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A new EU law on transport biofuels would require that biofuels companies prove that their biofuel production and use reduces greenhouse emissions by at least 35% compared with production and use of traditional fossil fuel. That means rapeseed oil based biofuels pass with 37% emissions cut and corn based ethanol which only does 22% fails. No US corn based ethanol would be imported into the EU and it shows that in these policies the EU is way ahead of the USA. See the link to the Yale -Columbia survey rating countries record on greenhouse emissions and the environment where the EU is way ahead of the USA, and the USA lags way behind in many areas.

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The incoming executive director of the European Banking Authority, Adam Farkas, voices concerns about the stress tests of European banks in 2010, and would like to use more rigorous criteria for 2011 stress tests. "I would personally opt for a stricter approach," he said in testimony at the European parliament in Brussels.The stress tests for 2011 are already being watered down by the EBA in response to pressure from governments. The stress tests use macroeconomic criteria for growth and unemployment that are benign. And tests are not taking into account a scenario in which European sovereign bond holdings of European banks decline in value due to defaults in some countries. The result is likely to be a loss of credibility in the stress tests. Under worst case scenarios for Greece, and some other countries, their economies would do better in 2011 than in 2010, and improve on 2011 in 2012. The UK Financial Services Authority tests use an unemployment rate of 12.4%, in contrast to the 10.6% rate for the U.K. used by EBA in its worst case scenario. The actual unemployment rate in the UK was 8% for the 3 months to Jan 2011, according to the UK National Statistics Office....

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A problem for Tesla is that it has no response for competition from German, Japanese or South Korean imports of EV vehicles. Its last new model was in 2020 a cybertruck priced at $85000 and the next new car model is slated for 2026, says this NYT report. Tesla models are priced at $45,000 as competitors from Asia are cutting costs and prices rapidly. Competitors BYD, VW and BMW, Kia, plan to introduce new models much faster. BYD has its own battery technology and makes its own batteries, so that it can cut cost. The result in the first quarter 2024 Tesla sales declined to 387,000 from 423,000 in 2023, BYD's increased by 13% to 300,000, with an additional 324,000 hybrid cars up 15%. Consumer Reports says the controls are all from the screen make a Tesla harder to drive as other cars have switches and other controls. 

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The EU Commission's first Vice President, Frans Timmerman, says it is ready to act against Poland under Article 7 of the Lisbon Treaty that protects the rule of law and independence of the judiciary. This would strip Poland of its EU voting rights. Poland's new law lets the government appoint judges letting it control the judiciary.   Timmerman said the Polish laws are "a systematic threat to the rule of law."

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Over the next 20 years China will need 6500 737 Max single aisle planes and 1500 Dreamliners, Boeing says. China will make up 20% of world demand. The US visit of Xi Jinping and the major efforts for good relations of president Biden through vigorous diplomacy by Blinken, Yellen and others gives Boeing an opportunity to meet this demand.

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DJT says EU is dragging its feet in coming  up with a trade agreement with the US. DJT says he will put 50% tariff on the EU, changes deadline from June 1 to July 9 to give the EU more time.

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Turkish Opposition alliance leader Kilicdaroglu, a civil servant who has acted with humility throughout his career leading the Republican party founded by Kemal Ataturk in 1923, says he will bring Turkey back into the European fold. He would do this by strengthening NATO and Turkey's participation in NATO, admitting Sweden, and by seeking membership in the European Union. He tells a huge crowd in Istanbul:   "There are 5.3 million people who will go to the ballot box for the first time and cast their votes, and they want freedom and democracy... This fact is very important for us, for Turkey, for the European Union of which we are trying to be a member, and for western civilization." The last line "for western civilization" is striking as Turkey now and its younger generation sees itself as part of western civilization, of the EU and the US. Modernization of Turkey happened after Kemal Ataturk became president in 1923 and Turkey's identity has been forged as part of Europe in the twentieth century. It is now returning to its roots from the period before the Renaissance in Europe. ...

