Global Finance: ‘Brexit’ Imperils London’s Claim as Banker to the Planet - by Peter S.Goodman

Since Brexit money is flowing away from London City  - what was once considered the center of global banking and finance.

Following the election of Manuel Macron in France this became even more apparent when he said:"It's the British who lose the most as a result of BREXIT. The British are making a serious mistake over the long run."

Somewhere between one fifth and one third of London financial transactions involves clients in the EU and many banks including Citibank are now seeking new locations in the EU.

Read more: ‘Brexit’ Imperils London’s Claim as Banker to the Planet - The New York Times

France: Macron’s four European priorities - by Aline Robert

Prfesident of France: Emmanuel Macron

According to polling company BVA, the top three issues for Macron’s voters were the European Union, unemployment and social security.

In the short term, France’s new president will address the subjects of employment, security and refugees, as liberal MEP Sylvie Goulard explained to EURACTIV.fr before the election.

The most ambitious of Macron’s promises concerns the governance of the eurozone. As things stand, the unfinished architecture of the Economic and Monetary Union leaves a lot to be desired. Decisions are made behind closed doors, without the slightest degree of democratic control, providing ample ammunition and an easy target for Eurosceptics.

For Macron, reformed eurozone governance should include the creation of a real eurozone budget, capable of absorbing asymmetric shocks and avoiding imbalances that harm the whole currency zone.

But France can hardly claim leadership on such an urgent and sensitive issue until it has regained budgetary credibility with Brussels and Berlin. Germany, which is sceptical of the creation of a common fund that would see it lose out under current circumstances, would never agree to such reforms as long as Paris fails to get its books in order.

The En Marche leader wants to organise “conventions” across the whole of the EU, to discuss the actions and priorities the bloc should adopt. Concretely, this would be an attempt to bring grass-roots ideas into government; a method that worked for En Marche during the campaign.

It is also aimed at provoking debate between Europeans by involving people of different nationalities in spontaneous and flexible discussions. Here, there is no question of imposing a single format, as each country would organise its convention in its own way.

Brushed aside as an unrealistic display of utopianism by Macron’s critics, the idea relies on a kind of political marketing that consists of scanning society for problems and potential solutions.

A measure of the success of these conventions will be whether they attract anyone beyond the policy geeks and political science students that seem to make up the exclusive audience of the formal debates organised by the European Commission.

Rethinking representative democracy:

F or Macron, the European electoral system is already proportional enough. In fact, this is what has led to the presence in the European Parliament of such large numbers of politicians who could not get elected in their home countries, including Marine Le Pen, Nigel Farage and Jean-Luc Mélenchon.

But a different kind of reform, the new president believes, is possible. He plans to have the 72 seats left vacant after the departure of the UK in 2019 set aside for candidates on federal, pan-European lists.

However, the other European capitals may well have different plans for these seats, such as to redistribute them or even abolish them altogether. After all, the Parliament has no less than 751 seats already.

Finally, as a newcomer, Macron will have to make his mark on the international scene. He may lack experience outside France but he has nonetheless spent the last six months fighting the extreme-right at home.

And he has promised to promote France’s republican values, on issues like the rule of law, to countries such as Poland, Hungary and Russia. The president-elect also referred to the possibility of invoking the “sanctions foreseen under the treaties” to deal with the behaviour of Poland and Hungary.

So far, the Commission has taken the first step of activating its rule of law safeguards in Poland. Further sanctions would have to be agreed upon unanimously by the member states.

While he has said little on the matter of Russia so far, Macron will surely not forget the systematic smear campaign led by Kremlin-sponsored media outlets Sputnik and Russia Today. En Marche ended up banning journalists from these organisations from its campaign events.

Both organizations are directly financed by Russia with the aim of spreading Moscow’s propaganda. The Kremlin, on the other hand, openly supported the more Russia-friendly candidates Marine Le Pen and François Fillon, both of whom were ready to end sanctions against Russia.

