Oil volatility could affect ECB rate cuts, warns French bank chief
Markets relatively stable despite Israel-Iran unrest
The European Central Bank (ECB) needs to assess fluctuations in oil prices and the euro as it sets borrowing costs, according to Governing Council member Francois Villeroy de Galhau.
While the ECB doesn't target a particular exchange rate, the common currency has demonstrated surprising strength against the dollar since US president Donald Trump began his tariff push.
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Irish Times
2 hours ago
- Irish Times
EU's review of Gaza war based on alleged ‘grave violations' by Israel
Israel 's blockade of humanitarian aid, shooting of Palestinian civilians and targeting of hospitals and shelters during the Gaza war pointed to serious breaches of its obligations to respect human rights, a European Union review has found. The full report, obtained by The Irish Times, said international agencies had documented 'serious allegations of grave violations' of international human rights law by Israel, during its 20-month invasion of Gaza. The EU review concluded the litany of evidence from the United Nations and other agencies 'indicated' Israel had failed to uphold commitments to respect human rights it made in a long-standing agreement with the EU that includes a free trade deal. The review, written by officials in the EU's diplomatic corps, was undertaken at the request of a majority of EU states last month. READ MORE EU officials had been asked to examine whether Israel's actions in the Palestinian enclave had broken guarantees made about upholding human rights as part of the EU's 'association agreement' with Israel. The agreement governs relations between the two sides and includes a free trade deal and access to research funding. The review, shared with national capitals on Friday evening, said Israel had enforced a 'complete blockade' of Gaza for 11 weeks, preventing the 'entry of any supplies, including food, medicine and fuel' into the devastated Palestinian territory. This had left the population facing 'high levels of acute food insecurity' and half a million people in Gaza 'facing starvation', the review said. It said the evidence underpinning the review was pulled together from a number of sources, such as the International Court of Justice , the UN 's Office of the High Commissioner for Human Rights and a number of other UN agencies. The review noted a UN body said Israel's continued choking-off of the flow of food, medicine and other vital supplies into Gaza 'may amount to the use of starvation as a method of war'. More than 55,000 Palestinians have been killed during Israel's military campaign in Gaza, which began after Hamas militants controlling the enclave attacked southern Israel on October 7th, 2023. Israel's renewed military operations and bombing of Gaza this March had led to civilian death and the destruction of vital infrastructure, 'including shelter and objects indispensable to the survival of the population', the review said. It referenced the 'deathly incidents of shootings towards Palestinians', who were travelling to designated aid distribution sites, since an entity backed by the Israeli government took over the distribution of aid. This new 'militarised' system of aid distribution was in the UN's view a violation of international standards and 'contributing to the catastrophic situation in Gaza'. The review said it was not making any 'value judgements' on behalf of EU foreign affairs chief Kaja Kallas or the European Commission, the EU's executive arm led by Ursula von der Leyen. Bombs dropped by Israel on civilian shelters and tent encampments 'raise concern about Israel's compliance with the principles of precautions in attack and proportionality', the review said. It noted the UN had described Israeli military attacks on hospitals as occurring 'in apparent systemic fashion'. 'Palestinian journalists and media workers have reportedly been killed in large numbers, possibly as a result of being directly targeted,' the review said. The review criticised a 'persistent lack of accountability on all sides' during the conflict, raising 'serious doubts about Israeli authorities willingness and ability' to investigate its own alleged breaches of international law. Trends of 'discrimination, oppression and violence' towards Palestinians had also increased in the West Bank, since the October 2023 attacks. There had been a 'significant' increase in Palestinian killings and attacks by Israeli settlers, it said. Israeli roadblocks and checkpoints in the occupied territory were continuing to 'undermine' Palestinian civilians' access to 'livelihood, healthcare, education and other services'. The review also noted the 'mass arrests' of Palestinians in the West Bank, which appeared arbitrary and without due legal process, according to the UN's Office of the High Commissioner for Human Rights. 'Arrests reportedly often involved violence, humiliation and inhuman and degrading treatment in some cases amounting to torture,' the review said. The review concluded: 'On the basis of the assessments made by independent international institutions cited above, there are indications that Israel would be in breach of its human rights obligations under Article 2 of the EU-Israel Association Agreement'. Foreign ministers from the 27 EU states will discuss the findings at a meeting in Brussels on Monday, which is expected to hear louder calls to hold Israel accountable for its conduct during the war in Gaza. Options to exert pressure on Israel are likely to include suspending aspects of the EU-Israel association agreement, putting sanctions on Israeli ministers who support illegal settlements and restrictions on trade between EU states and occupied Palestinian territories.
