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Brussels, 31 May 2011
EU Economic governance: a major step forward
The EU and its Member States have taken a series of important decisions that will mean stronger economic and budgetary coordination for the EU as a whole and for the euro area in particular. In this way, an imbalance that has existed between the two parts of Europe's Economic and Monetary Union (EMU) is being rectified. The decisions will ensure that Member States more closely coordinate their economic policies – something the crisis has shown to be essential. As a result, the EU's interdependent economies will be better placed to chart a path to growth and job creation. It is a major step forward.
The new economic governance is based on the three main responses to the crisis:
1. Reinforcing our common economic agenda with closer EU surveillance
We have agreed economic priorities for the EU: The Europe 2020 strategy is the EU's common economic agenda. It sets out clear priorities and targets at EU and national level to boost Europe's growth over the next decade. The Annual Growth Survey (AGS) sets priority actions for the next 18 months, which are translated into national targets and measures tailored to the needs of each Member State. The Euro+ Pact sets additional commitments for the countries taking part.
There will be tighter EU surveillance of economic and fiscal policies:
The Commission has proposed giving the EU new tools to prevent unsustainable public finances and major competitiveness imbalances between Member States. The system includes sanctions: euro area countries not respecting the rules can face fines. The European Parliament and Council are expected to finalise the package in June 2011.
We will discuss our economic priorities and our budgetary policies at the same time every year: Our new coordination device to monitor commitments at EU level is called the European Semester. Over the first half of each year, discussions will take place both on the EU's economic agenda, on the basis of the AGS presented by the Commission in January, and on Member States' priorities, presented in their national programmes in the spring. Country-specific recommendations will be issued in June, giving time for these to be incorporated into national budgets and economic policies for the following year.
2. Safeguarding the stability of the euro area.
In 2010, the EU responded to the sovereign debt crisis by setting up temporary support mechanisms, which will be replaced by the permanent European Stability Mechanism (ESM) in 2013. These support measures are helping to safeguard the financial stability of the euro area. They are conditional on rigorous fiscal consolidation and reform programmes, and are developed in close cooperation with the IMF.
3. Repairing the financial sector.
The EU has established new rules and agencies to address any problems earlier and make sure all financial players are properly regulated and supervised. Further work will be carried out, including the more systematic and rigorous bank stress tests currently taking place. A healthy financial sector is essential to allow businesses and households access to credit.
1. Reinforcing our common economic agenda with closer EU surveillance
A common framework is essential for the EU to tackle its economic challenges and return to a stronger growth path. In the past, the lack of a clear system of economic governance between Member States led to imbalances and lost opportunities, and made the EU more vulnerable when the crisis hit. To ensure that those days are behind us the Commission proposed the Europe 2020 strategy, which was endorsed by the European Council in June 2010. The strategy brings together (1) a common economic agenda and (2) a stronger EU surveillance framework, which should be decided upon and monitored in a synchronised way (3).
1.1 Europe 2020, the Annual Growth Survey and the Euro+ Pact
The Europe 2020 strategy * 1 is the EU's common economic agenda – a plan to move beyond the crisis and boost smart, sustainable and inclusive growth over the next 10 years. It deals both with short-term challenges linked to the crisis and the need for structural reforms and growth-enhancing measures needed to help Europe recover from the crisis and make its economy more resilient to economic shocks in the future.
Europe 2020 is based on a simple and effective delivery mechanism, made up of targets, concrete priority actions and monitoring. It consists of:
Five targets for 2020. Five targets have been set for 2020 to catalyse efforts in critical areas for the EU's future: employment, innovation, climate/energy, education and social inclusion. These targets have been agreed for the EU as a whole and have also now been translated into national targets by each Member State.
75% of the population aged 20-64 should be employed.
3% of the EU's GDP should be invested in Research & Development.
The EU should reduce its CO2 emissions by 20%, increase its energy efficiency by 20% and raise the share of renewable energies in overall energy consumption to 20%.
The share of early school leavers should be under 10% and at least 40% of the younger generation should have a degree or diploma.
20 million fewer people should be at risk of poverty.
Seven "flagship initiatives". In order to drive progress towards the Europe 2020 goals, the Commission has come forward with a set of seven "flagship initiatives" covering: "A Digital Agenda for Europe2", "Innovation Union3", "Youth on the Move4", "Resource Efficient Europe5", "An Industrial Policy for a Globalisation era6", "An Agenda for New Skills and Jobs7" and "The European Platform Against Poverty8". The recent adoption of the Single Market Act9 is a further example of the Commission's action to support Europe 2020.
Ten concrete priorities for 2011. In January 2011, the Commission further detailed the way forward in its Annual Growth Survey*10 by setting out more immediate actions for the next eighteen months.
Three priorities to guarantee macro-economic stability: 1. putting our public finances in order; 2. taking action where we see large current account deficits or surpluses, and 3. ensuring the stability of the financial sector. An example: in 2011, all Member States are implementing fiscal consolidation plans, which set strict deficit targets to be met as of this year and which will bring their budget deficits below 3% of GDP within an agreed timeframe.
Four priorities to enhance structural reforms: 1. helping people get back to work or find new jobs by making work more financially attractive, 2. urgently reforming pension systems, 3. making sure that unemployment benefits provide an incentive to work and 4. better balancing flexibility and security in the labour market. This does not mean abandoning our common European social model. It means bringing in those who are currently excluded from the labour market.
Three priorities to frontload measures that boost growth: 1. abolishing barriers that still hamper the Single Market, 2. increasing investment in energy, transport and IT infrastructures, partially through innovative financing (including EU project bonds), and 3. creating cost-efficient access to energy. Speeding up growth will also help to accelerate fiscal consolidation and support structural reforms.
A complementary agenda with additional reforms – called the Euro+ Pact* – has been agreed among euro area Member States, as a reflection of their deeper interdependence, as well as six non euro area countries that have chosen to sign up: Bulgaria, Denmark, Latvia, Lithuania, Poland and Romania. The Pact focuses on four areas: competitiveness, employment, sustainability of public finances and reinforcing financial stability.
The Pact was endorsed at the 2011 Spring European Council on 24/25 March. All 23 signatories are committed to implementing the reforms it details. The remaining four Member States are free to sign up if they wish.
The Pact is fully embedded in the new economic governance framework and the commitments taken therein are included in the National Reform Programmes* of the concerned Member States.
One integrated delivery mechanism to ensure that EU commitments are effectively implemented through national reforms. Member States are committed to:
setting national targets to be met by 2020, committing themselves to contribute to the overall EU effort. This was done in 2010. The Commission is monitoring progress.
spelling out in their National Reform Programmes* (NRPs) and Stability or Convergence Programmes* (SCPs) the measures they intend to take domestically to contribute to what has been decided at EU level. This should cover both the AGS and the key areas included in the Euro+ Pact. These NRPs and SCPs should be sent to the Commission.
translating these measures into concrete policy actions through their national budgets and laws to be debated by their parliaments.
1.2. Tighter EU surveillance of economic and fiscal policies
Over the past few years, the EU has not been able to respect the goals it set itself on economic and fiscal policies, partly because of a surveillance mechanism that was not stringent enough. To address this, on 29 September 2010 the Commission presented six legislative proposals (the so-called Six-Pack11). The European Parliament and the Council are expected to give their final agreement to the package in June 2011. The package has three main objectives:
- 1st objective: Stronger preventive action through a reinforced Stability and Growth Pact
Member States must avoid excessive public deficits (beyond 3% of GDP) and excessive debt (beyond 60% of GDP), so as not to put fiscal sustainability at risk. These rules are enshrined in the Treaties and detailed in the Stability and Growth Pact* (SGP).
This is achieved both through surveillance of national budgets and surveillance and coordination of economic policies (based on Article 121 of the Treaty). To this effect, each year Member States set out the structural reforms and efforts needed to achieve fiscal sustainability in their Stability or Convergence Programmes* (SCP).
The new governance system introduces three key changes:
Greater transparency: Member States should ensure that their fiscal frameworks, at all administrative levels (national, regional and local) reflect the EU budgetary framework. This means bringing all elements – such as national public accounting systems, statistics and forecasting practices – into line with EU standards, allowing for more clarity and peer pressure.
Stricter rules: Member States with unsustainable public finances will be required to make significant progress towards medium-term budgetary objectives (MTO) to respect the 3% deficit criterion. Expenditure growth should be linked to the mid-term GDP growth rate, so that any extra revenue leads to increased savings rather than higher expenditure. A faster adjustment path towards the MTO will be expected from countries with a debt ratio above 60%, countries with a strongly rising debt level or countries facing risks to long-term sustainability.
Better enforcement: Failure to respect the agreed principles will make the concerned Member State liable to a warning from the Commission, even in the preventive phase. In case of a persistent and/or particularly serious failure to respect the rules, the Commission will draft a recommendation to the Member State to take corrective action. The recommendation will be adopted by the Council unless a qualified majority of Member States vote against it (the so-called reverse qualified majority voting procedure). For euro area Member States, the recommendation will be backed by an enforcement mechanism (based on Article 136 of the Treaty) in the form of an interest-bearing deposit amounting to 0.2% of GDP. This preventive arm of the SGP has been further strengthened by the Euro+ Pact, with euro area (and several other) Member States committed to translating EU fiscal rules as set out in the SGP into national legislation through a specific national legal vehicle of their choice. This should have a sufficiently strong binding and durable nature (e.g. a constitutional or framework law).
