Chris Uregian 🇺🇦🇪🇺

[Olivier Blanchard @ojblanchard1]

Several French presidential candidates, declared or potential, argue for the introduction of retirement system based on capitalisation. One must be clear about what it can and cannot achieve. It is not a magic remedy.

It would have been good in 1945 to put in place at least a partially funded system. The system was very generous towards the older workers and the retirees. While it made sense given how many of them had suffered in the war, it was probably too generous. It should have been a mix of pay as you go and capitalisation. It would have made the system more resilient, for example with respect to demographic changes.

But this is water under the bridge, and irrelevant to what the options are today.

Introducing a parallel capitalisation system does not solve in any way the deficit problem of the pay as you go system, unless it is associated with a decrease in what was promised to workers and retirees, say by an increase in the retirement age, or a cut in benefits. But, if promises are on the chopping block, case, the pay as you go system can be balanced without introducing a capitalisation system. The capitalisation does not help; the cuts do.

There is however an argument for going even beyond balance of the pay as you go system and use the surplus to create a fund which grows over time and slowly transforms the pay as you go system into a fully funded system. But this implies even larger cuts in benefits, or an even higher retirement age. This should be explicit and it is not.

As its proponents argue, a capitalisation system is likely to generate additional saving: Some people who had not saved before will now do so. But the European Unions has a saving rate that largely exceeds its investment (France is roughly balanced). The issue in Europe is not low saving; it is lower investment.

It would indeed be useful to redirect the saving of households towards riskier, but also more productive, investment, in particular in frontier sectors, and, through this, increase investment. But this is mostly a separate issue. It points to reforms of the financial system rather than the introduction of a retirement system by capitalisation.

[Michael Cox @Zonal_Marking]

A shame for Japan to lose it so late but they didn’t play anywhere near as well as they can, even considering the opposition. Didn’t commit to their usual approach. An old-fashioned “showed them too much respect”, for me. Very unlucky to get this tie in the R32, of course.

[EBL @EBL2017]

Shouldn’t have been taking one in the first place, even if his character meant that he would want to step up.

I’d be asking why the other and more technical players didn’t want to step up in his place.

That’s the real issue.

Not Gabriel’s miss.

[Torsten Bell @TorstenBell]

In summary, this is in many ways an impressive attempt to engage with some of the big forces shaping our future. But, as Tony Blair would probably be the first to admit, governing requires a much grittier engagement with the world as it is, not as you might prefer it to be

[Torsten Bell @TorstenBell]

That is the right diagnosis when the technocratic consensus based politics of the 2000s is long gone. The challenge for the essay is that it doesn’t have a project that remotely fits the time and place we are living in. Saying ‘AI’ is not the same as having a plan for Britain.

[Keir Starmer @Keir_Starmer]

22 long years for the Arsenal.

But finally, we’re back where we belong.

Champions!

[Henry Winter @henrywinter]

Will Arsenal be worthy champions if they get over the line? There is plenty of criticism of Arsenal's football, the set-piece arts/dark arts, the antics of Arteta in the technical area, and triumphalism of some fans such as the one with that presumptuous “champions” shirt. Throw in the usual club tribalism and that season-defining VAR decision (correct call but officials inconsistent in punishing grappling this season) and there’s plenty of antipathy towards Arsenal.

But it is a truism universally acknowledged that the team that finish top first are worthy champions. It’s a marathon of 38 sprints and Arsenal have demonstrated the required ability, character and stamina. They have had their mentality questioned all season (and before). From Raya to Rice, Gabriel to Gyokeres, all of the squad have shown resilience. Battlers, not bottlers. Rice in particular embodies their will to win.

It’s good to see a club keeping faith in a talented manager during the near-misses; keeping financial balance (top with fourth largest wage bill); and building a squad so that hugely capable players can come off the bench and make a big difference as Odegaard did against West Ham. And isn’t it more refreshing to see a range of champions (if they do hold on)? Five different clubs have been champions since Arsenal in 2004.

It’s also important to see a club committed to their academy, creating a pathway for Saka, Lewis-Skelly, Dowman and others, and giving them a chance to shine; it’s good for sustainability, culture and connection with fans. It’s encouraging to see a club working with fans to improve atmosphere (tifos, coach greets). 