Irish Times
3 hours ago
- Irish Times
Pakistan says it will nominate Donald Trump for Nobel Peace Prize
The Pakistani government has said it will nominate US president Donald Trump for the Nobel Peace Prize , a move that may have as much to do with annoying rival India as it does with building stronger ties to Washington. The recommendation is being made for Trump's 'decisive intervention and pivotal leadership during the recent India-Pakistan crisis', according to a social media post on Saturday by Pakistan's government. Trump's 'robust diplomatic engagement with both Islamabad and New Delhi' served to de-escalate 'a rapidly deteriorating situation, ultimately securing a ceasefire and averting a broader conflict', according to a separate statement from Pakistan's embassy in the US. The move is likely to irritate Indian officials, who were caught off guard when Trump announced the ceasefire in a conflict that erupted in April following a terrorist attack in Kashmir. India blamed the attack on Pakistan, which rejected the accusation, and the two sides' militaries skirmished in the aftermath. READ MORE Pakistan officials celebrated Trump's announcement, while officials in Indian prime minister Narendra Modi 's government seethed. India has rejected Trump's claims that US mediation or the prospects of a trade deal helped defuse tensions with Pakistan. Modi rebutted many of those claims directly in a call with Trump this week. But in saying it would nominate Trump – who met Pakistan's army chief Asim Munir this week – Islamabad has suggested it understands how to assuage the American president. Government of Pakistan Recommends President Donald J. Trump for 2026 Nobel Peace Prize The Government of Pakistan has decided to formally recommend President Donald J. Trump for the 2026 Nobel Peace Prize, in recognition of his decisive diplomatic intervention and pivotal… — Government of Pakistan (@GovtofPakistan) Trump has long grumbled about the fact that his first-term predecessor, Barack Obama , won the Nobel Prize in 2009 – a controversial decision that came before Obama surged US troops in Afghanistan. Nonetheless, Trump has repeatedly said over the years that it's an accolade he, too, deserves. During a speech last year, Trump said: 'If I were named Obama, I would have had the Nobel Prize given to me in 10 seconds'. The American leader was back at it late Friday, issuing a lengthy post saying he merited the award – which recipients typically don't lobby for – for easing tensions between Serbia and Kosovo, keeping the peace between Egypt and Ethiopia and getting some Middle East countries to establish relations with Israel. Then he said it didn't necessarily matter if he won the prize because 'the people know and that's all that matters to me!'. – Bloomberg
Irish Examiner
4 hours ago
- Irish Examiner
Israel-Iran war stretches into a second week without diplomatic breakthrough
Hours of talks aimed at de-escalating fighting between Israel and Iran failed to produce a diplomatic breakthrough as the war entered its second week with a fresh round of strikes between the two adversaries. European ministers and Iran's top diplomat met for four hours on Friday in Geneva, as President Donald Trump continued to weigh US military involvement and worries rose over potential strikes on nuclear reactors. European officials expressed hope for future negotiations, and Iranian foreign minister Abbas Araghchi said he was open to further dialogue while emphasising that Tehran had no interest in negotiating with the US while Israel continued attacking. 'Iran is ready to consider diplomacy if aggression ceases and the aggressor is held accountable for its committed crimes,' he told reporters. Benjamin Netanyahu visits the site of the Weizmann Institute of Science, which was hit by missiles fired from Iran (Jack Guez/Pool Photo via AP) No date was set for the next round of talks. Israeli prime minister Benjamin Netanyahu said Israel's military operation in Iran would continue 'for as long as it takes' to eliminate what he called the existential threat of Iran's nuclear programme and arsenal of ballistic missiles. Israel's top general echoed the warning, saying the Israeli military was ready 'for a prolonged campaign'. But Mr Netanyahu's goal could be out of reach without US help. Iran's underground Fordo uranium enrichment facility is considered to be out of reach to all but America's 'bunker-buster' bombs. Mr Trump said he would put off deciding whether to join Israel's air campaign against Iran for up to two weeks. The war between Israel and Iran erupted on June 13, with Israeli airstrikes targeting nuclear and military sites, top generals and nuclear scientists. At least 657 people, including 263 civilians, have been killed in Iran and more than 2,000 wounded, according to a Washington-based Iranian human rights group. Iran has retaliated by firing 450 missiles and 1,000 drones at Israel, according to Israeli army estimates. Most have been shot down by Israel's multi-tiered air defences, but at least 24 people in Israel have been killed and hundreds wounded. Israel's defence minister said on Saturday it killed a commander in Iran's paramilitary Revolutionary Guard who financed and armed Hamas in preparation for the October 7 2023 attack on Israel that sparked the 20-month long war in Gaza. Israel said Saeed Izadi was commander of the Palestine Corps for the Iranian Quds Force, an elite arm of the Guard that conducts military and intelligence operations outside Iran, and that he was killed in an apartment in the city of Qom.