- 2nd objective: Stronger corrective action through a reinforced Stability and Growth Pact
When Member States do not respect the thresholds laid down in the Treaties, the Excessive Deficit Procedure* (EDP) is triggered. However, the current fiscal situation in almost all Member States, and the sovereign debt problems in some, show that the existing EDP was not effective. The Commission has proposed giving teeth to the SGP through better enforcement and the ability to fine Member States (as outlined above). The two key changes are:
Stricter rules: debt reduction will now be a criterion in the assessment of public finances. Member States with debt in excess of 60% of GDP must reduce the amount by which their debt exceeds the threshold by at least 1/20th per year over three years. If they do not, they will be placed in EDP. All relevant factors should be taken into account, as outlined in the Commission proposal, when assessing the satisfactory pace of debt reduction.
Better enforcement: a non-interest-bearing deposit of 0.2% of GDP will be requested from a euro area country that is placed in EDP. The Commission will draft a recommendation to the Member State to take corrective action. The recommendation will be adopted by the Council unless a qualified majority of Member states vote against it (the so-called reverse qualified majority voting procedure). In case of non-compliance with the initial recommendation for corrective action, this non-interest-bearing deposit (see below) will be converted into a fine. The fine will be increased in case of repeated non-respect of the recommendations.
- 3rd objective: reducing macro-economic and competitiveness imbalances.
Over the past decade, Member States have made divergent economic choices, leading to competitiveness gaps and to major macroeconomic imbalances within the EU. A new surveillance mechanism will be set up to identify and correct such issues much earlier. It will rely on the following main elements:
Clear alert system: a scoreboard of external and internal indicators (around 10) to detect imbalances emerging in different parts of the economy. The composition of indicators may evolve over time. Thresholds will be identified and announced. The assessment of such indicators will not be mechanical but will be done by the Commission based on in-depth reviews, Stability and Convergence Programmes and National Reform Programmes.
Stricter rules: a new Excessive Imbalance Procedure* (EIP) will now be created, based on Article 121 of the Treaty. This mirrors the Excessive Deficit Procedure for public finances. If the Commission considers that macroeconomic imbalances (or the risk thereof) exist, it will propose that the Council open an EIP and recommend that the Member State(s) concerned adopt a corrective action plan with a clear roadmap of implementing measures and a deadline. Progress made will be reviewed on a regular basis.
Better enforcement: For euro area countries, the enforcement mechanisms will include both fines (0.1% of GDP) and non-financial measures in case the imbalances are not corrected.
1.3. The European Semester
In the past, the EU Institutions looked at economic policy in the spring and fiscal frameworks in the autumn, with the implementation by Member States of commitments made at EU level only reviewed retrospectively. Basically, we decided on economic objectives without necessarily knowing how much money we could mobilise.
From now on, Member States and the Commission will discuss structural reforms, growth-enhancing measures and fiscal surveillance at the same time. These discussions will occur at EU level every year from January to June (the European Semester*12 actually refers to the first semester of each year). In this way, Europe will ensure consistency between economic decisions and budgetary constraints so as to reinforce their effectiveness and improve delivery at national level. The extra commitments taken under the Euro+ Pact will also be fully integrated into this new process.
How will it work?
January: steer by the Commission. The Commission will launch each cycle by presenting its Annual Growth Survey*13 in January, with a clear assessment of the EU economic situation and guidance for further priority actions to be delivered at both EU and national levels. The Survey will encompass three economic policy components: macro-economic and fiscal policy, structural reforms and growth-enhancing measures.
March: political endorsement by the European Council. The Spring European Council will discuss and endorse this menu for economic reform and fiscal policy in one single set of conclusions. Heads of State and Government will thus take ownership of this common economic agenda and budgetary surveillance framework, and will be committed to proper implementation in their respective countries.
April/May: presentation of national programmes. Member States will then submit to the Commission and their peers their National Reform Programmes* (NRPs) and Stability (for euro area countries) or Convergence (for non-euro area countries) Programmes* (SCPs). The NRPs set out Member States' agendas for structural reform and measures to boost growth and jobs and move towards the achievement of the Europe 2020 targets. They also include the short-term commitments made under the Euro+ Pact by the countries that have signed up to it. The SCPs on the other hand set out national plans for sound and sustainable public finances. The synchronisation of the preparation of these two programmes will ensure will ensure the streamlining of processes and reflect the virtuous circle of sound public finances and structural reform.
June: recommendations by the Commission. After due assessment of these national reports, the Commission will present in June draft country-specific recommendations to the Council, flagging the progress and shortcomings of each Member State in delivering the agreed actions. The June European Council will discuss these recommendations, and the Council will subsequently adopt them. Member States will take into account the guidance received from the Council when drawing up their budgets for the following year. Draft budgets will continue to be sent from governments to national parliaments for debate in the second half of the year, since they continue to exercise fully their right to decide on the budget. In other words, the new framework in no way represents a limit to the sovereignty of national parliaments.
2. Safeguarding the stability of the euro area
The economic crisis has put great pressure on public finances, increasing levels of deficits and public debt in all Member States. Three non-euro area Member States have been granted financial assistance by the EU (through the balance of payments mechanism), IMF and World Bank, in exchange for agreeing to implement programmes of fiscal consolidation and structural reforms. The first was agreed with Hungary, which received disbursements of €5.5bn between October 2008 and November 2010. A second programme was approved for Latvia in January 2009, in exchange for assistance of up to €7.5bn. And a third programme was agreed with Romania for €5bn in May 2009. The Romanian and Latvian programmes are currently ongoing.
The evolution of sovereign debt has become a matter of serious concern since 2010 and has closed access for some euro area Member States to sustainable sovereign debt refinancing on the market.
To guarantee the stability of the euro area as a whole and assist individual Member States in financial difficulties and/or under serious market pressure, temporary mechanisms have been set up as a backstop of last resort. An agreement has also been reached on a permanent mechanism to be put in place as of 1 July, 2013.
Financial assistance can be provided to a euro area Member State which requests it, subject to strong conditionality reflected in an economic adjustment programme to be negotiated by the Commission and the International Monetary Fund (IMF), in liaison with the European Central Bank (ECB). With such mechanisms, the EU has the capacity to act to defend the euro, even in the most stressed scenarios. They are a clear reflection of the common interest and solidarity within the euro area, as well as the individual responsibility of each Member State before its peers.
- Mechanism of bilateral loans (for Greece). An ad hoc mechanism was set up on 2 May 2010 to face the imminent threat of Greek insolvency. The euro area Member States agreed to provide, together with the IMF, €110bn of financial assistance to Greece in the form of bilateral loans, with specific interest rates, for a period of three years. These loans were made conditional on a strict fiscal consolidation programme, and were discussed with the Commission, the ECB and the IMF. The Commission monitors progress through quarterly missions and reports to Finance Ministers.
The agreement of 11 March 2011 aligned the maturities of both the future and already disbursed tranches of the loans to Greece with those of the loan to Ireland (seven-and-a-half years on average). Furthermore, it was decided to reduce the pricing of both the future and already disbursed tranches of the loans of the Greek facility by 100 basis points.
- Temporary mechanisms worth up to €500bn (2010–2013). In the face of persistent pressure on the sovereign debt markets, the euro area Member States and the Commission decided on 10 May 2010 to set up two temporary financial backstop mechanisms worth up to €500bn to support any other euro area countries which could need financial support. These are the European Financial Stabilisation Mechanism* (EFSM), based on guarantees from the Community budget up to €60bn; and the European Financial Stability Facility* (EFSF), an inter-governmental body providing up to €440bn in guarantees from the euro area Member States. The IMF decided to complement these mechanisms with a potential financial support to euro area countries of up to €250bn.
In November 2010, Ireland requested €85bn in assistance from these newly set up mechanisms, following a sharp deterioration in its fiscal position due to extraordinary banking problems which came on top of the impact of the recession. A programme was negotiated by the Commission, the IMF and the ECB. The United Kingdom, Denmark and Sweden decided to complement this assistance mechanism with bilateral loans14.
In light of the Irish experience and in order to face any other request before 2013, the 24-25 March European Council further improved key elements of these temporary mechanisms. The pricing of the EFSF's loans (and subsequently those of the EFSM) has been lowered to better take into account the debt sustainability of the assisted countries, while remaining above the funding costs of the facility, in line with the IMF's pricing principles. The EFSF's scope of activities has also been made more flexible: it may, as an exception, intervene in the primary debt market (i.e. buying newly issued sovereign bonds) in the context of a programme with strict conditionality. Finally, the agreed lending capacity of the EFSF of €440bn will be made fully effective, as recommended by the Commission. The amendments to the EFSF legal agreement will be prepared so as to allow national parliamentary procedures to be completed by the end of June 2011, in full respect of national constitutional requirements.
In May 2011, financial assistance of €78bn was also granted to Portugal to enable the country to deal with its financing difficulties. Two thirds of the assistance will come from EU sources: €26bn from the EFSF and €26bn from the EFSM, with the remaining €26bn provided by the IMF. The assistance will be disbursed over three years, conditional on the outcome of quarterly assessments of Portugal's implementation of the agreed programme, comprising an ambitious fiscal adjustment, a wide range of reforms to enhance growth and competitiveness and measures to reinforce the stability of the financial sector.