Read more: Macron’s four European priorities – EURACTIV.com

US and Russian Relations: Does Trump know Putin? “Something is rotten in the state of Denmark”

Donald Trump with Vladimir Putin "he never met"

The Washington post reported that in a recent tweet , President Trump repeated his claim that he doesn’t “know Vladimir Putin,” an argument he’s made ever since closeness to Russia and his presidentcy became a political liability. On the other hand, back when knowing world leaders was an asset, though, Trump bragged about his relationship with Putin.

The Washington Post gave a  chronology of what Donald said about his relationship with Putin in a variety of interviews since 2013, which shows quite some alarming flip-flop answers by the US President. 

June 2013: “Will he become my new best friend?
November 2013: “I do have a relationship”
March 2014: “Putin even sent me a present” 
May 2014: “I spoke … with President Putin”
November 2015: “I got to know him very well”
July 2016 - "the big switch": Trump denies knowing Putin in a number of documented interviews  as he states: “I don’t know who Putin is - I have nothing to do with Putin. I’ve never spoken to him. I don’t know anything about him other than he will respect me. He said one nice thing about me. He said I’m a genius. I said thank you very much to the newspaper, and that was the end of it. I never met Putin.”
February 2017: “I don’t know Putin”

Maybe the famous line from the play Hamlet, by William Shakespeare, when an officer of the palace guard says: “Something is rotten in the state of Denmark”, after the ghost of the dead king appears, walking over the palace walls, fits this situation best? 

Bottom Line: Why is President Trump lying about his personal connections in Russia?  

EU-Digest

Climate change: China vows to defend Paris agreement

Chinese President Xi Jinping has vowed to protect the landmark Paris agreement, which aims to curb climate change and fossil fuel emissions.

He made the promise in a phone call with incoming French President Emmanuel Macron, the Chinese foreign ministry said in a statement.

US President Donald Trump is still deciding whether to withdraw from the accord - an election campaign promise.

Climate experts worry such a move would throw the agreement into chaos.

Read more: Climate change: China vows to defend Paris agreement - BBC News

EU: Post-Trump, post-Brexit, the EU may end up more unified than ever - by Joshua Keating

EU- United we stand - divided we fall

As France’s next president, Emmanuel Macron, took the stage outside the Louvre on Sunday night to the strains of Beethoven’s “Ode To Joy,” the European Union anthem, it was easy to view the centrist, pro-EU technocrat’s victory over the right-wing populist Marine Le Pen as an endorsement by the French public of the European project.

This would be a little misleading. Between Le Pen, François Fillon, and Jean-Luc Mélenchon—the second-, third-, and fourth-place candidates in the first round of the election—and various fringe parties, more than two-thirds of French voters went for euro-skeptic candidates. Those candidates’ supporters went for Macron in the second round less because of enthusiasm for him than the fact that most of them, though not as many as in previous elections, considered Le Pen unacceptable.

The contradiction at the heart of the EU—that a project dedicated to the spread and promotion of democracy continues despite the will of most European—that a project dedicated to the spread and promotion of democracy continues despite the will of most Europeans—has not gone away.

The project persists in large part because, as the French election demonstrated, its opponents can’t agree on what an alternative should look like. And while it’s still early days, the global political events of the past year may have unexpectedly strengthened the EU by giving it something to stand against.

A few months ago, the EU looked on the verge of collapse. The Greek financial crisis and a massive influx of migrants had opened up fissures between members. Then came Brexit, which European leaders warned could set off a race to the exits.

Then came the election of Donald Trump, a president who threatened to abandon the traditional U.S. support for European integration and publicly attacked German Chancellor Angela Merkel while praising Vladimir Putin. All the while, populist, nationalist parties, many with murky links to the Kremlin, were surging in the polls in a number of countries.

But in 2017, the wave has crested a bit. In the Netherlands’ March election, far-right candidate Geert Wilders had a disappointing finish. A pro-European center-right party won parliamentary elections in Bulgaria, and a pro-European president won in EU applicant state Serbia. Merkel appears in good shape ahead for her re-election bid in September, and even if her center-left opponent, Martin Schulz, could squeak out a victory, he’s also a strong backer of European integration.

