Europe
Energy expert: EU energy's targets unattainable - will require subsidies of £20 to £30 bn by 2020
A BBC Today programme features a report by Professor Ian Fells of Newcastle University warns that the UK could lose one third of electricity generating capacity and see "dramatic shortfalls" in power supply as early as 2012-2015, as ageing coal and nuclear power stations are set to close in the next decade. This could lead to repeated power cuts. Fells argues that the Government has failed to develop a coherent and realistic policy to address the problem, and that current policies to reach the EU's green targets have strong elements of "wishful thinking", relying on certain renewables such as wind. He notes that the EU's targets for energy efficiency are "demonstrably unattainable" - meeting plans for up to 7,000 offshore wind turbines by 2020 would mean installing 10 turbines every possible working day until then, ten times the best current installation rates.
Fells also argues, "It is more worrying that we have signed up to the European energy plan, which is 20% renewable energy by 2020 - that implies about 40% renewable electricity", adding that Government figures showed that subsidies for renewables last year amounted to £1bn. "If we continue the way we are providing subsidies at the moment, that would gross at between £20bn to £30bn by 2020. This is a staggering subsidy that is being provided to keep renewable energy on the road."
Cameron seeks to establish ties with European centre-right allies
The FT reports that David Cameron yesterday held talks on the financial crisis with German Chancellor Angela Merkel, agreeing to resist protectionist responses to the crisis. The article notes that the meeting in Berlin is the "latest effort" by Cameron to build relationships with centre-right partners across the EU - efforts that have been hampered by Cameron's ambition to withdraw from the main centre-right grouping in the European Parliament. Cameron is also said to have invested in his relationship with Nicolas Sarkozy, seen as another key centre-right ally. In addition, the Czech Republic, Sweden and Poland are regarded as potential partners in Europe.
The article notes that the Conservatives have set up a working group with Merkel's party CDU, and have produced reports on climate change, the economy and national security. Although Cameron said that the working group showed that the two parties could work together as "good neighbours", he also reiterated differences of opinion over the Lisbon Treaty. He said, "You have to be frank when you don't agree - you can't just paper over the cracks." He also repeated that if elected, he would hold a referendum on the Lisbon Treaty if the Irish had not ratified the text by the time of the general election in the UK. Other points of disagreement between the two leaders are reportedly the EU's social chapter and the bloc's policy on Russia.
EUobserver reports that the European Parliament has saved between 3 million euros and 4 million euros by temporarily holding plenary sessions in Brussels, after the ceiling in Strasbourg collapsed over the summer.
ECB injects 70 billion in to the markets;
EU finance ministers say crisis will not spread to Europe
The ECB yesterday offered money markets 70 billion euros, following similar action on Monday, when the institution lent 30 billion euros to boost liquidity and increase confidence in the financial market. It is noted that demand for cash quickly exceeded what had been offered, which suggests that credit remains tight in Europe.
Meanwhile, Europe's finance ministers have been trying to reassure markets and ordinary people that European banks are not threatened by the crisis. The Chair of the Eurogroup, Jean-Claude Juncker, said this morning, "I don't see Europe being affected by the financial crisis to the same extent as seems to be the case in the United States". German Finance Minister Peer Steinbruck said, "The financial-market crisis is very grave, very far-reaching and is of course affecting Germany, too." But "any consequences ... will remain small." His French counterpart Christine Lagarde argued that French banks were lightly affected by the credit crunch. "They have a direct 'Lehman at-risk' exposure that is weak when compared to that of other countries," she said. It is reported that Belgian-Dutch bank Fortis lost 20 percent of its value in the past 48 hours due to nervous share speculation.
The WSJ notes that the financial turmoil could slow down economic growth in Europe even more, and particularly hurt countries like Spain and Ireland, where fast growth has been fuelled by debt - partially stoked by the ECB's low interest rates applied across the eurozone. In the FT, Martin Wolf argues that the crisis shows that "Greater regulation [of the financial markets] is, alas, inescapable, even if doomed to be imperfect." In a separate piece, John Kay warns against another round of failing regulation.
EUobserver WSJ FT-Wolf FT-Kay Frankfurter Rundschau
The Sun, together with Germany's Bild and Poland's Fakt feature an EU sponsored questionnaire giving readers the chance to highlight EU bureaucracy, awarding a prize for the best anti-bureaucracy recommendation.
EU to expand Turkish accession talks but urges revision of constitution
France Foreign Minister Jean-Pierre Jouyet has said that he wants to expand accession talks with Turkey during his country's ongoing EU Presidency. Turkey has so far opened 10 chapters of the EU's acquis communitaire, but closed only one. Olli Rehn, the European enlargement commissioner, called on Turkey to "update" its constitution, following the decision by the country's constitutional court to reject an attempt to ban the ruling party.
European Voice
The Ukraine faces new elections as governing coalition collapses.
EU urges action to integrate Roma
The BBC reports that, at a special meeting on Tuesday, the Commission encouraged member states to give Roma the same access to education and welfare that other citizens enjoy.
Cuba has accepted an EU offer to reopen political dialogue.
A poll conducted by the European Commission showed that 30 percent of Europeans think that CO2 emissions have only a marginal effect on climate change and 15 percent said they did not know whether it had an impact.
EU to investigate the terms of Google's proposed deal to partner with Yahoo for advertising, following on the heels of news of a similar anti-trust investigation by the US Department of Justice.
EU allows drug companies to limit but not halt drug sales to countries with low price caps in order to stem the flow to parallel traders.
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