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Moody‘s has cut the triple-A rating of the European Stability Mechanism (ESM) euro rescue fund by one notch and given it a negative outlook. It follows a downgrade earlier this month of key ESM-backer France. Moody‘s also cut rating of the mechanism‘s predecessor, the European Financial Stability Facility (EFSF) Managing director of the ESM and EFSF chief executive, Klaus Regling, described the ratings agency‘s decision “difficult to comprehend“. (BBC.CO.UK)

 

Directly electing the European Commission President at the 2014 EU elections would “organise the disappointment in advance”, said European Council President Herman Van Rompuy. Directly electing his own successor would be “even more absurd”, he added in comments that are likely to irritate proponents of increased democracy in the European institutions. (EURACTIV.COM)

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