Off-field, too. All clubs have vital community departments; Arsenal in the Community is widely acknowledged as the oldest and one of the most impactful at home and abroad with around 100 full-time and part-time staff. There is much good about Arsenal. If they do hold on, Arsenal will be worthy champions on and off the pitch. #AFC

[Vassilis Maragos @EUAmbArmenia]

Delighted to host 🇪🇺 MS ambassadors for a joint visit to 🇦🇲.
High-level meetings with 🇦🇲authorities on deepening 🇪🇺🇦🇲 relations & delivering tangible benefits for 🇦🇲 citizens; enhancing media resilience & streamlining Team Europe efforts in focus. #StrongerTogether

[Margaritis Schinas @MargSchinas]

.@UnionStGilloise is an example of what European football should be about.

Just 5 years ago at the second division, today 🇧🇪 Champions and tomorrow playing with the greatest in Champions League.

Sheer dedication, hard work and incredible fans.

« Je porte ton emblème »

[Brad Setser @Brad_Setser]

Maybe a couple of the DOGE guys could figure how to let you edit a tweet thread ...

[Henry Foy @HenryJFoy]

Hungary's Oliver Varheyli gets the critical post of EU commissioner for animal welfare.

A key position amid reports from some Budapest-aligned world leaders that citizens are eating pets.

[Xavier Bettel @Xavier_Bettel]

I also visited the 🇪🇺 mission @EUmARMENIA to learn about about the mission’s work on the ground, which contributes to stability in the border areas & supports confidence building between 🇦🇲🇦🇿

Thanks to the whole team, among which one 🇱🇺 police officer, for the important work!

[Xavier Bettel @Xavier_Bettel]

Thank you to my dear friends @NikolPashinyan, @AraratMirzoyan and to @alensimonyan for the warm welcome in Yerevan.

Good discussions on ways to further strengthen bilateral relations between #Luxembourg and #Armenia 🇱🇺🇦🇲, as well as EU-Armenia relations in all their dimensions

[Ararat Mirzoyan @AraratMirzoyan]

While we continue to further enhance 🇦🇲-🇪🇺 partnership agenda, launch of #visa liberalization dialogue today is both an important political message & step to ensure tangible results, bring #Armenia’s citizens closer to #EU.

Had the pleasure to discuss ongoing efforts to depend ARM-EU partnership as well as regional developments w/@EU_Commission Vice-President @MargSchinas. There is huge potential, there is strong commitment to achieve tangible results.

[EU Armenia @EU_Armenia]

EU and Armenia Launch Visa Liberalisation Dialogue

European Commission and Government of the Republic of Armenia joint press release 👉 https://t.co/89FQSgqk2m

[Margaritis Schinas @MargSchinas]

Happy to meet w/ Armenia’s leaders @NikolPashinyan @President_Arm @AraratMirzoyan to mark the recent successes in our partnership.

Visa Liberalisation, security support , growth and resilience plan, people to people exchanges.

The EU stands shoulder to shoulder with Armenia.

[Margaritis Schinas @MargSchinas]

A big day. Happy to launch the Visa Liberalisation Dialogue with Deputy PM Mher Grigoryan.

A clear sign of our commitment to enhancing mobility and cooperation with Armenia.

Bringing people closer together, recognising Armenia’s efforts in strengthening ties with the EU.

[Margaritis Schinas @MargSchinas]

Delighted to exchange with youth at Yerevan State University and the globally-renowned TUMO Centre for Creative Technologies.

EU supports young Armenians develop unique knowledge and skills.

Great examples of the huge potential for EU-Armenian people to people cooperation.

[Vassilis Maragos @EUAmbArmenia]

Happy to welcome @EU_Commission Vice-President @MargSchinas in 🇦🇲 for talks with @President_Arm Vahagn Khachaturyan, Prime Minister @NikolPashinyan & MFA @AraratMirzoyan on strengthened 🇪🇺🇦🇲partnership & launch of 🇪🇺🇦🇲 Visa Liberalisation Dialogue! 👉https://t.co/V5QCFczilL 🇪🇺🇦🇲

[A. W. kraft @Daddykraftss]

50 years ago Turkey invaded by land, sea and air a sovereign UN member state, Cyprus. Britain had forces on island and had Wilson and Callaghan deployed them the Turks would have paused. UK leadership non-existent. @helenasmith tells today's story but 1974 shaming moment 4 UK