- European Stability Mechanism* (as of 1 July, 2013). Last autumn, euro area Member States decided to set up a permanent mechanism, enshrined in the Treaty, as a structural response to any future request for financial assistance beyond 2013.
The European Stability Mechanism15 (ESM) will provide a permanent crisis resolution framework and will assume the role of both the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM) in providing external financial assistance to euro area Member States from 1 July, 2013. Access to ESM financial assistance will be provided on the basis of strict policy conditionality under a macro-economic adjustment programme and a rigorous analysis of public-debt sustainability, which will be conducted by the Commission together with the IMF and in liaison with the ECB. The beneficiary Member State will be required to put in place an appropriate form of private-sector involvement, according to the specific circumstances and in a manner fully consistent with IMF practices. Non-euro area Member States may decide to participate in operations conducted by the ESM on an ad hoc basis (as it is the case now with Ireland).
The terms of the ESM, including its governance, capital structure and repartition, location, instruments and IMF involvement, were agreed by the euro area summit on 11 March and confirmed by the European Council on 24-25 March. The ESM will have an effective lending capacity of €500bn (a total subscribed capital of €700bn, from which €80bn will be in the form of paid-in capital and €620bn in a combination of committed callable capital and of guarantees from euro area Member States).
The Treaty on the Functioning of the EU (Article 136) will be amended to set up the ESM. After the Commission and the European Parliament gave their positive opinions, the European Council agreed on this change in February and March 2011, paving the way for national ratifications.
3. Repairing the financial sector
Since the outbreak of the financial crisis in 2008, EU action has focused on filling in the gaps in financial sector regulation and strengthening the supervision of this sector, with a view to improving stability, transparency and confidence.
A new financial supervision architecture with real teeth was set up in January 2011 with a European Systemic Risk Board (ESRB) to ensure that macro-economic risks are detected sufficiently early. This is complemented by three sectoral European supervisory authorities: the European Banking Authority (EBA – London), the European Insurance and Occupational Pensions Authority (EIOPA – Frankfurt), and the European Securities and Markets Authority (ESMA – Paris)16.
Strengthened rules on capital requirements for banks, investment firms and insurance companies are being defined: a fourth revision of the Capital Requirements Directive (CRD) for banks and investment firms, and a "Solvency II" Directive for insurance companies (this enters into force in 2013). Better risk management in financial institutions will be facilitated by existing and new rules on governing remuneration and bonuses in financial institutions and reducing incentives for short-term risk-taking. A global approach is being implemented to ensure that no financial actor, market or product escapes appropriate regulation and effective supervision17. Action has already been taken to create a framework for hedge funds and private equity and some rules governing credit rating agencies, although more work is still needed. More initiatives are under negotiation or coming up in the near future18, including on derivatives, short-selling, financial markets and market abuse. The Commission is committed to making all the necessary legislative proposals to implement the G20 commitments made in London, Pittsburgh and Washington before the end of summer 2011.
It is also essential to move away from the current state of moral hazard where banks de facto rely on governments to step in if they face serious difficulties. That is why the Commission will propose in the next few months a comprehensive framework for the resolution of failing banks – to ensure that banks can fail, in an orderly manner, and that taxpayers don't have to pay when there are difficulties.
In parallel, work is ongoing to ensure the viability of the banking sector and overcome the crisis.
Bank stress tests are one of the supervisory tools used at EU level to detect potential weaknesses and prevent bankruptcy or system failure. In concrete terms, the tests assess the overall resilience of the EU banking sector and individual banks' solvency in the face of hypothetical adverse events. This work is led by the EBA. The other stakeholders are the ECB, the Commission, and national supervisors, who are responsible for conducting the tests at national levels
Two rounds of stress tests have been conducted since 2008. The EBA started a new round of stress tests on a broad sample of EU banks in March. A rigorous peer review and quality control will be carried out and the results will be published in mid-June 2011. Full transparency regarding banks' exposures must be ensured. Any banks identified as vulnerable and possibly undercapitalised under the stress test will be expected to take the necessary action. Member States will release, ahead of the publication of the new stress test results, specific remedial plans for the restructuring of vulnerable institutions, including potential market-based solutions such as direct financing on the markets or asset sales, but also solid frameworks for the recapitalisation of individual institutions and the acceleration of bank restructuring where needed, within the framework of EU state aid rules. The stress scenarios, developed by the EBA in close collaboration with the ECB, the ESRB and the Commission, are rigorous and address market concerns regarding the degree of severity and the scope of the test. As to sovereign risk, shocks will be applied to exposures in banks' trading books.
Separately, the EBA is carrying out a review of banks' funding structures and the liquidity of their asset portfolios.
Annual Growth Survey (AGS) – Presented by the Commission at the start of each year, the AGS sets out the economic priorities for the EU to boost growth and jobs for the next twelve months. The AGS is the basis for the Spring European Council to issue its guidance, which is then translated into national plans by April/May. The presentation of the AGS also marks the start of the European Semester.
Euro+ Pact – The Euro+ Pact is a complementary agenda to the AGS, setting out additional reforms to which the euro area Member States have committed, and to which other Member States can sign up if they wish (Bulgaria, Denmark, Latvia, Lithuania, Poland and Romania have done so). The Pact, agreed in March 2011, focuses on competitiveness, employment, sustainability of public finances and reinforcing financial stability.
Europe 2020 – This is the EU's common economic agenda: a ten-year reform strategy to boost growth and job creation while promoting social inclusion and combating climate change. Agreed in March 2010, the strategy sets out five levers for growth and five targets to be achieved by 2020 in relation to employment, research & innovation, energy, education and poverty reduction.
European Financial Stability Facility (EFSF) – Established in May 2010, the EFSF is an inter-governmental body able to lend up to €440bn to euro area countries in need of financial support. The euro area Member States themselves provide the loan guarantees. The EFSF will be replaced as from 1 July, 2013 by the ESM.
European Financial Stabilisation Mechanism (EFSM) – Also set up in May 2010, the EFSM is available to provide loans of up to €60bn to euro area Member States in need of financial support. The EFSM is guaranteed by the Community budget, without being effectively paid from the budget itself. The EFSM will also be replaced by the ESM as of 1 July, 2013.
European Stability Mechanism (ESM) – The EU's permanent crisis resolution mechanism will be operational from 1 July, 2013. It will replace the EFSM and the EFSF as the vehicle through which financial assistance will be provided to euro area Member States in need. Assistance will be on the basis of strict policy conditionality and tied to a macro-economic adjustment programme. The terms of the ESM were agreed at the March 2011 European Council. It will have an effective lending capacity of €500bn. To allow for the establishment of the ESM, a change has been agreed to Article 136 of the Treaty on the Functioning of the EU.
European Semester – Starting in 2011, the first half of each year will see a cycle of intensive policy coordination between the EU Institutions and the 27 Member States on both the economic agenda and budgetary surveillance. This is a key element of the enhanced economic governance. The Semester kicks off in January with the presentation by the Commission of the Annual Growth Survey, which sets out the priorities for the EU in terms of economic reform and fiscal consolidation. These priorities are then discussed and endorsed by the March European Council. In April, Member States submit their National Reform Programmes and their Stability or Convergence Programmes to the Commission and to their peers. The Commission then issues recommendations on these programmes, which are endorsed by the June European Council and formally adopted by the Council in July. Member States take this guidance into account when they draw up their budgets, which are debated in national parliaments in the usual way in the second half of the year – ensuring that this process includes a European dimension for the very first time.
Excessive Deficit Procedure (EDP) – Member States must avoid excessive public deficits (beyond 3% of GDP) and excessive debt (beyond 60% of GDP). The Commission has proposed to strengthen the existing Excessive Deficit Procedure, which is aimed at preventing governments from breaching these thresholds. When a Member State does not respect the thresholds, the Council decides on the basis of a recommendation by the Commission to launch an Excessive Deficit Procedure. Euro area countries placed in EDP will be requested to make a non-interest-bearing deposit worth 0.2% of their GDP and to take a course of corrective action as recommended by the Council. If a country fails to comply with the recommendation, the deposit will be converted into a fine.
Excessive Imbalance Procedure (EIP) – A key element of the EU's new economic governance is the emphasis on tracking and correcting macro-economic and competitiveness imbalances, particularly within the euro area. Using a scoreboard of around ten indicators, the Commission will detect imbalances emerging in different parts of the economy. On a recommendation from the Commission, the Council can open an Excessive Imbalance Procedure against a Member State in which imbalances exist or are at risk of emerging. For euro area countries, a failure to correct imbalances in accordance with an agreed roadmap and within a specified deadline can lead to the imposition of fines of 0.1% of GDP.
National Reform Programme (NRP) – All Member States submit in April/May an NRP to the Commission following the March European Council. This sets out the economic reforms and growth-enhancing measures to be passed over the coming year and beyond to move the Member State in question towards the targets it has signed up to in the context of Europe 2020. Member States present their NRPs together with their Stability and Convergence Programmes (which focus on fiscal consolidation). The Commission bases its country recommendations on both plans.
