Word: schreyer
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Dates: during 2000-2009
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Breaking All the Rules If there were an Olympic event for irrelevant rulemaking, the E.U. would easily take gold. Last week, two attempts to revamp and reassert regulations were in theory endorsed but in practice ignored. E.U. budget Commissioner Michaele Schreyer had proposed scrapping the U.K.'s 20-year-old rebate from Brussels, worth an average $5.7 billion annually. The payback was negotiated in 1984 by then Prime Minister Margaret Thatcher, when Britain was one of the club's poorest members. The U.K. has since enjoyed unparalleled economic growth - and newer, poorer E.U. members...
...arguably need the money more - so you can see Schreyer's point. But last week Britain refused to budge, calling the rebate "unnegotiable." The dissent has teeth: Britain has the power to veto any proposed changes to the structure of E.U. funding. "I suspect the U.K. will be able to retain the rebate," says Robert Prior-Wandesforde, a European economist at HSBC. Last week the European Commission also celebrated a court ruling confirming that members must abide by the stability and growth pact, which mandates that euro-zone countries keep deficits under 3% of GDP. Germany and France - the euro...