Today's front pages

Published on 27 June 2012 at 09:30

To save the single currency, eurozone countries will have to transfer new powers to Brussels. This is the substance of the report presented by European Council President Herman van Rompuy before the June 28/29 summit. Spending limits and revenue will be imposed on national budgets and supervision of banks could be devolved to the ECB.

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Revolutionary project for Europe – De Morgen

Italian PM Mario Monti flies to Brussels 24 hours ahead of the crucial June 28/29 EU summit and says he will “negociate with Europe to the bitter end” to “build up a sound rescue net before markets open on Monday”. The Turin daily notes that Italy’s political parties that are currently backing Monti’s technocratic government may well withdraw their support should he come back empty-handed.

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Monti - Merkel challenge for Europe – La Stampa

Ahead of the June 28/29 EU summit, German chancellor Angela Merkel has refused any shared liability for national debts. Meanwhile the French Minister for European Affairs, Bernard Cazeneuve, has declared that European oversight on national budgets would be "a step too far for Paris."

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Europeans should have a pooled responsibility on debt – Süddeutsche Zeitung

European Commission president José Manuel Barroso has warned that the EU cannot move at the same speed as Denmark. This comes after Danish PM Helle Thorning-Schmidt announced that she will not hold a referendum on Denmark’s exemptions from EU affairs in justice and the single currency. Thorning-Schmidt has evoked a two speed Europe with Denmark among the least integrated.

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Barroso: EU won't wait for Denmark – Berlingske Tidende

The Cypriot President fears the demands the EU and IMF will make in exchange for the financial aid his government has requested. His concerns particularly revolve around a hike in the island's attractive corporate tax of 10% and monitoring of its budget.

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Christofias' panic over severe memorandum – Politis

The Channel island of Jersey's assistant chief minister Sir Philip Bailhache has called for preparations to be made to break the "thrall of Whitehall" and declare independence from the UK. Bailhache has criticised regulatory clampdowns and political attacks on the Channel Islands’ business-friendly tax and regulatory system.

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Jersey threatens to break from the UK – The Guardian

Yannis Stournaras, 55, is to replace recently appointed Greek finance minister Vassilis Rapanos, after Rapanos resigned for health reasons. The leader of an influential Greek nonprofit economic research group, and an outgoing Minister for Development, Stournas is close to the socialist Pasok party.

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Top economist is appointed finance minister – I Kathimerini

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