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France has made the health pass for coronavirus mandatory for leisure and cultural venues starting July 21. The health pass will be mandatory for having a coffee, eating at a restaurant, or shopping in a mall from the beginning of August. The health pass is already in use in some form in many European Union countries. Denmark and Austria are using it for 2 months. Germany and Portugal are using it regionally depending on where the epidemic is severe. Greece which has a surge of tourism in summer from other EU countries is making it mandatory starting July 16 for entry into shops and restaurants. It was the absence of  any form of constraints on behavior in places such as Croatia with high tourism in summer that increased the surge in Germany and Austria last summer. Italy and Ireland are planning to make vaccination mandatory following France as the number of cases from the variants increase. Establishments that are violators of the mandatory rule in France will be fined 45,000 euros and persons responsible having to spend 1 year in prison. The mandatory rule has significantly increased the number of people seeking vaccination in France.      ...

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Britain's David Cameron leads the successful effort to hold down spending in the European Union's next 7 year budget plan, supported by Germany and the Netherlands. The new 2014-2020 EU budget plan holds down government contributions to the budget to 959.99 billion euros. There is a 35 billion decrease from the last budget plan after adjusting for inflation, and less than the 1.03 trillion euros proposed by the European Commission, the EU's executive body. Actual spending is set at 908 billion euros compared to 943 billion euros for 2007-2013. Cuts were made in some areas- direct subsidies to farmers went down to 277 billion euros from 337 billion euros. EU funding to tackle high youth unemployment and build transnational infrastructure increased 37% to 126 billion euros. Funds allocated for investment projects in poorer regions slightly declined to 325 billion euros. Special rebates to the UK and the Netherlands remain- the Netherlands rebate is 1 billion euros. The mood of European leaders was summarized in the words of Britain's prime minister Cameron: "Frankly, the European Union should not be immune from the sorts of pressures that we have to reduce spending, find efficiencies and make sure that we spend money wisely that we are all having to do right across Europe."...

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France's president Sarkozy, said of British demands to protect its financial industry: "To accept a reform of the treaties by all 27 countries, David Cameron asked what we all considered unacceptable: a protocol in the treaty which would exonerate the U.K. on a certain number of regulations on financial services." British demands included one that would have made transfers of power from a national regulator to a E.U. regulator subject to a British veto, and a committment to keeping the European Banking Authority in London. To European leaders who are dealing with the fallout from years of weak regulation and bad loan decisions by banks, Britain's efforts to shield its banking industry was seen negatively. Efforts by Cameron to win exemptions for Britain's financial sector during a time of severe financial crisis is only leading to Britain becoming isolated from the 26 other countries in the European Union.

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The UK and the European Union compete for limited vaccine supplies as a plant in Belgium has production problems and Astra Zeneca says it can only supply half of what it promised to Europe.

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A severe crisis of affordability in Austria, Italy, UK, Spain, Ireland and other parts of the EU. Young people in the EU cannot afford housing or apartments.

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European Union countries reopen for travel this summer. A new travel pass or digital Covid certificate is approved to promote freedom of travel as more people get vaccinated. About a third of people are vaccinated for first shot in France and about 40% in Germany, which means in coming weeks they will have the second shot and enough antibodies to make a return to normal life possible. The EU has negotiated this time with Pfizer for 1.8 billion doses and is building enough vaccine supplies. For the first time governments are stepping up with plans and resources allocated - in India the government now has plans to create supplies of 2 billion doses by the end of the year. This means there is new hope if the vaccination is accompanied by efforts to build booster shot supplies this time planning ahead. Managing the risk of those who are vaccine skeptical remains a problem to be tackled. Masks and other essential precautions also need to be followed in crowded spaces as this was neglected where there was a second or third wave. Public education for this is essential to better manage the pandemic. ...

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Italy's governing coalition of the Five Star Movement and the Northern League retreats from its plans to raise welfare and pension spending after spending plans leads to loss of investor confidence. Disputes on fiscal discipline with the European Union hurts Italy as ten year bond yields rise from 1.7% to 3.7% after the coalition took office. Italy's GDP declined by 0.5% in the third quarter of 2018 with lower business investment and consumer spending, creating risks of falling into recession. The result is that the coalition government led by Matteo Salvini and De Maio is looking for ways to meet the EU fiscal discipline rules after statements that it would follow its spending plans. Italy's national debt of 2.3 trillion euros is equal to 131% of GDP and perceived as riskier than most other euro countries. Promises made by the coalition government include: allowing retirement at age 62 instead of 67, and intoroducing "citizenship income" or basic welfare of around 780 euros a month for poor and unemployed. These plans are in the budget. Political leaders want to avoid losing face with voters by removing this from the budget. The alternative of the EU opening fiscal disciplinary proceedings against Italy would lead to further loss of investor confidence worsening the economic situation, is also a step Italy wishes to avoid. The EU Commission's view is that the budget plan would increase the structural deficit by $22 billion or 1.2% of GDP. ...

