuesday.

France and Germany, which account for around 50 per cent of euro zone output, are essential to the reform drive. But while they often put on a strong show of political unity and shared intent, the devil is frequently in the detail.

On Tuesday, Merkel said creating a eurozone banking union was a priority for her, but she also broadened out the reform question to include a European asylum system, as well as foreign, defence and research policy.

Framing reform as such a broad issue risks diluting Macron’s drive to beef up the eurozone with extra funding firepower.

Mrs Merkel also wants to make economic competitiveness a priority for the eurozone, rather than simply amassing funds for countries in trouble, and has suggested a “Jumbo Council” of European finance and economy ministers, government sources say.

But in an indication of the divisions within her government on euro zone reform, the Handelsblatt business daily reported that Mrs Merkel's junior coalition partner, the left-leaning Social Democrats, reject the idea.

The SPD sympathises with Mr Macron on the eurozone and wants him to be rewarded for his efforts to reform the French economy, well aware that a big chunk of French voters remain susceptible to far-right and far-left populists sceptical about the EU.

Mrs Merkel’s conservatives are more reserved.

Asked if Mr Macron would come away from Thursday’s meeting with no new financial commitments, Mr Brinkhaus said: “He has already got a lot financially and Europe has got a lot financially, and of course we will continue to invest in good projects.”

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

Biog:

Age: 34

Favourite superhero: Batman

Favourite sport: anything extreme

Favourite person: Muhammad Ali 

Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

DUBAI SEVENS 2018 DRAW

Gulf Men’s League
Pool A – Dubai Exiles, Dubai Hurricanes, Bahrain, Dubai Sports City Eagles
Pool B – Jebel Ali Dragons, Abu Dhabi Saracens, Abu Dhabi Harlequins, Al Ain Amblers

Gulf Men’s Open
Pool A – Bahrain Firbolgs, Arabian Knights, Yalla Rugby, Muscat
Pool B – Amman Citadel, APB Dubai Sharks, Jebel Ali Dragons 2, Saudi Rugby
Pool C – Abu Dhabi Harlequins 2, Roberts Construction, Dubai Exiles 2
Pool D – Dubai Tigers, UAE Shaheen, Sharjah Wanderers, Amman Citadel 2

Gulf U19 Boys
Pool A – Deira International School, Dubai Hurricanes, British School Al Khubairat, Jumeirah English Speaking School B
Pool B – Dubai English Speaking College 2, Jumeirah College, Dubai College A, Abu Dhabi Harlequins 2
Pool C – Bahrain Colts, Al Yasmina School, DESC, DC B
Pool D – Al Ain Amblers, Repton Royals, Dubai Exiles, Gems World Academy Dubai
Pool E – JESS A, Abu Dhabi Sharks, Abu Dhabi Harlequins 1, EC

Gulf Women
Pool A – Kuwait Scorpions, Black Ruggers, Dubai Sports City Eagles, Dubai Hurricanes 2
Pool B – Emirates Firebirds, Sharjah Wanderers, RAK Rides, Beirut Aconites
Pool C – Dubai Hurricanes, Emirates Firebirds 2, Abu Dhabi Saracens, Transforma Panthers
Pool D – AUC Wolves, Dubai Hawks, Abu Dhabi Harlequins, Al Ain Amblers

Gulf U19 Girls
Pool A – Dubai Exiles, BSAK, DESC, Al Maha
Pool B – Arabian Knights, Dubai Hurricanes, Al Ain Amblers, Abu Dhabi Harlequins

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.