10:15We've seen some interesting proposals by the Spanish government this week.
10:18They're proposing a new joint EU debt instrument worth up to 850 billion euros.
10:23Carlos Corpo, the Spanish Ministry for the Economy, he's also in Brussels.
10:26And he spoke yesterday to our Maria Tadeo.
10:28Let's just take a listen to what he had to say and then I'd love to get your reaction.
10:32Spain is actually making a pitch or a proposal to centralise part of the national issuances within the Commission,
10:40within a specific facility that can help without increasing the total level of debt to reduce fragmentation
10:46and therefore reduce costs and integrate further our national markets, our national financial and capital markets.
10:54And that would at the same time, as I said, reduce also costs for our firms.
10:58So it's a win-win situation, which we hope to discuss with our colleagues right now.
11:02So what's your view from France here? Is it a win-win situation? Would you support this?
11:06Well, it's an interesting proposal because, as you know, usually people advocate more common debt on top of national debt.
11:13What Carlos Corpo is advocating is for some of the national debts to be pooled and then auctioned on the
11:19market
11:20and then lent back to the country.
11:22So it's an interesting proposal that solves some of the issues that usually debt on top of debt can address.
11:29There's one issue that concerns me. I've talked to Carlos about it and we need to study it further.
11:34It's the moral hazard, you know, the fact that if one country transfers the debt to the whole community,
11:40that might be an incentive for that country to take more debt.
11:43So we'll have to see. But one thing is for sure.
11:46We need euro to be even stronger, even deeper, even more liquid than it is today.
11:52And the main factors behind that, to have the euro as a top-of-the-notch global currency,
11:59we need more competitiveness, we need capital market union, we need, you know, we need the whole packet.
12:06And it's not just by transferring debt that we're going to minus that,
12:08but we do need a safe asset to reassure the world that, yes, they can safely lend money to the
12:14eurozone and get it back.
12:16And you saw we had that interview with the ECB president, Christine Lagarde.
12:18I mean, she's fixated as well with the capital market union.
12:22When will we ever have this? When will it become a reality?
12:24She's fixated and I'm obsessed. I think you're Irish, right?
12:27Yes.
12:28We have a great Irish presidency starting, it started yesterday for the ECOFIN.
12:32I mean, it starts today, actually.
12:34And I believe I had talked with Simon Harris, who's not chairing the ECOFIN Council.
12:38He's really willing to nip it in the bud between now and the end of the year.
12:42Will they manage though? That's a challenge.
12:44Well, that's what I'm going to say today. We need to do everything we can, both to have a deal
12:48and to have an ambitious deal,
12:49because there's no way we should water it down.
12:52And there's a lot they want to get done before next year, because, of course, big elections taking place in
12:56your country.
12:57How will they play out?
12:59Tell me. I don't know. It's a year away. There's still a lot of uncertainty.
13:03You know, it's going to be interesting election.
13:04And as you said, very important for France and for Europe.
13:08I started running.
13:09I was in a completely different world 10 years ago because we had a candidate that put the European flag
13:14in all his meetings.
13:15I do believe strongly that Europe is part of the solution, not part of the problem.
13:19We have two extremes that think otherwise.
13:21Could it be up one extreme against the other?
13:23Could that be the final ticket?
13:24Everything I can to make sure we avoid that scenario.
13:27There's a big central back in France.
13:29We need to find the right candidate to carry the flag.
13:31But I'm convinced that the absolute majority of French people want progress, want order, want unity.
13:40And we just have to make sure we convince them that that's the right person to carry that flag.
13:45And just final congrats on the football.
13:47Who's going to win the World Cup?
13:48Thank you.
13:49Well, if I didn't tell you France, you'd be the same.
13:51I think we have a great team.
13:53But, you know, soccer, football is such that anything can happen between now and next time.
13:57We're keeping a close eye on it.
13:58Thank you so much.
13:59Allé les bleus.
14:00Thank you so much for coming in to us today.
14:03And another topic on the table at that meeting is crypto.
14:06The European Commission has launched a consultation until the end of September in an effort to come up with new,
14:11better rules.
14:12For more on what all that means, here's our Jacobianos.
14:18If you are a crypto investor, you might know that the EU just built a massive financial fortress to tame
14:24the wild part of the markets.
14:25Brussels wanted to replace a chaotic patchwork of 27 national rules.
14:29With one strict system.
14:31But here goes the surprise.
14:33The brand new rulebook might already be obsolete.
14:35Look, the entire crypto topic might be a bit complex.
14:38So your reporter will do his best to safely walk you through it.
14:42Ready?
14:45On 1st of July, the EU's landmark crypto rules took full effect.
14:49And the execution was a total bust for crypto firms, especially the foreign ones.
14:54Fewer than 1 in 5 of Europe's 1,200 registered crypto companies secured a license.
14:59And those who did not had to shut down.
15:02But the aim wasn't to regulate for the sake of regulating.
15:05Brussels wanted to stop crypto scams and protect everyday investors.
15:10And big brands like Coinbase cleared the bar.
