The EU should radically overhaul its internal architecture to accommodate the widespread frustration of citizens. This requires full acceptance of what the EU calls subsidiarity, which means ensuring that decisions are made at the lowest possible level, even within Member States. Second and more fundamentally, the EU should embrace the mechanisms of “multispeed Europe.” In the spirit of thinking big, the case can be made for the EU to become a pan-European union that encompasses all of the continent’s sovereign countries.

Donald Tusk took over the EU baton from Belgium’s Herman Van Rompuy on 1 December. The 57-year old former Prime Minister of Poland was born in Gdansk, on the Baltic Sea coast. His three priorities are: to bring an eastern European “sensitivity” to Russia relations; to stop the UK from leaving; and to heal divisions between eurozone and non-eurozone states.

Tusk's priorities are reflected in his choice of top aides:

The European Commission unveiled on 25 November the mechanism for its much-heralded €315 billion investment plan, revealing how a limited €21 billion of initial public money is intended to lift fifteen times as much in capital. The proposal, which must be approved by European leaders at a summit in December, would mix an investment fund with a scheme to match new projects with private money.

The European Commission has announced a new transparency drive, promising that contacts with lobbyists will have to be publicly recorded.  The move, which will begin on December 1, 2014 will focus on contacts between Commissioners, their cabinets and Directors-General as well as interest groups and individuals registered in the Transparency Registry.

The practice will not be enforced by an independent watchdog, rather, the onus will be on each individual to be transparent.

1. Raising global growth to deliver better living standards and quality jobs for people across the world is our highest priority. We welcome stronger growth in some key economies. But the global recovery is slow, uneven and not delivering the jobs needed. The global economy is being held back by a shortfall in demand, while addressing supply constraints is key to lifting potential growth. Risks persist, including in financial markets and from geopolitical tensions. We commit to work in partnership to lift growth, boost economic resilience and strengthen global institutions.

Preamble 

The G20 membership comprises a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85 per cent of global gross domestic product and over 75 per cent of global trade. The members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.

There are about 150 main banks in Luxembourg including both local and foreign banks. The full list of banks are listed below.

1. There are 50,000 registered holding companies in Luxembourg, most of which have foreign parents.
2. The financial-services sector account for 36% of Luxembourg's economy and has made the population 550,000, the world's richest country on a per capita basis. The wealth is rooted in thousands of jobs for bankers, lawyers and auditors.
3. Luxembourg generates an estimated € 1.5 billion in annual corporate tax revenue.

The Euro Area is the second largest economy in the world and if it was a country it would be the fourth most populous with 330 million inhabitants. France, Germany, Italy and Spain are the most important economies accounting for over 74 percent of the Union’s GDP.

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