Stability or Convergence Programmes (SCP) – In the weeks following the March European Council, Member States submit to the Commission their plans for sound public finances and fiscal sustainability. For euro area countries, these are called Stability Programmes; for other Member States, Convergence Programmes. The Commission assesses these programmes together with Member States' National Reform Programmes over the course of April/May. Its recommendations are endorsed by the June European Council and formally approved by the Council shortly afterwards.
Stability and Growth Pact (SGP) – The Stability and Growth Pact is the framework through which the EU ensures the fiscal sustainability of all 27 Member States and of the euro area in particular. The reforms to the EU's economic governance that will be formally agreed in June 2011 will make the SGP clearer, stronger and more effective, at both the prevention and enforcement stages. Public debt and public deficit criteria will be placed on an equal footing for the first time. Member States will be required to make significant progress towards medium-term budgetary objectives and expenditure growth will have to be kept in line with GDP growth. The Commission will recommend fines of 0.2% of GDP for euro area countries which fail to take corrective action to achieve these objectives within an agreed timeframe. These fines will apply unless a qualified majority of Member States votes against them.
* all items referred with * are explained in the glossary attached to this MEMO
See IP/10/225
See IP/10/581, MEMO/10/199 and MEMO/10/200
See IP/10/1288 and MEMO/10/473
See IP/10/1124 and MEMO/10/408
See IP/11/63 and MEMO/11/43
See IP/10/1434, MEMO/10/532 and MEMO/10/533
See IP/10/1541 and MEMO/10/602
See IP/10/1729 and MEMO/10/687
See IP/10/1390, IP/11/469 and MEMO/11/239
See IP/11/22 and MEMO/11/11
See IP/10/1199, MEMO/10/455, MEMO/10/454 and MEMO/10/456
See IP/11/22 and MEMO/11/14
See MEMO/11/11
See IP/10/1768
See MEMO/10/636
See MEMO/10/434
See IP/10/1353, MEMO/10/506 and MEMO/10/660
See MEMO/11/6


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POSTED: 9:18 PM Jul 23 2011
UPDATED: 12:24 PM Sep 13 2012
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TUESDAY, March 2, 1869.The House met at nine o'clock a. m., pursuant to adjournment.
On motion of Mr. RATLIFF, the reading of the journal of yesterday was dispensed with.
On motion of Mr. PIERCE of Porter, the House proceeded to the consideration of bills of the House on the third reading.
Mr. RATLIFF, by consent, submitted resolution, which was adopted, confirming the appointment of the stationery clerk for the State Librarian.
Mr. RATLIFF, by consent, submitted a resolution, which was adopted, authorizing the Committee on Ways and Means to examine and report on the claims of Samuel Beatty for one hundred and eleven dollars, seventy-five cents, expenses incurred by him in the Beatty-Peelle contest.
The committee's election bill,]H. R. 178] to so amend the fifth section of the township trustees' election act, as to make it correspond with the enrolled act, of the present session for biennial elections, was taken up, read the third time and finally passed the House--yeas 60, nays 15.
Mr. Gordon's joint resolution [H. R. 7] for Congressional instructions for granting land warrants to soldiers of the Union army, was read the third time.
On motion of Mr. UNDERWOOD, (by unanimous consent) the resolution was amended so as to include sailors, and then the joint resolution was considered as engrossed, and finally passed the House, yeas 83, nays 07 with an amendment of title embracing "sailors."
Mr. Beeler's geological survey bill, [H. R. 165] to provide for a geological survey, and to combine the office of Geologist with the State Board of Agriculture--the Geologist to report to the State Board of Agriculture--was taken up and read the third time. It makes an appriation of five thousand dollars.
Mr. FURNAS, (by unanimous consent) submitted an amendment, which was adopted; the Geologist to hold "two years," and "no further expenses shall be incurred for carrying out the provisions of this act."
Mr. WILLIAMS of Knox, and Mr. NEFF considered that possibly five thousand dollars would not be sufficient to cover all the printing for the Geologist.
Mr. FURNAS then withdrew the latter portion of the amendment, and then the bill was considered as engrossed, and finally passed the House--yeas 68, nays 20.
Mr. Bowen's bill, [H. R. 100] to amend the tenth section of the Justices act of June 9, 1852, was taken up. It increases the jurisdiction to three hundred dollars in trials, and to five hundred dollars where judgment is confessed.
The bill was finally passed the House of Representatives--yeas 58, nays 30.
The Election Committee's bill [H. R. 179] to repeal and amend section one of the Constables act of May 27, 1852, was taken up. It changes the time of Constables' election to October--one for each Justice--to serve two years.
page: 576[View Page 576]Mr. OSBORN (by consent) proposed to amend so as to provide that supervisors of highways be appointed annually by the township Trustees.
Objection being made by Mr. PIERCE of Vigo, Mr. MILES and others, the amendment could not be entertained.
The bill was finally passed the House--yeas 69, nays 17.
Messrs. McFadin, Williams of Knox, and Coffroth, now obtained leave to present petitions, which were referred without reading.
Mr. Kercheval's bill [H. R. 114] to amend the fifth section of the common school law the city school trustees to be elected by the Counsel, so that their respective terms shall expire in successive years--and so that they shall be elected by the incoming Council at their first meeting, was taken up.
Mr. UNDERWOOD proposed to amend so that the school trustees' terms shall expire the first day of July, which was adopted by unanimous consent.
Mr. WELBORN moved to recommit the bill, with instructions to amend so that the trustees shall be elected by the outgoing city council at their last meeting.
After debate thereon by Messrs. Welborn, Johnson of Parke, and Pierce of Vigo, for the amendment, and Messrs. Vater, Stewart of Ohio, and others against it--
Mr. Welborn's motion was rejected, and then the bill being considered as engrossed, was finally passed the House of Representatiaes--yeas 52, nays 38.
Mr. Miles' bill, [H. R. 93] to amend section fifteen of the act of December 20, 1865, to create a Normal School, was taken up. It takes the appropriation of five thousand dollars semi-annually for the Normal School fund out of the State Treasury, instead of the Common School fund.
Mr. COFFROTH said this creation of a new charge on the State Treasury was precisely what has been and is still feared by those who oppose the Normal School, and now he advised against the passage of the bill, as a friend of the Normal School. To take this ten thousand dollars a year from the Common Schools would only shorten their term for a single day in the year, which would be well afforded for the advantage expected and assured in the better qualifications of Common School teachers.
Mr. MILES defended the bill.
The bill was defeated in the House on the final reading--yeas 31, nays 50.
Mr. Tebbs' bill [H. R. 42] to amend the twenty-first section of the charter of the Aurora and Laughery Turnpike Company, approved February 15, 1848, was taken up and read a third time.
Mr. TEBBS said it was to change and make reasonable the rates of toll--desired by the neighborhood.
The bill was finally passed the House by yeas 70, nays 1.
Mr. WILLIAMS of Knox, (by consent) from the special committee, reported a substitute for the salary bill, which went to the files without reading.
Mr. Cox's bill [H. R. 146] requiring Township Trustees to examine the dockets of Justices of the Peace as to their delinquincies in paying over fines, etc,, to the proper officers, was taken up, read the third time, and finally passed the House--yeas 82, nays 1.
Mr. Palmer's bill [H. R. 147] to provide for the care of certain idiots, was taken up and read the third time. It was finally passed the House--yeas 71, nays 8.
Mr. Fuller's bill [H. R. 82] to amend section two of the game law of March 11, 1867, (so that quails and pheasants may be taken without penalty between the first day of October and the first day of February, at any other time the penalty remaining two dollars) was taken us and read the third time and finally failed in the House--yeas 39, nays 38, for want of a constitutional majority.
Mr. Osborn's bill [H. R. 103] declaring certain contracts (by note) to pay attorneys' collection fees void, was taken up, and read the third time.
Mr. ZOLLERS opposed the bill from the consideration that people generally were able to make their contracts safe enough without legislative intervention.
Mr. CUNNINGHAM supported the bill, from the consideration that the creditors on such notes, are the larger class, etc.
Mr. WELBORN demanded the previous question, and under the pressure thereof the bill was finally passed the House--yeas 58, nays 35--as follows:
YEAS--Messrs. Addison, Barnet, Barritt, Bates, Beatty, Beeler, Bobo, Bowen, Britton, Carnahan, Cave, Coffroth, Cox, Cunningham, Davidson, Davis, Field of Lagrange, Fuller, Gilham, Green, Hall, Hutchings, Hutson, Hyatt, Johnson of Montgom
page: 577[View Page 577]ery, Jump, Kercheval, Lawler, Lamborn, Logan, Long, Mason, McBride, McDonald, McFadin, McGregor, Millekan, Miller, Miles, Neff, Osborn, Pierce of Porter, Ratliff, Sabin, Shoaff, Skidmore, Sleeth, Stephenson, Stewart of Rush, Taber, Tebbs, Underwood, Vardeman, Wile, Wildman, Williams of Hamilton, Williams of Knox, and Williams of Union,--58.
NAYS--Messrs. Baker, Breckinridge, Buskirk, Calvert, Chapman, Cory, Dittemore, Dunn, Fairchild, Field of Lake, Furnas, Gordon, Higbee, Higgins, Johnson of Parke, Johnson of Marshall, Miner, Mitchell, Mock, Monroe, Montgomery, Odell, Palmer, Pierce of Vigo, Ruddell, Shoemaker, Stewart of Ohio, Sunman, Vater, Welborn, Williams of St. Joseph, Wilson, Zenor, Zollars and Mr. Speaker--35.