Brexit will undoubtedly reduce the global economic clout of the union, but it could also make the EU politically stronger by removing one of the staunchest opponents of European integration. For instance, the EU is moving to coordinate defense budgets and military command structures, a process Britain often opposed, viewing it as a back-door means of creating a transnational European army. European governments have also been able to agree on a common negotiating stance over Britain’s exit remarkably quickly. Feeling a little more stable after Macron’s victory, European leaders may be more confident in enforcing tough terms on Britain to dissuade any other wayward members from getting similar ideas.

As for Trump, in practice he has turned out to be neither as anti-Europe or as pro-Russian as Brussels feared. He’s reportedly warming to the idea of striking a trade agreement with Europe rather than the bilateral deals that he, and particularly nationalist adviser Steve Bannon, said he preferred during the campaign.

Trump has had an impact on European politics by providing establishment politicians with a counterexample to run against. Trump and Le Pen have each praised each other, and she even paid a visit to Trump Tower—though not to Trump himself—in January. She even went as far as to describe them as part of a common global movement. But 82 percent of French voters have a negative view of Trump, according to a poll released last week, so it wasn’t exactly surprising to see anti–Le Pen ads warning French voters not to “Trump themselves” or to see Macron touting the support of Barack Obama.

A Trump-led movement is not one the Frenchor any of the Europeans particularly want to be part of.

The European public may still be suspicious of Europe, and European leaders—who are viewed as distant and undemocratic—still need to do a much better job of articulating a positive vision of what they’re for. But thanks to Brexit and Trump, it’s now at least easy for those leaders to articulate what they’re against. 

Read more: Post-Trump, post-Brexit, the EU may end up more unified than ever.

French Presidential Elections: Emmanuel Macron elected French president with a landslide 65.5% of the vote

France's newly elected President: Emmanuel Macron

With polls now closed across France, centrist Emmanuel Macron has been elected French President with an estimated 65.5% of the vote, with his rival, far-right Marine Le Pen, taking 34.5%.

• Macron, 39, has become the youngest president of France's Fifth Republic.France's 47 million 
• voters chose between radically different platforms: the free-trade, pro-EU policies of Macron's
• En Marche! (Forward!) party, and the protectionist nationalism of Le Pen's National Front.
• Voting stations opened at 8am (6am GMT) in mainland France Sunday, and most closed at Frenchj7pm, while those in larger cities closed at 8pm. Voters overseas began voting SatOfficial turnout figures have been lower than in the April 23 first round. The noon turnout was 28.2%, slightly less than the 28.5% in the first round. At 5pm, the turnout was 65.3%, lower than the 69.4% at the same time on April 23.
• It has been a historic election by several measures: both candidates were from parties outside the political mainstream. It follows an unprecedented campaign marked by scandal and repeated surprises.
• French law prohibited French media from quoting the presidential candidates or their supporters until the polls closes at 8pm Sunday.

Macron has reportedly told Germany’s Angela Merkel on the phone that he will soon travel to Berlin for a face-to-face meeting to get Europe moving again.

Spanish PM Mariano Rajoy tweets: “Congratulations to @EmmanuelMacron, France’s new president. France and Spain should work together for a more stable, prosper and united Europe.”

President Trump used Twitter Sunday to extend a hand to France's new president-elect, Emmanuel Macron.  'Congratulations to Emmanuel Macron on his big win today as the next President of France. I look very much forward to working with him!' Trump wrote.

The former deputy national security adviser to President Obama believes the defeat of Marine Le Pen, and victory for Emmanuel Macron, in the French presidential election shows the end of a wave of nationalistic populism.

The European commission president, Jean-Claude Juncker, tweeted his congratulations, saying: “Happy that the French have chosen a European future. Together for a stronger and fairer Europe.”
J
uncker also sent a letter to Macron only 15 minutes after the exit poll result was published, in which he told the new French president that he welcomed “the ideas that you have advocated, a strong Europe, and progressive, that protects all its citizens”.

