- Brussels’ plans against economic blackmail
- The factions within the CCP
- Borders remain closed
- EU criticizes end of Apple Daily
- China holds science in higher regard than Germany
- Xpeng and DingDong’s IPOs
- National data center for Senegal
- Viewpoint: E-yuan as a gamechanger
Is anyone actually surprised that it is the People’s Republic of China that is leading the global race to develop an electronic currency? By creating the regulatory framework, the government enables its country’s smart minds to have enough fun churning out more and more new ideas. And it provides enough money to keep those ideas from fizzling out. The electronic yuan is all set to be used as a means of payment at the 2022 Winter Olympics.
That’s why it was about time for Europe to think more intensively about a digital euro, according to our guest commentator Nils Beier. Nevertheless, Europe would be well-advised not to rush through but to shape the regulatory framework to preserve its citizens’ fundamental rights and privacy. The challenge now is to play out the strengths of liberal societies. Not necessarily a strength of the Chinese government.
This probably applies equally to dealing with Chinese threat potential, which the Europeans – finally, I would say – have recognized and are also voicing openly. “China is willing to use economic sanctions to change EU policy,” is the verdict of the European Council on Foreign Relations report, examined by our EU expert Amelie Richter.
Also there is some astounding news from Senegal regarding China. And once again, sad news from Hong Kong which you can read for yourself.
Have a nice day,
Brussels’ plan against economic Extortion takes shape
It becomes clear on the first few pages who has the greatest threat potential: “China is willing to use economic punishment to change EU policy,” according to a report by the European Council on Foreign Relations (ECFR) published on Wednesday. Russia, Turkey, and the US, too, are using economic pressure – the stronger China gets, the “more likely and more consequential” Chinese economic coercion will become in return.
Brussels wants to protect itself against politically motivated punitive tariffs, boycotts, or sanctions. The Commission is therefore planning to introduce a corresponding anti-coercion instrument (ACI for short). The ECFR paper now makes proposals as to what the instrument could include and what needs to be considered when imposing it. The ECFR task force received support from European business representatives, parliamentarians, and top officials from Germany, France, the Netherlands, Spain, Sweden, and the Czech Republic.
The task force – which has a direct hearing with the EU Trade Directorate – recommends, among other recommendations, the installation of an “EU Resilience Office“: The new EU authority could keep track of potential economic coercion attempts by third countries and assess them before any steps are taken. “During the assessment, the EU should coordinate closely with member state governments to determine whether withholding a particular good or service from the coercing third country would be the most effective response, or at least part of it,” according to experts.