The Election Committee's bill, [H. R. 140] repealing certain sections of the registry law of March 11, 1867, was taken up and read the third time.
Mr. RATLIFF demanded the previous question against the remonstrance of Mr. Coffroth, Mr. Pierce and others, but--
The House refused to second the demand.
Mr. PIERCE of Porter, stated his objections to the bill, because it proposes to number the ballot so that the voter may be known; and he warmly remonstrated against the haste with which the bill has been carried through its various stages. When the bill was under consideration before he introduced an amendment to the effect that no member of the board, or clerk, should sit at an election until he had taken an oath not to reveal how any Elector had voted. That was voted down, not because it was wrong, but because the House refused to hear the matter discussed. He regarded a law requiring, as this law requires, the numbering of every man's ticket, a disgrace to the State. For it is well known to all, that there are all over the State men of wealth, whose partizan prejudices are so overpowering during a political contest, that they will go so far in their effort to control votes in aid of their party, as to dismiss from their employ those who dare to cast their votes in favor of the opposite party. Such things occur in almost every county of the State, wherever an election is held.
What he desired was, to give the poor man such protection as would enable him to express his choice at the ballot box without fear or favor from any man. Such was the right with which it was intended to clothe him, too, when the ballot was accorded, and he was unwilling to strip that right of all its worth, by providing by law for the marking of his ballot, that his employer might hold the rod suspended over him, in the shape of a threat to discharge him from employment, in case he should vote contrary to his wishes.
He became a member of the Republican party, because he saw in it not a disposition to keep the poor in ignorance that they might be used to retain power in the hands of party organization, but because it proposed to lift the poor man up from the mire, accord to him the advantages of education, and exault him to that position of intelligence and independence which it is the true object of our institutions to secure. The provision to which he objected was in violation of that constitutional provision requiring that elections shall be by ballot.--This provision was doing more than making elections viva voce; it it was putting the vote to record. He did not want to go back to the effete notions of the State of Kentucky--the paradise of the Nasby's and the Democratic party. He gave way for a motion to adjourn.
And then--
The House took a recess till two o'clock p.m.
The SPEAKER resumed the Chair at two o'clock p. m.
Mr. PIERCE of Porter being entitled to the floor, pursued his objections to the bill. The bill does not prevent inspection of the poll books. The registry law of Illinois, which, it is alleged is similar to this, was not satisfactory--though it had the provision which he had desired to attach to this. He commended the provision in the existing registry law which permits every man to come to the polls and vote, under no restraint but his conscience. This bill would effectually strike down that right, and make many voters the mere tools and automatons of the wealthier classes. There was not a single county in the State where the oppressiveness of this feature could not be felt. He gave instances and examples known to him, where employers have failed to constrain the votes of their employes, and showed how the provisions of this bill gave more power into the hands of such, to trample upon the right of the poorer classes; and for the reasons submitted, he protested against the passage of this bill in the name of his constituents, and of all the poorer classes of citizens of the State of Indiana. He moved to recommit the bill, with instructions to amend so as to require the members of the election boards to take an oath not to reveal any ballot, or how any elector voted.
Mr. BUSKIRK expressed his astonishment to the opposition of the gentleman from Porter, and replied to his particular objection, throwing back upon him the implication that because a man is poor, he is dishonest, and unwilling to go sternly to the polls and vote his sentiments freely. He repelled not what the gentleman said, but what is implied in his arguments. He regarded this bill as one of the most important of the session, as demanded by the people of the Republican party, and as supported by every Republican here, except page: 578[View Page 578] the gentleman from Porter. The people demand the repeal of the registry law, which has wrought a great deal of evil, and no good, and which has cost the State one hundred and seventy thousand dollars. It had sent D. W. Voorhees to Congress by one hundred and twenty-eight majority, in the sixth District, which had since given a Republican majority of about six hundred votes. Judge Hughes, who fought that registry law here from first to last prophesied the very evil which it has worked against the Republican party.
Mr. COFFROTH did not of course, enter the list as champion of
the gentleman from Porter, but the gentleman from Monroe
did not answer the very fair argument against the bill by
the gentleman from Porter. Was the registry law indeed the
cause of the return of D. W. Voorhees to Congress? It was
certainly what he regarded a Republican measure of the
last session. It had proven like the recoiling piece,
which, "When aimed at duck or plover
Did but kick the owner over." He then
reasserted the position of Mr. Pierce of Porter, that laws
are made not for the protection of the strong, but the
weak, and came to the argument that no such bill as this,
and no such act as the registry law, was ever contemplated
by those who have laid the foundations of the
jurisprudence of the State of Indiana. He objected
especially to the second section of the bill as radically
wrong, and indulged the prophetic utterance that if this
section become now a law, Republicans will come here in
two years' time, acknowledging the error just as meekly as
the gentleman from Monroe now does the error of the
registry law, and seeking by swift bill its instant
repeal. This bill proposed to return to the old viva voce system of voting; and he
read the constitutional point against it. The words "by
ballot," meant the secret ballot, as clearly as language
could be made to express that meaning; and it was opposed
to the open vote, the viva voce system.
The first Legislature after the adoption of the
Constitution affixed a penalty against any marking of the
ballot by which it could be afterwards known whose vote it
was. Why now should this party go back to that system of
voting which is being repudiated by the friends of free
government the world over? It was a system that favored
bribery. England was now convulsed by the opposition to
this system. The system tended so to bribery that acts of
parliament could not prevent it; and so election
briberies, become the crying sin of the age--especially in
the old world. Corrupt as our elections were, the
elections of England were a thousand fold more so. In the
Republic of Venice, and in the Republic of Rome, they had
the secret ballot once, and just as the secret ballot
system declined the republic declined, the open ballot
system was a thing that had been tried and found to lead
invariably to the destruction of constitutional liberty.
This bill was a contradiction in itself; the ballots are
to be printed on white paper; but, forsooth, they must
write upon the paper, that it may be known precisely how
the elector voted--one by one the bulwarks of civil
liberty are being stricken down in this country and even
this measure may be the fatal turning point in our
Mr. WILSON had made some observations of the workings of an election law such as this bill proposes, and they were wise and satisfactory. The people of his region demanded this bill for their protection against imported votes from Kentucky and Cincinnati. He especially desired to retain the second section--for marking the ballot.
Mr. PIERCE of Vigo, said this was a very simple proposition. What was it? The election laws want mending and the Election Committee had thought proper to make the election biennial. That bill has been passed. Now we find on the statute book a registry law, which we all agree works no good, and the just object is to repeal it. That is proposed in this bill, except the residence of twenty days, the white paper ballot provision, etc. Then we add the provision to number the ballot with the voter. Gentlemen of the opposition look only at this negatively. They point out its supposed evil workings, without considering its paramount benefits. This marketing of the ballot was not determining beforehand for whom the elector votes; neither does it repeal or in any way affect the statute which makes it a misdemeanor to mark a ballot. The bill proposed to destroy the secrecy of the ballot only so far as that secrecy may subserve the purposes of fraud at the ballot-box. He did not specially object to Mr. Pierce of Porter's amendment, but it might embarrass the progress of the bill, and it was unnecessary; but if necessary, it might be applied in the Senate. He spoke particularly to enforce the advantages which the bill gives for the discovery of every fraudulent vote, and so it would become a barrier against all briberies and corruptions at the polls. So he showed how the benefits of this bill will far override its defects. Men of Illinois tell him that no consideration could induce them to give up this provision in their election law.
Mr. WILDMAN considered also the importance of the measure, and believing that it has been fully discussed, he moved to lay the amendment on the table.
The yeas and nays thereon resulted--yeas 50, nays 44.
Mr. McFADIN explaining declared himself is favor of the amendment, and for the repeal of the registry law, of which he declared page: 579[View Page 579] that, but for its preventing legal votes in the cities, Indiana would to-day have a Democratic Governor, etc.
So the amendment was laid on the table.
Mr. BUSKlRK, now demanded the previous question, and under its pressure the bill was finally passed the House--yeas 53, nay 42--as follows:
YEAS--Messrs. Baker, Barnette, Beatty, Beeler, Bowen, Breckinridge, Buskirk, Chapman, Chittenden, Davidson, Davis, Dunn, Fairchild, Field of Lake, Field of Lagrange, Furnas, Gilham, Gordon, Green, Hall, Hamilton, Higbee, Higgins, Hutson, Johnon of Parke, Johnson of St. Joseph, Jump, Kercheval, Lamborn, Mason, Millekan, Miller, Mitchell, Monroe, Osborn, Pierce of Vigo, Ratliff, Ruddell, Sabin, Skidmore, Stephenson, Stewart of Ohio, Stewart of Rush, Taber, Underwood, Vardeman, Vater, Wildman, Williams of Hamilton, Williams of St. Joseph, Williams of Union, Wilson and Mr. Speaker--53.