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Brexiters dream of a revival of colonial trade links with a nostalgic view of Britain. The idea of "global Britain." Yet there is a flaw in this vision as only 3.3% of Indian exports went to Britain in 2016, and 17% went to EU countries. As an exporter Britain barely comes into India's top 20 trading partners. Part of the reason is that British companies build domestic plants in India. Much of the optimism comes from the UK-India Technology partnership agreed between prime ministers Modi and May in April 2018. 

On a trade deal the EU is working on this since 2007 so a trade deal will take a long time in negotiations.

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Mervyn King, Governor of the Bank of England, wants to see stricter requirements than Basel III on capital reserves for U.K. banks. The Bank of England has expressed its strong disapproval of UK banks lobbying activities in Brussels to push for a dilution in Basel III standards. The British government and the Bank of England want to have the flexibility to set their own stricter standards and not to be bound by a relaxed standard set by the EU. The risk to British taxpayers is a principal concern. In the U.S. Fed governor Daniel Tarullo is pushing for capital reserve requirements stricter than Basel III's 7% requirement- calling for a requirement of 10-14%.

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The EU summit under the presidency of Germany completes its task for setting up the European Recovery Fund and providing nonrepayable aid to countries hardest hit by the pandemic that would otherwise have to spiral their already high debt levels to unsustainable levels or provide little assistance to their suffering public. These countries include Italy, Spain, Greece mostly in southern Europe. Also needing aid are eastern European countries Hungary and Poland. For the first time the European Union is jointly taking on this debt of nonrepayable aid to member states most in need. This is a historic step. The Dutch prime minister, almost ruined the solidarity of Europe with his continual effort to cut the amount of funds and place conditions. The Dutch have favored austerity in Europe but at what cost and at what does it say about the Dutch in Europe. Reports show the Netherlands have gained back billions of dollars that would have gone in taxes to the governments of France, Spain and Italy by setting up tax haven. The Netherlands population 17 million, Sweden population 10 million, Denmark population 7 million, together make up less than half the population of any one of the major countries of Europe, Spain and Portugal, France, Germany, Italy. The combined population of about 350 million people in southern, eastern, and western Europe was arrayed against these 34 million northern countries in the long negotiations, that show solidarity but are also a sign of the changes in Europe as these countries in northern Europe were always guided by their own personal or country interest. Rutte fought hard because of elections he faces a second time against the far right wing parties, for a second time since the 2017 election. It could not get more personal than that. Even Britain if it was still in the European Union is likely under Boris Johnson to have reversed policies of Cameron to support solidarity in Europe and aid for recovery, considering how the government has tackled the pandemic in Britain. Setting conditions would only go part of the way is the reality today. The bigger part of preventing mismanaging of funds comes from the individual experience and hardship of people in southern European nations of Italy, Greece, Spain and other countries after the missteps in the eurozone finances in the last two decades. This provides the necessary dose of internal financial discipline. Not acting quickly in solidarity today would have been a serious mistake for Europe. Still Mr. Rutte and the Dutch have cut the European Recovery Fund's nonrepayable aid by 110 billion euros from the initail target set by Macron and Merkel of 500 billion euros. The agreed target now is $390 billion euros. ...

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This report in the DW on Brexit shows Britain deeply divided, with older voters supporting Leave and younger voters coming out for Remain. Most of northern England and Wales coming out for Leave, and London, Manchester, Liverpool, Leeds  with Scotland and Northern Ireland coming out for Remain. The failure of Labor Party to rally its supporters under Corbyn also rankles with some in the Remain campaign. Corbyn avoided joint appearances with the Remain campaign and said he was 7.5 out of ten in favor of remaining in the EU.

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A fragmented political landscape and slowing economic growth are two challenges facing the European Union in 2019.

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India is a major farm exporter with over $50 billion in exports of farm products. New trade agreements with US and EU will shrink the current $14 billion surplus over imports as imports increase to meet US and EU negotiation requests.