Italians are losing the fashion market. Lack of investment and race to bottom is happening there as well. They're keeping the prices up to keep it exclusive, but as far quality goes there's been a sharp drop. Expect the few remaining firms to go trough a rough period as customers start responding.
Textiles industry is truly the most remarkable, fascinating and terrifying of all industries of man
In other news, EU redrawing balance budgets in lieu of BrexitI just assumed the EU would have no trouble filling that gap. EU may be able to secure some sterling payments in negotiations, but with lower sterling to euro exchange rate that still leaves a budget gap which will have to be filled by Austria, Sweden, Denmark, Netherlands and Germany
When Margaret Thatcher famously negotiated a permanent rebate for the U.K. at Fontainebleau in 1984, other countries wanted rebates too — Austria, Denmark, Germany, the Netherlands and Sweden have all had them, albeit granted on a temporary basis.
When the Brits leave, those other rebates will likely go as well.
“Since all the rebates are calculated on the basis of the British rebate, the other rebates will also disappear,” Geier said
“The EU budget issue will be a top priority for sure when the negotiations start,” an EU diplomat said. “Filing the British contribution is essential for the EU to avoid bankruptcy. And it will be a test to check if finding a EU27 position is actually realistic.”
It also warned that the shortfall "spells trouble" for the next round of EU budget negotiations as contributor nations, such as the Netherlands, Germany and Sweden balk at making extra payments to net recipients of EU funds, like Poland and Hungary.
"Brexit entrenches the existing differences between net contributors and net recipients," the authors warn, "Today's largest net contributors would be hardest hit...while net recipients would be relatively unaffected."
In practice, EU chiefs will be faced with an invidious choice between an unpopular increase in contributions from richer states and slashing EU budgets, a move the reports says would be "devastating" for the EU's efforts to convince citizens it delivers value.
A report commissioned by the European Commission, European Parliament and member states last week called for effective federal taxes to be paid directly to Brussels to fund the EU budget.
I lol'd at the commission using this as an opportunity to centralize more power again
Like clockwork
EU-wide VAT of 1 or 2 per cent, standardised petrol taxes and a federal corporation tax were among the proposals put forward in the report delivered by a working group chaired by Mario Monti, the former Italian prime minister.
The Delors Institut reports does not rule out taxes, but says they will have to be part of a "grand bargain" on reforming both EU revenues and expenditures in order to attract political support.
Those reforms could see Spain and Ireland shifted into become net contributors to the EU budget, and reduce the amount that Italy currently receives from the EU, the report says.
Turning more countries into net contributors is 10/10 move from the EU, they should have been making this a priority many years ago
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Topic: The friendly and polite Europe related terrible jokes thread (Read 1109324 times)