NAYS--Messrs. Addison, Admire, Barritt, Bates, Bobo, Britton, Calvert, Carnahan, Cave, Coffroth, Cory, Cox, Cunningham, Dittemore, Fuller, Hutchings, Hyatt, Johnson of Montgomery, Lawler, Logan, Long, McBride, McDonald, McFadin, McGregor, Miles, Miner, Mock, Montgomery, Neff, Odell, Pierce of Porter, Shoaff, Shoemaker, Sleeth, Sunman, Welborn, Wile, Williams of Knox, Zenor and Zollars--42.
So the bill passed.
Mr. BUSKIRK now called up the general appropriation bill [H. R. 309.]
On motion of Mr. CORY, the vote of yesterday, striking out the item ten thousand dollars for the heating apparatus for the Blind Asylum, was reconsidered, and then he obtained leave to withdraw the motion to strike out.
Mr. WILLIAMS of Knox, moved to strike out the item appropriating one thousand dollars for incidentals for the Adjutant General's office, which was agreed to.
Mr. RUDDELL proposed to add to the twenty-eighth section these words: "That, for the liquidation of the indebtedness of the State Prison South, the sum of five thousand dollars is hereby appropriated," and he gave a statement of figures, showing the necessity for this item. The appropriation asked for was to pay an outstanding indebtedness incurred in the building of blacksmith shops and other buildings, and that the creditors should be paid, however improper may have been the order for the construction of the buildings.
Mr. COFFROTH opposed both the original sections and the amendment. The words "or otherwise," in the section, would absorb the ten thousand dollars, whether there be any "fire," or any "failure of contractors," or not. He would not anticipate and provide for such future contingencies. It would be borrowing trouble.
Mr. BUSKIRK stated the prudence of providing for contingencies, and the section was guarded with great care, so that the approprition could not be touched for any purpose but these unforseen contingencies, and it cannot be drawn but upon the order of the Governor.
Mr. Speaker STANTON (Mr. Osborn in the chair) said, as between the claim of the original section and the amendment, he would sooner vote for the latter than the former; he would pay an existing indebtedness before he would make an appropriation to pay expenses not yet transpired.
Mr. COFFROTH moved to lay the original section and amendment on the table, but withheld it till--
After further debate by Mr. Welborn, Mr. Monroe, Mr. Cory, Mr. Ratliff, Mr. Coffroth, and others--
Mr. BUSKIRK called for a division of the question--the first vote on the motion to table the original section twenty-eight--and he demanded the yeas and nays, which resulted, yeas 76, nays 10.
So the section twenty eight was laid on the table.
The question on laying Mr. Ruddell's amendment on the table was also decided in the affirmative--yeas 52, nays 32.
Mr. BUSKIRK explained that he voted to lay the amendment on the table inasmuch as the House had refused to vote an appropriation for the purpose made by the Committee of Ways and Means, acting under the report of the Trustees of the institution.
Mr. McBRIDE, explaining his vote, stated that he desired to act in all matters with at least seeming consistency, and could not vote to appropriate five thousand dollars to pay existing indebtedness of the Southern Prison, when on the 15th day of December, the Directors of said institution said to the Governor that it was in a prospering condition and that it had been self sustaining, and they wanted no appropriation. He voted no.
So sections twenty-eight and twenty-nine were stricken out.
Mr. CHITTENDEN proposed to amend by adding one thousand dollars each for monuments for the graves of ex-Governor Jennings, ex-Governor Willard, and General Hackelman which he withdrew, to offer in another place.
Mr. BUSKIRK proposed a substitute for the section for public printing, making it in the aggregate twenty-seven thousand dollars, for 1869 and 1870, an increase of two thousand dollars on the original amount in the bill.
It was adopted.
Mr. CUNNINGHAM moved to strike out the item of three thousand dollars for expenses of the State House, and insert one thousand dollars in lieu.
And then--
The House adjourned till nine o'clock a. m. to-morrow.


text:
I went to Rome for business and the conference I had to attend was very close to the Il Corso B&B. Being only a short walk away from the Piazza del Popolo, Piazza di Spagna and other touristic places, I had the chance to enjoy the beauty of the city too. The room was clean, tidy, and quiet and the... More
- Official Description (provided by the hotel):
- New Bed and Breakfast located on the second floor of an ancient Roman building that fits in the first street between Via del Corso and Via del Babuino in the historic center of Rome a few steps from Piazza del Popolo, Piazza di Spagna, Fontana di Trevi, Villa borghese. Our services: air conditioning, wifi internet, breakfast room, TV, hairdryer, private bathroom. Nuovissimo bed and breakfast situato al secondo piano di un antico palazzo romano che si colloca nella prima traversa tra Via del Corso e Via del Babuino nel pieno centro storico di Roma a due passi da Piazza del Popolo, Piazza di Spagna, Fontana di Trevi, Villa Borghese. Tra i servizi: aria condizionata,wifi internet,colazione in camera,tv,asciugacapelli,bagno proprio. ... more less
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text:
This subforum is a test for a new possible setup of the Warhammer 40,000 Rumour Roundup. Note: Please take the time to read the sticky thread in order to see how this subforum is meant to work.
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Few Citations Issued By Troopers For Texting And Driving
By: Megan Hunter
Updated: September 11, 2012
It's been over a month since Alabama's texting while driving law went into effect. However, Alabama state troopers are writing few citations. Published reports indicate on 14 were issues statewide and none in most southeast Alabama counties. One was issued in Houston County.
Trooper Kevin Cook said the numbers are not for lack of law enforcement patrol."We haven't changed our patrolling habits because our job is to enforce all motor laws." Cook said. "I can't say there has been a decline in texting while driving because I still see people doing it,"
"Accidents happen in a split second. It's an epidemic across the United States," he said. "It's an epidemic that Alabama law enforcement hopes can be cured with increased education."Texting is a primary offense stop," said Cook. "I can pull you over and write you a citation for texting."
With that citation comes a $25 fine for a first offense, a $50 fine for the second, and $75 fine for the third.


text: As a full-time licensed REALTOR® for 9 years Tom specializes in North and West Vancouver and the Howe Sound corridor including Lions Bay, Furry Creek and Britannia Beach. A consistent top performer, Tom's goal is to build lifetime client relationships based on trust, integrity, performance and extraordinary service. Having built and renovated his own homes Tom understands the construction process, allowing him to offer valuable assistance to his clients wishing to build or renovate. Tom and family live in West Vancouver. His daughter attended West Bay Elementary, Rockridge Secondary, and is a recent graduate of Queen's University in Kingston ON. Tom specializes in residential property sales and marketing in North Vancouver, West Vancouver and the Sea to Sky corridor, including new development project marketing. Whether buying or selling, you can rely on Tom's careful attention to detail and commitment to the highest standards of client care. Tom brings over 25 years of significant senior management experience in sales, marketing and strategic planning with responsibility for multi-million dollar business operations: -Director of Marketing C I L and Sherwin-Williams Paints (Canada) -Vice President & General Manager The Norwall Group -National Merchandiser Paint & Décor The Home Depot (Canada) -Consultant DiverseyLever International Account Group Tom currently volunteers as a director of the Howe Sound East Fire Protection Association.


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From Winnie-the-Pooh to Peter Pan, original illustrations of well-loved children's stories provide a touch of fantasy at literature sales next week.
On Wednesday, Sotheby's London will offer illustrations from the collection of British film director Michael Winner in a single-owner auction. They will include drawings and watercolors by E.H. Shepard, Beatrix Potter, Arthur Rackham, Edmund Dulac and Kay Nielsen.
In the catalog introduction, Mr. Winner tells how he became obsessed with "the wonder of illustrations." "They had a charisma which I found enchanting," he writes. "For some reason, in many instances I knew not why, I found them absolutely riveting." All the pieces in the sale were displayed in Mr. Winner's house so he could enjoy them every day, says Sotheby's books and manuscripts specialist Philip W. Errington.
Mr. Errington notes that collecting book illustrations has a sizable following, be it for their artistic value or for nostalgic reasons: "People recognize reproductions from their childhood; and are thrilled as adults to own the original." He also points out that original illustrations can be very affordable. Estimates in Mr. Winner's auction range upward from the hundreds of pounds.
The top lot will be Shepard's drawing for A.A. Milne's "Winnie-the-Pooh," "Here is Edward Bear, coming downstairs now, bump, bump, bump, on the back of his head, behind Christopher Robin" (1926). This is the first rendering of Pooh Bear with his young friend—and one of the most famous images in children's literature (estimate: £70,000-£100,000). A 1926 drawing in which Winnie-the-Pooh discovers that Owl is using Eeyore's detachable tail as a bell-pull for the door of his tree house is expected to fetch between £50,000 and £70,000.
Potter's "Gentleman Rabbit with Letter," a watercolor from around 1890-93, is hard to beat for charm. It depicts Benjamin Bunny, a member of Potter's rabbit universe, in a gentleman's waistcoat, brandishing a hat and walking stick (estimate: £30,000-£50,000). Carrying the same estimate is Rackham's illustration for J.M. Barrie's "Peter Pan in Kensington Gardens" (1906) that shows fairies hiding until dark under a huge tree. Nielsen's surrealistic image from Grimm's fairy tales, published by Hodder & Stoughton in 1925, depicts Hansel and Gretel, hand in hand, staring at the wicked witch's tempting house made from bread and cakes (estimate: £20,000-£30,000). There are a number of exquisite color plates by Dulac illustrating "Stories from The Arabian Nights" (published by Hodder & Stoughton, 1907). The blue of these watercolors is extraordinary in expressing the magic of the Orient.