A spokesman for the German chancellor Angela Merkel was also quick to hail the result as a “victory for a strong and united Europe”. “Congratulations, @EmmanuelMacron. Your victory is a victory for a strong and united Europe and for French-German friendship,” tweeted Steffen Seibert in French and German.

Merkel’s chief of staff, Peter Altmaier, wrote: “Vive la France, Vive L’Europe!”, adding that it was a “a strong signal for our common values.” Separately, the German foreign minister Sigmar Gabriel celebrated Macron’s win for keeping France “at the heart of Europe”.

“Liberté, Egalité, Fraternité! France chose that today. The great nation was, is, and remains in the middle and at the heart of Europe,” wrote Gabriel on Twitter, using France’s national slogan.

European council president Donald Tusk also offered his congratulations, saying the French had chosen “liberty, equality and fraternity” and “said no to the tyranny of fake news”.

EU-Digest

Visit USA ? Have you ever smoked pot? Saying yes can get foreigners barred for life at US border - by Rob Hotakainen

USA Tourism: Pot smokers will be banned for life

Canada's likely move to completely legalize marijuana next year promises to produce immediate spillover effects in the United States, starting with increased confusion at the U.S.-Canadian border.

"I'm expecting my business to boom," said Len Saunders, an immigration attorney from Blaine, Wash.

With recreational marijuana already legal up and down the West Coast, from Alaska to California, he said, more Canadians may let down their guard and admit to U.S. authorities that they've used marijuana, reason enough to get foreigners barred from entering the country. Beyond that, pot retailers and legalization backers say it's difficult to predict exactly what might happen if Canada, as expected, becomes only the second nation in the world to fully legalize pot for anyone over 18 on July 1, 2018.

Even with such a big move, Jacob Lamont figures the Canadian customers will keep coming to Evergreen Cannabis, his pot shop in Blaine, just a few blocks from the U.S.-Canadian border.

"I enjoy my brothers and sisters from the north — obviously they support my business quite well," said Lamont, who estimates that Canadian customers make up 60 percent of his year-round business. "They still come down here. They buy a lot of milk, they buy cigarettes and they buy alcohol, because the taxation is so high up there. And I have a feeling they're going to follow suit with marijuana."

Oregon Democratic Rep. Earl Blumenauer, a longtime champion of legalization, said it could be a game changer for Congress.

"It completely changes the dynamic," he said. "Some regard Canada as the 51st state. This is going to make a big difference in terms of adjusting attitudes and accelerating progress. ... It's going to help us bring these things to a head."

Saunders scoffed at the idea that the United States would ever legalize marijuana with President Donald Trump, a teetotaler, in the White House.

"You have a president who not only has an attorney general (Jeff Sessions) who is going to fight drugs, but you have a president who's never even had a sip of alcohol," Saunders said.

One of Saunders' clients, Alan Ranta, 36, a freelance music journalist from Vancouver, British Columbia, got barred last year as he tried to drive his Toyota Yaris into Washington state. During questioning, he was handcuffed and told a U.S. border guard he had smoked marijuana in the past. Even though he was not carrying the drug with him at the time, Ranta said, he was told that under U.S. law he had committed "a crime involving moral turpitude."

"It lulls you into a false sense of security when you don't have anything on you and you've done nothing wrong and you're going to a place where it's legal," Ranta said. "You keep thinking, 'This is crazy, why am I getting in trouble?'"

He figures he was stopped because he and a friend were headed to a music festival, with a banana suit, tutus and a psychedelic top hat visible in the car: "If it's an electronic music festival, we like to dress up in weird things that we'd never wear day to day."

Saunders said that even Canadian Prime Minister Justin Trudeau, as a private citizen, could be denied entry since he had admitted to smoking marijuana in the past. Saunders is advising people not to lie to border authorities but to refuse to answer any questions about past pot use.

Note Almere-Digest: It is up to you now dear US visitors: either you lie, or choose another  tourist destination than Trumpland.

Read more: Have you ever smoked pot? Saying yes can get foreigners barred for life at US border