Europe is facing "clear and present danger". Europe: not the eurozone, not the subcontinent south of the channel, but the society that after triggering two world wars has finally learned to peacefully build on a wonderfully diverse cultural heritage. That Europe is now in danger of being sucked into a black hole of mistrust, in the course of a long-lasting series of economic and political failures. As Europe grapples with financial instability and its leaders hold a series of summits to try to agree a rescue plan, free-floating financial capital keeps shunning entrepreneurial investment, maintaining that instability. In the present world, only a green growth strategy – currently spearheaded by the Organisation for Economic Co-operation and Developement – offers the opportunity to turn sufficient amounts of financial capital into entrepreneurial investment. Transforming the cities, businesses and homes of Europe so as to increase welfare while reducing damages to the environment is widely seen as a desirable goal, and it can trigger the investments needed to overcome the present crisis.
Access Investments-Building Awareness - European Union-ROMANIA
Monday, October 24, 2011
Europe is facing "clear and present danger". Europe: not the eurozone, not the subcontinent south of the channel, but the society that after triggering two world wars has finally learned to peacefully build on a wonderfully diverse cultural heritage. That Europe is now in danger of being sucked into a black hole of mistrust, in the course of a long-lasting series of economic and political failures. As Europe grapples with financial instability and its leaders hold a series of summits to try to agree a rescue plan, free-floating financial capital keeps shunning entrepreneurial investment, maintaining that instability. In the present world, only a green growth strategy – currently spearheaded by the Organisation for Economic Co-operation and Developement – offers the opportunity to turn sufficient amounts of financial capital into entrepreneurial investment. Transforming the cities, businesses and homes of Europe so as to increase welfare while reducing damages to the environment is widely seen as a desirable goal, and it can trigger the investments needed to overcome the present crisis.
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10.30 Back to Sir Mervyn King at the House of Commons - he says whatever is decided at tomorrow's EU summit will not solve the region's underlying problems - it will only buy one or two years of breathing space...
President Sarkozy will have a new target for his rage...
10.30 There are also borrowing figures out this morning. The British Bankers Association said there was a net repayment of £40m of consumer credit in September. Consumers spent £172m on credit cards, but repaid £212m in peronal loans and overdrafts.
The household savings ratio also climbed to 7.4pc in the second quarter, from 5.9pc in the first quarter.
10.25am: With talk that Italian prime minister Silvio Berlusconi could face the ultimate downgrade, Robert O'Daly, economist with The Economist Intelligence Unit, said:
At this weekend's EU summit the pressure on Silvio Berlusconi to stand down as prime minister rose another notch. Italian business leaders have been telling him publicly for months that his government must take swift action tackle Italy's public debt burden and boost economic growth or he should resign. But Mr Berlusconi is mired in a series of judicial battles and unable to govern his unruly alliance, making passing the necessary legislation almost impossible.
The Economist Intelligence Unit believes that the current government will not survive much longer. The big question is whether its collapse will be followed by an early election or the formation of a new transition government tasked with managing the public finances, implementing a growth strategy and reforming the electoral laws. Given the fragmentation of Italy's political system and the lack of cohesion among the opposition parties on the centre left, an early election under the current electoral system would be unlikely to produce a more stable or more effective government capable of restoring investor confidence.
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