On the same day, Sotheby's will also have children's books and illustrations in its general literature sale. There will be a superb watercolor drawing by Dulac depicting the medieval legend of King Arthur taking the sword Excalibur from a hand rising above the waters of a lake (estimate: £5,000-£7,000). There will also be two captivating drawings by Anita Jeram for "Kiss Goodnight, Sam" (2001) by Amy Hest, one showing mother bear standing at the foot of her little bear's bed as he reaches for a final cuddle (estimate: £1,500-£2,000). Favorites of mine are illustrations by Jill Murphy for her tale "Peace at Last," first published in 1980. In the four images on offer, Mr. Bear seeks refuge throughout his house from the noise of his snoring wife (estimate: £2,000-£3,000).
Explore More
Icons of the Road and Racetrack
Wintry Wonders for Your Walls
Prehistoric Creatures Come to Life at Auction
Sales in Paris, Vienna Offer Design
Posters of the Big Screen
Book Is a Collector's Item
When collectors travel they usually like to check out the local art scene, but finding the relevant information on the places they visit can be frustrating. An informative and timely new book offers help.
Write to Margaret Studer at firstname.lastname@example.com


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"Now is the time…aid of their country."
Their Country? How many of us know the phrase, "Now is the time for all good men to come to the aid of their country"? Maybe from a pre-1975 typing class? Back during those times it was an innocent seeming phrase from an unknown author used to teach junior high … Continue reading


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Product No.: SL-6480-SBK
The keyboard with a little something extra. The keys glow in a rich blue colour for a cool ambience in the evening or while gaming. This modern keyboard also features 7 special multimedia buttons, full-size keyboard layout and a separate block for the arrow keys.
- Blue illumination option
- Illumination can be disabled
- Long-lasting LED illumination
- 7 special buttons
- Flat keys
- Plug & play
- Separate block for the arrow keys
- Cable length 1.7m


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LOS ANGELES — Mumford & Sons wrapped up a completely unpredictable Grammy Awards with perhaps the most surprising win of the night, taking home Album of the Year for "Babel."
It was an event that even shocked the London folk-rockers.
"We figured we weren't going to win anything because The Black Keys have been sweeping up all day, rightfully so," Marcus Mumford said.
Dan Auerbach of The Black Keys ended up the night's top winner with four trophies, including producer of the year and three rock category victories with bandmate Patrick Carney. But it was hardly a clean sweep as The Recording Academy's thousands of voters spread the love for the year's top singles.
Fun. took home major awards Best New Artist, in something of an upset over Frank Ocean, and Song of the Year for the transcendent anthem "We Are Young," featuring Janelle Monae.
"I didn't think we were going to win this one," lead singer Nate Ruess said after the best new artist win. "Frank Ocean. The Lumineers. Everybody, amazing."
Like Mumford & Sons, Gotye busted up the predictions, taking Record of the Year for 2012's top-selling single, the haunting "Somebody That I Used To Know," featuring Kimbra, and finished with three awards.
Prince, in hood and sunglasses and carrying a sparkly silver cane, presented him with the Record of the Year trophy and the Australian paid tribute to The Purple One's influence.
"A little bit lost for words, to receive an award from the man standing behind us with the cane," Gotye said. "Many years listening to this man's music growing up and a big reason I was inspired to make music. Thank you."
Jay-Z and Kanye West had three wins — sharing one award with Ocean — along with Skrillex, and a slew of nominees had two wins apiece, including former Best New Artist winner Esperanza Spalding.
Ocean was shut out in the major categories, but took home two trophies, including Best Urban Contemporary Album. Only Chris Brown, with whom Ocean scuffled last month, remained seated as the 25-year-old R&B winner walked to the stage during a standing ovation. Ocean beat Brown, who attended with girlfriend Rihanna, in the category.
Ocean also won Best Rap/Sung collaboration for "No Church in the Wild" with fellow top nominees Jay-Z and West, and The-Dream. The win came after victories for Jay-Z and West for best rap song and best rap performance for "... in Paris," another "Watch the Throne" track. Ocean also performed his song "Forrest Gump," the love song written about a man that first started the buzz that led to his announcement that his first love was a man.
The Black Keys took Best Rock Performance for "Lonely Boy" during the main telecast and earlier in the day won Best Rock Song for "Lonely Boy" and Best Rock Album for "El Camino." He also got an assist — but no trophy — on Dr. John's best blues album "Locked Down," which he produced.
Other winners included Rihanna, Beyonce, Mumford & Sons and Taylor Swift.
Justin Timberlake debuted new tracks "Suit & Tie" with Jay-Z and "Pusher Love" in a performance that was broadcast in retro black and white. Rihanna and the extended Marley family paid tribute to Bob Marley. Sting and Bruno Mars helped each other out on their hits "Locked Out of Heaven" and "Walking on the Moon." Elton John and Ed Sheeran teamed on "The A Team" and Miguel and Wiz Khalifa joined forces on "Adorn." Alicia Keys played drums during Maroon 5's "Daylight," before Adam Levine's band backed her on "Girl on Fire."


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At the peak of the London 2012 Olympics, we have been a witness to the power of the human spirit through the performance of the many men and women in proving their excellence in their field of sport. Perhaps one of the most standout feats ever seen in this year's event is none other than that of Michael Phelps and his winning of gold medals, even breaking his own world record that has been achieved during the 2008 Beijing Olympics. With the understanding that medals show the skill and prowess of a true sportsman, let us look at the top 10 greatest Olympians of all time, where gold, silver, and bronze shines anew.
10. Sawao Kato
Born in the Niigata Prefecture of the Land of the Rising Sun, Sawao Kato has been brought to the 1968 Mexico Olympics, the 1972 Munich Olympics, and the 1976 Montreal Olympics as one of the representatives of Japan for Gymnastics. He had even crossed head to head with Nikolay Andrianov, to which he was lost against. Overall, he had won 8 gold, 3 silver, and 1 bronze medal in his Olympic term.
9. Bjorn Daehlie
Excelling in the winter sport of cross-country skiing, Bjorn Daehlie of Norway was able to bring pride to his country during the 1992 Albertville, 1994 Lillehammer, and 1998 Nagano Winter Olympics where he had won 8 gold medals and 4 silver medals in his 6-year Olympic delegation. To date, he is labeled as the "Most Successful Winter Olympic Champion of All Time," of which title has never been taken yet.
8. Birgit Fischer
German kayaker Birgit Fischer was never only able to make most of her 12 medals alone, where she shares most of her victories with teammate, Aladar Gerevich. Her joining in over six Olympiads is quite a unique story where she played twice as an athlete for East Germany before the unification of the two nations, and four times when both East and West Germany achieved oneness. She had won 8 gold medals and 4 silver medals in the 1980 Moscow, 1988 Seoul, 1992 Barcelona, 1996 Atlanta, 2000 Sydney, and the 2004 Athens Olympics.
7. Paavo Nurmi
Known as a Finnish runner speeding his way in the track and field, Paavo Nurmi was given the name of "Flying Finns" along with other Finland players who have excelled in various running events. He was quite famous for obtaining over 22 different world records during his era, although he only won 9 gold medals and 3 silver medals from 1920 Antwerp, 1924 Paris, and 1928 Amsterdam Olympics.
6. Takashi Ono
Another athlete born in Japan, in the same field of Gymnastics, just like Sawao Kato, Takashi Ono was even more successful during the 1952, 1956, 1960, and the 1964 Olympics where he won 5 gold, 4 silver, and 4 bronze medals in various gymnastic events such individual all-around, horse vault, parallel bars, and horizontal bars, to name a few. He had also achieved world records in 1964, which was quickly snatched away the following Summer Olympic Games.
5. Edoardo Mangiarotti
Heralded as one of the most decorated sportsman in the field of fencing, Edoardo Mangiarotti of Italy was able to be associated in most world records, along with medals in both Olympics and World Championship games. In the Olympics alone, he was able to garner a total of 13 medals with 6 gold, 5 silver, and 2 bronze medals, both playing for the team and fighting solo.
4. Boris Shakhlin
Soviet Union has created the best and most famous athletes when it comes to the sports of Gymnastics. In factm aside from Nikolay Andrianov who won 15 medals and Larisa Latynina who had won 18, Boris Shakhlin had achieved 13 medals in total, with 7 gold, 4 silver, and 2 bronze medals. Beginning in the sport at the age of 12 makes perfect sense of how this magnificent player was able to achieve great feats.
3. Nikolay Andrianov
Participating as a member of the Soviet Union Male Gymnastics Team, Nikolay Andrianov was able to win 15 total medals in 1972 for 1:1:1 in Munich, 4:2:1 in 1976, and also 2:2:1 in the 1980 Moscow Olympics where he performed with pride. He held the title of a male athlete holding the most number of Olympic Medals, until Michael Phelps entered into the scene.
