Group items tagged

In a clear sign of China's growing financial muscle, the president of the European Central Bank, Jean-Claude Trichet, yesterday pleaded with Beijing to let the yuan appreciate against a sliding dollar and, by extension, loosen China's reliance on US monetary policy, to help rebalance the world economy and ease upward pressure on the euro.

The current deadline for the currency transition is 2018.

Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars. Bankers remember, of course, what happened to the last Middle East oil producer to sell its oil in euros rather than dollars. A few months after Saddam Hussein trumpeted his decision, the Americans and British invaded Iraq.

the abundance of guano deposited by resting gannets and guillemots—along with Rockall’s almost vertical cliffs must have put off most sailors from landing, because it wasn’t set foot upon until 1811 when Lieutenant Basil Hall of the HMS Endymion led a small crew in two longboats to its summit. After having mistaken the islet for a ship under sail, an expedition was mounted as, Hall later wrote, “we had nothing better on our hands.” The trip was a waking nightmare. First came the difficult landing and ascent, complicated by a high swell and Rockall’s slippery cliffs: one false step, Hall wrote, “might have sent the explorer to investigate the secrets of the deep.” By some miracle, the crew clambered up to the summit, only for a dense fog to descend. Frightened about losing their ship, Hall and his men hopped back onto their boats as fast as the rising swell would allow. After several hours rowing through dense mist, they made it back to the Endymion.

though the United Kingdom maintains Rockall is its territory, it has given up using the islet to further its EEZ into the North Atlantic. Typically, a country’s EEZ is calculated to extend 200 nautical miles (370 kilometers) from its claimed territory. In 1997, however, the United Kingdom unilaterally decided to pull back the starting point for this calculation from Rockall to St. Kilda, an archipelago around 180 kilometers off the Scottish mainland.

The United Kingdom’s annexation also provoked a spree of visits from a cavalcade of nationalists and adventurers who considered the rock their personal ultima Thule. In 1975, the Dublin rock climber Willie Dick almost drowned attempting to plant the Irish tricolor on the summit, an act that grew out of the simmering outrage among Irish nationalists at Rockall’s incorporation into Inverness-shire, Scotland, three years earlier. A decade later, British Special Air Service (SAS) veteran Tom McClean sought to reaffirm British sovereignty over Rockall by becoming the first man to live on the rock. He spent 40 days huddled in a plywood box.

The Royal Navy wouldn’t return in force until 1955—this time with a helicopter, four marines, and a plaque declaring Rockall British territory to prevent it from being used as a base for the Soviet Union to spy on the United Kingdom’s missile tests.

The Irish government, however, refuses to recognize the United Kingdom’s title over Rockall. This means, in turn, that the waters around Rockall are not British territory at all, but just the far reaches of the United Kingdom’s exclusive economic zone (EEZ). Since both nations are currently members of the European Union, Irish trawlermen are entitled to fish in the United Kingdom’s EEZ under the European Union’s Common Fisheries Policy. In Dublin’s eyes, therefore, Rockall should have as much bearing on fishing rights as an iceberg or a shipwreck.

activists from Greenpeace in 1997, who rechristened Rockall the Republic of Waveland in protest of oil and gas exploration in its surrounding waters; a group of Belgian ham radio operators in 2011 who became so violently seasick during their trip to the island that they had to return to Scotland the next day; and Englishman Nick Hancock, who holds the world occupation record of 45 days for his stay on the islet.

The latest version of the Political Declaration on withdrawal seeks to preserve the status quo of fishing rights until a new agreement on access is reached between London and Brussels by July 2020, a deal the Scottish Fishermen’s Federation has endorsed provided no further concessions are made in permitting its European Union rivals to fish in British waters. However, because the federation’s members consider Rockall’s waters United Kingdom territory, and therefore never subject to the Common Fisheries Policy, access to the outcrop is likely to become an object of intense negotiation.

As the United Kingdom’s withdrawal date nears, few can predict whether Brexit will lead to new opportunities for British trawlermen no longer bound by the Common Fisheries Policy or clashes with their European counterparts over who can fish where, as occurred last summer when French boats rammed their British counterparts in a row over scallop stocks in the Baie de la Seine.

“The Japanese are particularly interested in Rockall,” Symmons says. Japan, too, claims ownership of an isolated rocky outcrop hundreds of kilometers from shore. While the largest islet in the Okinotorishima reef is no larger than a double bed, the Japanese government has spent an estimated US $600-million literally shoring up its island status with concrete barriers and titanium netting. Unlike the United Kingdom, though, Japan continues to claim a 200-nautical-mile EEZ around the formation, “much to the displeasure of the Chinese, [who] of course cite the UNCLOS convention,”

future horse-trading over the territoriality of a granite outcrop in the North Atlantic could, therefore, set a valuable precedent in the ongoing tussle over an artificially sheltered atoll in the western Pacific