Modifying The Standards Of European Union Do the EU and the Euro area albeit belatedly. 750 billion Euros (440 billion from the Euro countries 0.60 billion from the European Commission and 250 billion from the International Monetary Fund) to support the value of the loans to eurozone countries experiencing financial problems and the old plan. On the West second of the Atlantic was US President Barack Obama in constant Copy Buffet System contact with German Chancellor Angela Merkel and French President Holand in a race against time to approve the plan last Sunday before the opening of financial markets Monday after it was locked Friday to drop the red zone at rates above some 11 percent. Any higher than those we have seen in the beginning of the collapse of the markets after the spark of the global financial crisis in September 2008.
Remarkably, it was the rapid move done by the Council US Federal Reserve in coordination with the central banks of Canada, Japan, Switzerland and Britain to complete a strong intervention to extend markets, the US dollar value of $ 30 billion to stop speculation on the Euro plan, after it became poses an additional threat to international banks.
Seven industrialized nations move came ultimatum for speculators response markets in a while. This does not mean that the speculators, who he described the Minister Anders Borg of Sweden’s capital as “a herd of wolves” have laid down their Copy Buffet arms. Financial terms of the European plan was not fully clear yet, though the standard conditions of fiscal adjustment is clearly visible.
Last week, the Greek parliament recognized the difficulty of harsh austerity plan a requirement for a 110 billion-euro syndicated loans of the Euro and the International Monetary Fund states Pack (will come from within the new plan) hope to get out of a severe financial crisis that threatens Greece with bankruptcy and Copy Buffet Software Review of the Euro area, and place on the morgue also entity the European Union. The crisis has awakened the trade unions in Europe, in ancient struggles, after the decline of its role in economic decision-making, especially in the last two decades, which had enjoyed the privilege of sovereignty of the concepts of the market economy and its mechanisms.
If it was too early to say for sure in the future of the European Monetary Union and the repercussions of the crisis on the EU as a whole, in a stable waiting for financial snowball that beset by more than one country in the Euro zone, could never be a new history books for a single currency in the light of the crisis in Greece, it will require either substantial amendments to stability and growth inspired by the Profits Unlimited System agreement, which sponsors the monetary union criteria and conditions for the acquisition of membership, or the openness of the crisis to all possibilities Treaty.
To quote from the experiments, that crises wear masks at the time of abundance and scarcity and tend to the few time ago. Standards that have been developed for Lauro and the monetary union was in school idealism nearest to them to realism. Including: 3 percent fiscal deficit ceiling to GDP. We have a 60 percent year-to output. Lack of inflation exceeded more than 1.5 percent, the average inflation rate in the three lowest inflation member states. Do not exceed the interest rate of more than 2 percent, the average typical interest rate (lowest) in the three member states. These standards collectively, the “largely peaceful” in nature and exclude any kind of crisis, and not necessarily need to be a good growth rates or an acceptable minimum.
You also need to actively and transparent tax system. And a balanced pattern between Profits Unlimited Scam fiscal and monetary policies in each country of the EMU countries. And to a system of full transparency in the countries concerned in terms of accounting and auditing, and commitment to the criteria listed and disclosed.
Otherwise big issue is beyond the standards to benefit and harm of this or that country. As the possession of a single currency in the countries of varying fortunes, and the sizes of their economies, and growth rates, and the levels of per capita incomes in all of them, a very sensitive issue, which means an advantage out of place to state what the single currency criteria, but people do not adhere to the expense of other countries and other people. Currency reserves at the end of the value and purchasing powers and manufacturing, and contactless standard of living and well-being. It is pointless to lead “unitary Dreams” to compromise on the level referred to account. How if the team was to submit waiver requests already have a sense of economic and political superiority?
The importance of setting rules in the monetary union, but perhaps lacked standards to the flexibility of usually financial and monetary affairs. Growth rates were not standing strong levels. Not control, accounting and tax systems have always been active. Transparency was not safeguarded as well. In the case of Greece got fraud operations in concealing No. fiscal deficit was arranged by Goldman Sachs and American complicity of the previous Greek government, which deported in the fall of 2009 before the advent of Push Money APP Scam at the head of the current government to discover the final deficit figure is 13.7 per cent to GDP and not 6 percent . And talking about Greece yet, we do not know what is the reality of the fiscal deficit in other countries on the list, such as Portugal, Spain, Ireland and Cyprus numbers. Doubts also hovering around the deficit in Italy and Britain.
