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EUROPEAN UNION

‘Italians are indifferent to Turkey protests’

Italians are indifferent to the protests taking place in Istanbul, but this is a big mistake, commentator Mario Deaglio wrote in an editorial in La Stampa today.

'Italians are indifferent to Turkey protests'
Four people have died since the unrest in Turkey began on 31st May. Photo: Marco Longori/AFP

He said Turkey is more important for Italy, and for Europe, than one would normally think. Turkey is especially important for Italy’s energy supplies, he added.

“Uncertainties and misunderstandings with Ankara could result, at least indirectly, with a disruption in the flow of energy supplies.”

Strategically, Rome is also closer to Istanbul than London or many other capitals in northern Europe, he continued.  From banking and food to home appliances and construction, Turkey is also a very important trade partner for Italy.

The commentary came after Italian foreign minister Emma Bonino said yesterday that the protests are the “first serious test” in Turkey’s bid to join the European Union.

EU foreign policy chief CatherineAshton urged Turkish Prime Minister Recep Tayyip Erdogan on Wednesday to abide by European democratic standards as Germany also warned a violent crackdown on protesters could harm Turkey's bid for membership of the bloc, AFP reported.

Delivering her first public statement on Turkey's troubles in a speech to the European Parliament, Ashton said Erdogan's response with protesters must be "engagement not antagonism."

"This is an important moment for Turkey. A chance for it to renew itscommitment to European values," she said. "I am convinced it can meet this challenge."

Recalling that EU ministers are to decide this month whether to open a new chapter for the first time in several years in Ankara's stalled bid for membership, Ashton said: "Turkey as a candidate country needs to aspire to the highest possible democratic practices".

Of the 35 so-called policy chapters EU candidates must negotiate, Turkeyhas opened talks on only 13.

The European Union must not pull back from Turkey despite concerns overErdogan's handling of the protests, Ashton said.

"This is not the moment to disengage from Turkey but to engage moreclosely. And for Turkey to engage more closely with the EU too."

The nationwide unrest first erupted on 31st May after police cracked down on a campaign to save an Istanbul park from redevelopment, spiralling into mass displays of anger against Erdogan.

Four people, including a policeman, have died in the unrest and nearly 5,000 demonstrators have been injured.

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EUROPEAN UNION

The Euro celebrates its 20th anniversary

The euro on Saturday marked 20 years since people began to use the single European currency, overcoming initial doubts, price concerns and a debt crisis to spread across the region.

The Euro celebrates its 20th anniversary
The Euro is projected onto the walls of the European Central Bank in Brussels. Photo: Daniel Rolund/AFP

European Commission chief Ursula von der Leyen called the euro “a true symbol for the strength of Europe” while European Central Bank President Christine Lagarde described it as “a beacon of stability and solidity around the world”.

Euro banknotes and coins came into circulation in 12 countries on January 1, 2002, greeted by a mix of enthusiasm and scepticism from citizens who had to trade in their Deutsche marks, French francs, pesetas and liras.

The euro is now used by 340 million people in 19 nations, from Ireland to Germany to Slovakia. Bulgaria, Croatia and Romania are next in line to join the eurozone — though people are divided over the benefits of abandoning their national currencies.

European Council President Charles Michel argued it was necessary to leverage the euro to back up the EU’s goals of fighting climate change and leading on digital innovation. He added that it was “vital” work on a banking union and a capital markets
union be completed.

The idea of creating the euro first emerged in the 1970s as a way to deepen European integration, make trade simpler between member nations and give the continent a currency to compete with the mighty US dollar.

Officials credit the euro with helping Europe avoid economic catastrophe during the coronavirus pandemic.

“Clearly, Europe and the euro have become inseparable,” Lagarde wrote in a blog post. “For young Europeans… it must be almost impossible to imagine Europe without it.”

In the euro’s initial days, consumers were concerned it caused prices to rise as countries converted to the new currency. Though some products — such as coffee at cafes — slightly increased as businesses rounded up their conversions, official statistics have shown that the euro has brought more stable inflation.

Dearer goods have not increased in price, and even dropped in some cases. Nevertheless, the belief that the euro has made everything more expensive persists.

New look

The red, blue and orange banknotes were designed to look the same everywhere, with illustrations of generic Gothic, Romanesque and Renaissance architecture to ensure no country was represented over the others.

In December, the ECB said the bills were ready for a makeover, announcing a design and consultation process with help from the public. A decision is expected in 2024.

“After 20 years, it’s time to review the look of our banknotes to make them more relatable to Europeans of all ages and backgrounds,” Lagarde said.

Euro banknotes are “here to stay”, she said, although the ECB is also considering creating a digital euro in step with other central banks around the globe.

While the dollar still reigns supreme across the globe, the euro is now the world’s second most-used currency, accounting for 20 percent of global foreign exchange reserves compared to 60 percent for the US greenback.

Von der Leyen, in a video statement, said: “We are the biggest player in the world trade and nearly half of this trade takes place in euros.”

‘Valuable lessons’

The eurozone faced an existential threat a decade ago when it was rocked by a debt crisis that began in Greece and spread to other countries. Greece, Ireland, Portugal, Spain and Cyprus were saved through bailouts in return for austerity measures, and the euro stepped back from the brink.

Members of the Eurogroup of finance ministers said in a joint article they learned “valuable lessons” from that experience that enabled their euro-using nations to swiftly respond to fall-out from the coronavirus pandemic.

As the Covid crisis savaged economies, EU countries rolled out huge stimulus programmes while the ECB deployed a huge bond-buying scheme to keep borrowing costs low.

Yanis Varoufakis, now leader of the DiEM 25 party who resigned as Greek finance minister during the debt crisis, remains a sharp critic of the euro. Varoufakis told the Democracy in Europe Movement 25 website that the euro may seem to make sense in calm periods because borrowing costs are lower and there are no exchange rates.

But retaining a nation’s currency is like “automobile assurance,” he said, as people do not know its value until there is a road accident. In fact, he charged, the euro increases the risk of having an accident.

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