2. Larisa Semyonovna Latynina
Before Michael Phelps entered into the picture, Larisa Semyonovna Latynina of Soviet Union was the title holder of being the most decorated Olympian of all time. Winning 4 gold, 1 silver, and 1 bronze medals in the 1956 Melbourne Olympics, it was added with 3 gold, 2 silver, and 1 bronze in Rome, and 2 gold, 2 silver, and 2 bronze in the 1964 Tokyo Olympics. She held the title for over 48 years.
1. Michael Phelps
When Michael Phelps debuted in the 2004 Summer Olympics in Athens, Greece, he had shocked the world when he won his first gold medal by beating a world record in the 400-meter individual medley for 4:08.26. His first appearance is already phenomenal although he won 2 bronze medals in other events. On his second appearance in the Beijing Olympics in 2008, he won 8 gold medals, which questioned of his skill where he was accused of taking performance enhancing drugs. However, he ended the claim by undergoing drug tests, which all 19 tests showed negative results. And in the London Olympics, he ended his swimming career with the title of being the "World's Most Decorated Olympian" having 18 gold, 2 silver, and 2 bronze medals in his 3 Olympic appearances.
Honorable Mention:
Nadia Comaneci
Nadia Comaneci of Romania may not have the most number of medals recorded in the Olympic Games, but there was one feat that she had accomplished, perhaps one of the rarest feats ever done in the Olympic world. She was the only gymnast who had scored a perfect 10, which at the time was thought impossible! She won 3 gold, 1 silver, and 1 bronze in the 1976 Montreal Olympics, and also achieved 2 gold, and 2 silver medals in the 1980 Moscow Olympics.


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Drs. Phillips and Barkoff offer outstanding professional service to their patients. Not to mention the friendly staff who go out of their way to make your visit enjoyable.
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I had a very pleasant visit yesterday. I found all the staff, from the front desk to the dental nurse to Dr. Barkoff to be wonderful. I was given a neck wrap and parafin hand treatment which helped make me feel more relaxed and a nice bonus! I felt Dr. Barkoff to be extremely attentive & professional. He listened to my questions and addressed them with knowledge and sincerity. I left feeling happy and appreciated as a customer / patient. I look forward to my end result next visit.
As fun as a trip to the dentist can be!!
My hygenist, Kathleen, is the best. She continues to keep my periodontal issues stable. And, of course, Dr. Barkoff is fabulous and a pleasure to have as my dentist.
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on time, no pain and feeling good about super clean teeth. Kathleen is excellent and there's no one better than Andrea at the front desk :)
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Dr Barkoff is a tremendously talented dentist,who makes the *chair experience* fear -free.I trust everything he does,or recommends and his ability to make his patients feel comfortable is a huge asset,that most doctors lack.
Stephen Feraca


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The grant will allow funding for 10 to 15 student interns. The grant will also provide support for six to eight tech commercialization grants intended by the LVEDC to bridge the gap between early stage academic research and commercial feasibility and provide for professional services such as patenting and marketing.
The grants are designed to support business, community and university-based innovation in order to position Pennsylvania as a national leader for technology development, according to the Gov. Tom Corbett's administration.
"The governor is committed to providing our start-up companies and entrepreneurs with the resources they need to grow here and stay here," Department of Community and Economic Development Secretary C. Alan Walker said. "The support we are providing will help to build the relationship between students, businesses and universities to create jobs for graduates right here at home."
The LVEDC's award was part of Ben Franklin's recent approval of $1.9 million in funding for 10 Keystone Innovation Network program grants to support new technology development in the state. The Keystone Innovation Network is a competitive grant program supported by Ben Franklin, requiring a one-to-one cash match.


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Woman Helps Victims in Car Accident, Says She was there by Chance
By: Kristin Anderson
Updated: January 26, 2013
That's why Marsha Harris spent hours at the scene of an accident off of Highway 36 Friday night. She was driving home from buying groceries and turning onto her road when she and her son saw the accident.
"My mom-genes kicked in and I just started comforting the kids and getting them to sit down and just wait. And I was just there for them until the ambulance and everybody took them away," she said.
After calling 9-1-1, she stayed with the students and found ways to the comfort them.
"Just talked to them. And Calli, first thing she wanted to do was pray. So we prayed," Marsha said. "I just sat with them and just kind of joked around with them a little bit."
And Marsha says it was by chance that she was turning onto Potosi Road right after the accident happened.
"Cause I had seen a friend at Walmart and I had stayed a few minutes longer than I should have. And I think that god knew that I needed to be there to comfort the kids," she said.
But she's glad she at least had the chance to meet them.
"It was amazing to me to meet those kids. None of them were panicked. They were very brave young adults," said Marsha.
And Marsha says that helping people as she helped those in the accident could make all the difference.


text: True Love In Pictures Moments of true love captured in our photo gallery Share Your Photo View Inspirations It was true love when You're my true love because I first noticed your You taught me What I love most about you is My heart skips a beat Every journey with you is Their love is legendary because #TimelessTrueLoveTheir love endures because #TimelessTrueLoveTheir love inspires me to #TimelessTrueLoveTheir story taught me that love #TimelessTrueLoveTheir secret to true love is #TimelessTrueLoveTrue love lasts forever when #TimelessTrueLoveThe stars are brighter when #TrueLovePictures View all images Most Recent Popular 3016 Like ShareBieneApr 12My heart skips a beat ...because this is THE MOMENT!!!! I will never forget! <3Flag this image


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Reid urges cooperation as Democrats expand Senate control
CNNSenate Majority Leader Harry Reid called on Republicans to cooperate with an expanded Democratic majority Wednesday, a day after the Democrats picked up at least one more seat in the chamber. "It is better to dance than to fight," said Reid, D-Nevada....Tags: Paul Ryan, Timothy M. Kaine, Kirsten Gillibrand, Scott P. Brown, Richard Lugar
Tea Party-backed candidate wins Texas Republican nomination for U.S. Senate seat
MyFOXdfw.comTea Party-backed candidate Ted Cruz on Tuesday night upset Lt. Gov. David Dewhurst to win the Texas Republican Party nomination for the U.S. Senate seat being vacated by the GOP's Kay Bailey Hutchison. Dewhurst had taken the lion's share of votes in the...Tags: Elections, Executive Branch, Government, Republican Party, Parties and Movements
Rubio: I'll stump for Republicans this fall
Central Florida Political Pulse - Orlando SentinelBy William E. Gibson, Washington Bureau WASHINGTON — Florida Sen. Marco Rubio, still widely considered a potential running mate for Mitt Romney, plans to stump for Republican candidates in Florida and other states and feels an especially strong bond...
Nov 7, 2012
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Abbi Overfelt
Staff writer
LUMBERTON — After a four-week trial in Robeson County Superior Court, a 12-person jury was unable to unanimously agree on the fate of a man who is accused of provoking a fatal stabbing in 2007.
The case of Adam Rozier, who is charged with aiding and abetting voluntary manslaughter in the death of 21-year-old Chad Allen Arnette, was declared a mistrial on Thursday by Superior Court Judge Greg Bell after the announced deadlock, according to Gwen Chavis, Superior Court trial coordinator.
Chavis said it was up to the Robeson County District Attorney's Office whether or not the case would be tried again. Assistant District Attorney Tony Berk, who prosecuted the case, could not be reached for comment.
Arnette's aunt did call The Robesonian on Thursday and said the case would be tried again. The Robesonian has learned the split was 8 to 4, but heard differing accounts on which way the jury was leaning.
Rozier is accused of provoking Drew Floyd to stab Arnette with a kitchen knife during an altercation at a parking lot on Roberts Avenue on Feb. 14, 2007. The altercation was prompted by a text message Arnette sent to Floyd's girlfriend. Floyd was found guilty of voluntary manslaughter and sentenced in September 2011 to serve at least three years in prison.
The exchange between Berk and defense attorney Gayla Biggs was often heated during the trial. Before closing arguments on Wednesday, District Attorney Johnson Britt briefly joined the prosecution team as Biggs and Berk battled over wording in instructions that would be given to the jury.
"This whole proceeding has been marred by absolute bickering back and forth," Britt told the court. "Now is a point where I feel I should come in, in my capacity as a district attorney, to return some civility to the trial."
In a closing argument that lasted an hour and a half and was interrupted twice with objections by Berk, Biggs said that before the jury convicted Rozier of aiding Floyd in Arnette's stabbing, they had to first decide if Floyd was guilty of voluntary manslaughter or if his actions were in defense of Rozier, whom Arnette had hit three times on the head with a T-ball bat.
"The state wants to paint Chad Arnette as a choir boy," she said, jabbing a finger in Berk's direction. "They want to paint him as a victim. They have run from the fact that he was beating him (Rozier) on the head with a bat and was not going to stop until somebody stopped him."
In a 45-minute closing argument that was interrupted with seven objections from Biggs, Berk told the jury that Rozier was not a victim, but a "manipulator." He said Rozier had instigated the incident by telling Floyd that Arnette had told him to "bring his boys" to the parking lot to fight.
"He was the only one who heard the words," he said. "… Adam tells you it's Chad's idea … but what really led to these events?"
Berk said that Adam's injuries were not serious enough to warrant the stabbing that took Arnette's life.
"Was Adam seriously hurt, or was he bringing about the other two into the fray?" he said. "… Adam had malice. Adam wanted Chad hurt, and Adam initiated the whole event that ended with Drew Floyd stabbing Chad."


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