Whatever the outcome of this weekend's on - off, on again summit, it seems unlikely the 17 euro countries will get what's needed, given Germany's entrenched reluctance. As we predicted after the July 21 summit, Europe's leaders continue to fall behind the problem they're trying to solve. That's a constantly evolving debt crisis that gets bigger by the day. It doesn't stop and wait, its morbid momentum reflected in markets since early summer. What we'll see revealed in Brussels this weekend is that the euro zone is not just a flawed currency system, but it is also a flawed political system incapable of being led and incapable of making the difficult, often painful decisions required. Could it, for instance, ever impose the sort of fiscal discipline being attempted in the UK or the bank overcapitalization already complete here? I doubt it. That's not to be complacent about our own parlous position. We may be implementing fiscal and monetary policy decisions, but are they working? This crisis, whether elsewhere or in the euro zone, is like a virus mutating against a vaccine. Europe isn't using enough medicine while rest may have already administered what they can without any meaningful effect. The patient remains ill and the drugs aren't working.Markets slide on reports of deadlock between France and Germany in talks over how to expand the eurozone bailout fund, making a resolution by this weekend's crucial summit increasingly unlikely. Silvio Berlusconi has named Ignazio Visco as the new head of the Bank of Italy. He wasn't one of the favourites in the running for the job, which won't be an easy one at the moment. He's the existing deputy director general of the bank. Visco will take over from Mario Draghi, who is taking over from Jean-Claude Trichet as head of the European Central Bank.
Access Investments-Building Awareness - European Union-ROMANIA
Thursday, October 20, 2011
Whatever the outcome of this weekend's on - off, on again summit, it seems unlikely the 17 euro countries will get what's needed, given Germany's entrenched reluctance. As we predicted after the July 21 summit, Europe's leaders continue to fall behind the problem they're trying to solve. That's a constantly evolving debt crisis that gets bigger by the day. It doesn't stop and wait, its morbid momentum reflected in markets since early summer. What we'll see revealed in Brussels this weekend is that the euro zone is not just a flawed currency system, but it is also a flawed political system incapable of being led and incapable of making the difficult, often painful decisions required. Could it, for instance, ever impose the sort of fiscal discipline being attempted in the UK or the bank overcapitalization already complete here? I doubt it. That's not to be complacent about our own parlous position. We may be implementing fiscal and monetary policy decisions, but are they working? This crisis, whether elsewhere or in the euro zone, is like a virus mutating against a vaccine. Europe isn't using enough medicine while rest may have already administered what they can without any meaningful effect. The patient remains ill and the drugs aren't working.Markets slide on reports of deadlock between France and Germany in talks over how to expand the eurozone bailout fund, making a resolution by this weekend's crucial summit increasingly unlikely. Silvio Berlusconi has named Ignazio Visco as the new head of the Bank of Italy. He wasn't one of the favourites in the running for the job, which won't be an easy one at the moment. He's the existing deputy director general of the bank. Visco will take over from Mario Draghi, who is taking over from Jean-Claude Trichet as head of the European Central Bank.
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4 comments:
I agree with you, I completetly understand why they summarily shot him in this form of very rough justice; god only knows how Libyans must feel about what he has perpetrated on them.
Also, yes it is valid to say he was too much trouble to be left alive for any period of time.
But, as sometime who believes in the benefit of rule of law, I think he should have faced trial instead of just being very clearly executed like this, particularly if this was on the orders of the present interim government.
That's not for his sake, or an outbreak of sqeamishness, but for the future of the people of Libya; even senior Nazi's were not shot out of hand by Allied forces once captured but were subjected to law (that was done for a very good reason, to show that their barbarism was capable of being overcome by law); I have to say that I think it does not bode well for democracy in Libya in the coming years; however Euphoric libyans may feel tonight that the dictator is finally dead.
I do hope that I am proved wrong in this.
Anyway, back to the debt crisis
Deception from 1946-1949 onwards with exaggerations over population(les départements de l'Outre-Mer centralisés) and casualties (clever extrapolation of the awful casualty cost in the Caen district in July 1944) to get better Marshall and affiliated deals. The Saar and Ruhr projects 1946-52.
On through le CAP and others to the latest tissue of lies about exposure to PIG and similar debt.
Remember less than a year ago when Germany had the most debt (over 60%) and then, as each concealment was broached, it became clearer and clearer that France was the real risk centre.
Remember how France led regulation of all kinds CAP again, € stability pact, Schengen and labour movement and recall, lest we forget who was the first to breach these rules.
France has been incredibly clever harnessing the economic power of Germany to its own political aggrandisement, through historic inference initially then trough a w€apon of mass destruction: ensuring the one nation, and they kept shooting themselves in the foot anyway, that could puncture the pompous posturing of a 'European' France was side-lined by treaty or by racist hints (Anglo-Saxons). Chaining smaller, newly sovereign nations to a French ideal by the € and by set in stone treaties that cannot be changed, oh except by France and Germany....
It's beginning to unravel. France is bankrupt, economically and hopefully as the torch of hope shines in a few more dark corners politically
We both wish we could join you but very sadly at our ages the journey would be a bit much.
So rest assured we are in complete agreement with you - that OUR once proud nation should end up being governed by a load of unelected foreigners ............. NO NO NO NO!
We've stood alone and survived before and could do again trouble is the spineless, gutless politicians are scared of upsetting anyone except the electorate who put them, and leave them, in "power".
ou couldn't make it up. Several weeks ago the Germans called the idea of a two trillion bailout fund "silly" and "stupid" (and by implication all those calling for it, including Sarko, Boringoso and sundry Italians desperate to get their hands on German funds) so where the surprise comes in all this is a total mystery.
Unless Merkel, Schaeble and the German Constitutional Court do a volte-farce over the weekend it ain't gonna happen .....
... while will bring a much-needed reality check to Europe and in particular to Sarko.
France is looking very dicey .... vast debt, banks up to their eyebrows, no growth and the socialists about to take over and no doubt introduce the 10 hour working week to create jobs. How they still have an AAA rating (= couldn't be better) is just another of those unfathomable mysteries of the universe.
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