Faced a monetary union, European standards severely tested in front of the US global financial and economic crisis of origin. Stimulus plans provided by European countries to protect the banking institutions were on public finances and inflation. The face of strangeness, that Greece now flogged on the back of the fiscal deficit, and impose austerity plan affecting the wages of workers and employees in the public sector, and the gains of dedicated law, a deduction thirteenth and fourteenth months in addition to the general and other taxes, while Ataulh Monetary Union and EU such as Germany, France and Italy are begun to overcome the monetary union standards in the Euro zone since 2001 until 2065. the countries mentioned were able to avoid sanctions and regimes in the region assume. Although the survival of the fiscal deficit above 3 percent to gross about 5 years Tuwalia. That was before the global financial crisis.
We all remember what he said French President Nicolas Sarkozy in October 2008 after a meeting in Paris attended by Italian Prime Minister and the German Chancellor that “today is not the time for the Stability and Growth Pact, but to save.” Former German Chancellor Gerhard Schroeder is the author of the theory which was launched in 2003, and says the permissibility of tolerance with the fiscal deficit to GDP at the end of it if the spending on research and development. What about exceeded the deficit and public debt criteria in the event of major crises? It is clear that this is what Duke avoid the monetary union to answer at this stage of the global crisis even forced to historical support plan is unprecedented. However, in the large and unlimited crises horizon, rules are tuning systems and not circumstantial money Haola without breakdowns.
There in the Stability and Growth Pact is also a mechanism to support the members of the Euro area in the event of a crisis. There is no specific mechanism to get out of the area and return to the national currency. All the rules designed for the best, as we have said. Background was the thought of a political Aguetsada- depending on the globalization that has hit all the human and cultural aspects of the account of neo-liberalism and the market economy. European close partnership with the United States in the context of globalization has made the repercussions of the crisis on Europe and the Euro area harder than the United States. It was to ignore the fact that a crisis of this magnitude in the age of globalization means the globalization of the crisis as well, while growth does not necessarily mean the benefits of globalization, prosperity and decline of poverty and unemployment rates, as has been rumored and memorize. Years of economic growth in the group of industrialized countries were hostile to job opportunities and alleviate poverty. Lack of newly acceding countries to the European monetary union to competitive handheld and infrastructure compared with other partner countries, making it the heaviest crisis occurred.
It was necessary for the completion of the monetary unit of the central bank unified contract. However, the Central Bank, which sets interest rates of major countries and the Euro alone has the right to intervene in the markets, limited the ability of Member States to adjust the exchange rate in line with the needs of their economies or growth and inflation has rates. In contrast, the European Central Bank is facing great trouble to do his job to the loss of control over the fiscal policies of the Member States, which remained in the nature of the case is the task of governments. And it is impossible for any central bank to do basic Google Trader Review two curb inflation, control of the money supply, and stimulate growth rates appropriate benefits to invest fiscal policies continues. This is the case with Greece and with other European countries in the Euro zone. To avoid these bottlenecks were Growth Pact and stability criteria for monetary union.
We understand the hard-line stance of Germany to support Greece, who led the European position has varied motives: fear of a possible repeat of the Greek scene. The major share of loans that Germany provided to the Member States. And Taathab Chancellor Angela Merkel to persuade the German street financial expenses in the midst of an economic crisis for political reasons. And ahead is a long list of other trade union demands. Do not fall out of account the growing right-wing nationalist tendencies which essentially refused to give up the Deutschmark and opposes the European Union. However, Germany has agreed on a 22.4 billion-euro share of the 110 billion Greece said it would need them. It also paid to the fact that Greece City German banks, as is the case with the French banks. France has pledged to secure loans for Greece by 16.8 billion euros. There is no support after the European debt uniform. German bond is a bond pricing and other base in the Euro zone. Greece may need to double the advertised amount, even if implemented austerity plan.
Many words said about the eligibility of Greece to acquire membership of the Euro zone after only two years at its inception in January 1999. The abandoned Greek drachma for the oldest currency in history against the Euro. In the language of logic it was difficult to absorb the survival of the oldest European civilization and culture of the state such as Greece out of a single currency for the continent like a civilized Europe.
Do not be amended Stability and Growth Pact in the direction of more flexible, and then strictly enforcing standards. Germany and France at the head of the European Union a morale gains and also pays them pay when warranted an emergency circumstance. Hyper monetary union before the contract is completed wedge in the body of the Union, which now has a flag and currency. The demise of the currency union loses half of his being and threatens to return to the entities. But the name-base this time.