15:12But giants like Binance got kicked out.
15:15And while Brussels was working at domestic markets, Washington rewrote the rules.
15:20Last summer, Donald Trump signed the Genius Act to back stablecoins.
15:24Ha!
15:25And if you are a bit unsure what they are, I'm here to help.
15:27They are digital currencies designed to be safe by pegging their value to the US dollar.
15:33Like for like, but digital.
15:35And stablecoins are not a small business.
15:3895% of these tokens are tied to American currency.
15:42And Trump is using this technology to expand American financial power.
15:46After all, money is power.
15:48But here goes the plot twist.
15:50According to Euronews' exclusive report,
15:52the new EU rules fail to regulate companies outside Europe,
15:56so foreign companies can bypass them.
15:58And EU diplomats already admit the rules must be changed next year
16:02to better address how tokens created outside the EU are regulated.
16:06Look, I know it all sounds a bit complex,
16:08but it's worth knowing what all this crypto fuss is about.
16:11And you know, if you want to keep your money under the bed,
16:14to me it's fine.
16:15I won't judge you.
16:20And now moving on to another big story here in Brussels.
16:23The European Commission has proposed banning trade with Israeli settlements
16:27as part of a so-called options paper sent to EU capitals earlier this week.
16:32A majority of EU countries had been calling for proposals
16:35to restrict trade with the settlements
16:37in response to the deteriorating situation in the occupied West Bank.
16:41For more, I'm joined here in the studio by our correspondent,
16:43Merit Gwynne.
16:44Thanks for joining us.
16:45Good morning, May.
16:45Just tell us, remind us perhaps,
16:47why there's been increasing pressure on Brussels
16:49to restrict trade with Israeli settlements.
16:51Well, yes, May.
16:52The political pressure has been increasing in recent months,
16:55particularly because of the deteriorating situation in the West Bank,
16:59violence against Palestinians there,
17:01and the way the Israeli government has also been expanding these settlements.
17:05Settlements which are, of course, considered illegal
17:07under international law and by the EU.
17:10So calls now on the Commission to really do more,
17:13to restrict trade with these settlements.
17:15This is different to the calls to ban trade with Israel,
17:19to suspend parts of the EU's trade deal with Israel.
17:21Calls that have been existing as well.
17:23We've heard plenty about them on the show, of course.
17:26This is about the settlements.
17:28So the Commission finally coming forth with a proposal on Wednesday,
17:31outlining potential concrete options.
17:33We first reported this on Euronews yesterday,
17:36and essentially there are three things on the table now.
17:39First would be to oblige companies in settlements
17:42to acquire special exporting licences.
17:45Secondly, to place more punitive tariffs on these products
17:49to make it more difficult for them to be imported into the EU.
17:52And finally, and crucially, Maeve,
17:54a proposal for a full or partial ban,
17:57which is what many governments have been pushing for for months now.
18:01This will be discussed by EU ambassadors here in Brussels
18:04when they gather for closed-door discussions today.
18:06And then, of course, by foreign ministers
18:08when they're here in Brussels next Monday.
18:10And the big question, everyone's wondering,
18:11how likely is it that this will pass?
18:13Well, this is where it gets tricky, Maeve,
18:15because on paper, any trade measures in the EU
18:18should be approved by 15 member states,
18:20representing 65% of the EU population.
18:23But the commission has suggested in this options paper
18:27that, in fact, this is a foreign policy tool
18:29and needs the unanimous backing of all member states,
18:31which is obviously a higher bar, a higher threshold to reach.
18:34And many feel that is quite unfeasible
18:37because, of course, there are many staunch allies of Israel
18:40within the council.
18:42This is feeding into the narrative
18:43that the commission might be delaying
18:45or even obstructing a decision.
18:47This has been slow coming.
18:48And also, although foreign ministers
18:49will have a discussion on this on Monday,
18:51we won't hear more until they gather next in October.
18:54So don't expect a decision anytime soon.
18:57OK, we'll keep a close eye on that, Mary Gwynne.
18:58Thank you so much for that.
19:00And now it's time for the World Cup.
19:07Culture France booked its ticket
19:09for the semifinal last night
19:11with a 2-0 victory over Morocco.
19:13All eyes will be on Spain against Belgium tonight,
19:16who go face-to-face at nine local time.
19:18Whoever wins, it's clear now
19:20that at least one European team
19:21will make it to the big final.
19:24And there's more déjà vu ahead.
19:26France against Belgium
19:27would be a replay of the 2018 World Cup semi-final,
19:31the last time France won the World Cup.
19:33And France and Spain, on the other hand,
19:34clashed more recently, remember,
19:36in the semi-final of the Euro 2024
19:38with the better end for Spain.
19:41Whatever happens tonight,
19:42the mood here in Brussels is electric,
19:44with multiple watch parties taking place tonight.
19:46So enjoy the games.
19:48But that does bring this edition of Europe Today to an end.
19:51Thank you so much for your company.
19:52As always, take care and see you soon on Euro News.
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