BRUSSELS—-European Union leaders will agree to ask the group of countries using the euro to come up with concrete proposals on how to strengthen the European Financial Stability Facility, and ask the group's president to work out the details of a permanent bailout mechanism by March, draft conclusions from a meeting of EU heads of state and government showed Friday. The leaders agreed, as part of a comprehensive package to strengthen the EU's economic governance and financial stability, on taking steps for "concrete proposals by the Eurogroup on strengthening on the EFSF so as to ensure the necessary flexibility and financial capacity to provide adequate support," according to the draft conclusions obtained by Dow Jones Newswires. Eurogroup President Jean-Claude Juncker will be asked to finalize the "operational features" of the permanent mechanism, called European Stability Mechanism, due to come into operation in 2013, the draft conclusions showed. The Eurogroup comprises finance ministers of the euro zone. The leaders will also agree to implement the financial assistance programs for Ireland and Greece as they are now. German Chancellor Angela Merkel and French President Nicolas Sarkozy told reporters at the summit that euro-zone countries will be asked to sign on to a "competitiveness pact" in March, to help coordinate fiscal policies in the wake of the bloc's debt crisis.Agerpres,Mediafax,Romanian,Vancouver Sun,Global News
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Friday, February 4, 2011
BRUSSELS—-European Union leaders will agree to ask the group of countries using the euro to come up with concrete proposals on how to strengthen the European Financial Stability Facility, and ask the group's president to work out the details of a permanent bailout mechanism by March, draft conclusions from a meeting of EU heads of state and government showed Friday. The leaders agreed, as part of a comprehensive package to strengthen the EU's economic governance and financial stability, on taking steps for "concrete proposals by the Eurogroup on strengthening on the EFSF so as to ensure the necessary flexibility and financial capacity to provide adequate support," according to the draft conclusions obtained by Dow Jones Newswires. Eurogroup President Jean-Claude Juncker will be asked to finalize the "operational features" of the permanent mechanism, called European Stability Mechanism, due to come into operation in 2013, the draft conclusions showed. The Eurogroup comprises finance ministers of the euro zone. The leaders will also agree to implement the financial assistance programs for Ireland and Greece as they are now. German Chancellor Angela Merkel and French President Nicolas Sarkozy told reporters at the summit that euro-zone countries will be asked to sign on to a "competitiveness pact" in March, to help coordinate fiscal policies in the wake of the bloc's debt crisis.Agerpres,Mediafax,Romanian,Vancouver Sun,Global News
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End of the year came with disappointing consumer spending figures
astăzi, 12:08 Autor: Ciprian Botea
Retail sales, the main indicator that measures the consumer spending trend, fell by 7.2% in December last year against the same period of 2009, with the biggest decline being recorded by non-food products, show data of the National Statistics Institute (INS).
The last month of the year, which traditionally boasted higher consumption, came with a more significant decline than in preceding months. For the full 2010, retailers' working day and seasonally adjusted turnover fell by 5.5%.
"These are disappointing figures, retail sales fell from one month to the next starting in October, after a slight recovery was recorded in the summer. This can only be as a result of the VAT increase and of the salary cuts, which amounted to a decline in the disposable income," comments Ionuţ Dumitru, chief economist of Raiffeisen Bank. He says in light of the latest data the economy is likely to have contracted in the fourth quarter against the previous one, although everybody was expecting growth.
"We can only hope that this year will be better. We expect a 1% rise in consumption, which is not much," Dumitru adds
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