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EU Economics

Brussels uproar as Juncker declares banking war on Spain, Croatia, Cyprus AND Portugal

JEAN-Claude Juncker has declared war on Spain, Croatia, Cyprus and Portugal over their reluctance to introduce legislation governing mortgages.

Mr Juncker is taking states to court because they can't mandate laws GETTY            Mr Juncker is taking states to court because they can’t mandate laws


The European Commission has given notice it is to take the countries to the Court of Justice of the European Union (CJEU).The nations had until March 21 last year to transpose laws on credit, but none of the four have done so, sparking ire from the president who is facing calls to resign.

Commission chiefs are attempting to grab control of mortgages so other states like Germany can step into provide debt.

Throughout 2016, no progress could be made in transposing European legislation when the Government was in office

The Spanish Ministry of the Economy

The bloc said it wanted to be able to offer “potentially more advantageous credit offers of lenders from other Member States”.But the shocking power grab is unlikely to move any legislation through in Spain where tens of thousands of people have been campaigning on the streets over the Government’s public debt.

Brussels is threatening to get its legislative branch to pass judgement on all the countries.

World Bank Group President Jim Yong Kim, United Nations Secretary General Antonio Guterres and European Commission President Jean-Claude JunckerGETTY

World Bank’s Jim Yong Kim, UN Secretary General Antonio Guterres and Juncker in ironic moment

Spain has reacted to the news saying it is impossible to pass mandatory European Union legislation because there is no appetite for it.A spokesman for the Spanish Ministry for the Economy said: “It is preparing a normative text that it hopes to approve before a possible sentence occurs.

“With this objective we are working to reach the necessary consensus that will allow us to overcome the parliamentary process, an issue that is not only up to the Government.

“Throughout 2016, no progress could be made in transposing European legislation when the Government was in office.”

Earlier this week it was revealed the European Commission has been accused of failing to meet its legal obligations in an astonishing letter sent to the Eurogroup President by Spanish financial experts.And the experts are demanding the European Union’s flagship Eurostat organisation is hauled over the coals for its alleged inability to probe and produce accurate figures.

They say the Spanish people are being forced to pay for the “scandalous manipulation” of the economic data which might lead to the destruction of the Eurozone.

The document is signed by economists Juan Laborda, Juan Carlos Barba, Juan Carlos Bermejo, and Roberto Centeno, Professor Emeritus of Economy at the Technical University of Madrid, compares the country’s misfortune to Greece.It says they felt compelled to flag the false figures because the entire system is flawed.

The letter states: “Mr President, you assert that Eurostat checks Spain’s economic figures on the basis of ‘appropriate quality measures’.

“However, until now Eurostat has taken for good the most false and incongruent public accounts of the Eurozone.

“In addition the European Commission has looked elsewhere to the repeated non-compliance with the macroeconomic objectives, ignoring Spain’s obligation to comply with the Stability and Growth Pact, which makes them necessary accomplices in the generation of a gigantic bubble of debt already impossible to pay back, and that will ruin the next generations of Spaniards for not less than 50 years.”

EU finance minister Jeroen Dijsselbloem responded to the first letter sent to him last November just a month ago and he has confirmed he will look at the figures.However, the economists are determined to ensure that the truth, which they see as the EU agency refusing to acknowledge huge debt in order to protect the Eurozone, is exposed.

http://www.express.co.uk/finance/city/797838/Brussels-Banking-Mortgages-Junkcer-Regulations-Spain-Croatia-Cyprus-Portugal

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