EC President Juncker Under Fire After Luxembourg Tax Role

The European Parliament will vote next week on whether Jean-Claude Juncker should resign as European Commission president, following revelations that Luxembourg facilitated large-scale tax avoidance when he was prime minister.

The move came after 76 populist MEPs, led by Britain’s anti-EU UK Independence party and France’s rightwing National Front, signed a “motion of censure”, which forces a parliamentary vote on the commission’s resignation.

“President Juncker, in his political life, has always acted to enrich his country behind its European partners, in defiance of the union and the community spirit he hopes to represent,” said Marco Zanni, an MEP from Italy’s populist Five Star Movement.

The motion, which requires a two-thirds majority to pass, is unlikely to succeed. The parliament’s two biggest blocs – Mr Juncker’s center-right Christian Democrat group, the biggest in the assembly, and the center-left Socialists – are standing behind the commission president.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza