Announcing more talks with German Chancellor Angela Merkel in Paris on Monday to "guarantee Europe's future", Mr Sarkozy said: "France and Germany, after so many tragedies, have decided to unite their destiny and to look to the future together." Admitting that France had "spent too much and often badly", Mr Sarkozy pledged an "immense revolution" to install a "new model of growth". But he insisted the eurozone would have to reform together. "We will not re-take control of our destiny alone. We will not domesticate finances alone. We will not change the rules of globalisation alone." Eurozone governments would need to forfeit their rights of veto in policy-making, he said, under a new system of eurogroup qualified majority voting. Sarkozy failed to flesh out his ideas but his initiative appeared to run counter to Berlin's plans for a much more rigorous monetary union in which participating governments would surrender ultimate control of tax and spending policies to a centralised EU body armed with intrusive powers of scrutiny and dealing out automatic penalties to fiscal sinners. "The reform of Europe is not a march towards supra-nationality," Sarkozy said in a swipe at handing powers to Brussels. "The integration of Europe will go the inter-governmental way because Europe needs to make strategic political choices." The German chancellor, Angela Merkel, is to go to Paris on Monday to try to hammer out the new eurozone blueprint with Sarkozy. She is to unveil her proposals and priorities in a speech to the Bundestag in Berlin on Friday, while David Cameron is also to go to Paris for discussions on the crisis with the French leader. All of that precedes an EU summit next week that pundits and politicians are billing as Europe's last chance to secure a future for the euro. All the signs were that Paris and Berlin were determined to coin a common plan but remained far apart on the essentials. "Together we will make proposals to guarantee Europe's future," said Sarkozy.
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Friday, December 2, 2011
Announcing more talks with German Chancellor Angela Merkel in Paris on Monday to "guarantee Europe's future", Mr Sarkozy said: "France and Germany, after so many tragedies, have decided to unite their destiny and to look to the future together." Admitting that France had "spent too much and often badly", Mr Sarkozy pledged an "immense revolution" to install a "new model of growth". But he insisted the eurozone would have to reform together. "We will not re-take control of our destiny alone. We will not domesticate finances alone. We will not change the rules of globalisation alone." Eurozone governments would need to forfeit their rights of veto in policy-making, he said, under a new system of eurogroup qualified majority voting. Sarkozy failed to flesh out his ideas but his initiative appeared to run counter to Berlin's plans for a much more rigorous monetary union in which participating governments would surrender ultimate control of tax and spending policies to a centralised EU body armed with intrusive powers of scrutiny and dealing out automatic penalties to fiscal sinners. "The reform of Europe is not a march towards supra-nationality," Sarkozy said in a swipe at handing powers to Brussels. "The integration of Europe will go the inter-governmental way because Europe needs to make strategic political choices." The German chancellor, Angela Merkel, is to go to Paris on Monday to try to hammer out the new eurozone blueprint with Sarkozy. She is to unveil her proposals and priorities in a speech to the Bundestag in Berlin on Friday, while David Cameron is also to go to Paris for discussions on the crisis with the French leader. All of that precedes an EU summit next week that pundits and politicians are billing as Europe's last chance to secure a future for the euro. All the signs were that Paris and Berlin were determined to coin a common plan but remained far apart on the essentials. "Together we will make proposals to guarantee Europe's future," said Sarkozy.
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Banks face a “systemic crisis” caused by the euro turmoil and should start hoarding cash rather than paying out bonuses or money to shareholders, the Governor of the Bank of England warned on Thursday.
As France and Germany prepared to disclose plans to stem the crisis, Sir Mervyn King said that a global deal by central banks to pump money into euro area banks could provide only “temporary relief”. He urged EU leaders to get a hold on the growing financial crisis.
Sir Mervyn said: “An erosion of confidence, lower asset prices and tighter credit conditions are further damaging the prospects for economic activity and will affect the ability of companies, households and governments to repay their debts.
“This spiral is characteristic of a systemic crisis.”
The Bank’s financial policy committee recommended that British banks should consider strengthening their balance sheets by retaining money rather than paying out bonuses or shareholder dividends.
Admitting that France had "spent too much and often badly", Mr Sarkozy pledged an "immense revolution" to install a "new model of growth". But he insisted the eurozone would have to reform together. "We will not re-take control of our destiny alone. We will not domesticate finances alone. We will not change the rules of globalisation alone."
Using similarly apocryphal language for a central banker, ECB chief Mario Draghi said in a separate speech he had "observed serious credit tightening" in Europe that "does not bode well for the months to come". He hinted he may unleash further help but only if countries united behind "new fiscal compact" binding them to common debt and deficit rules. Mr Draghi said a "fundamental restatement of the fiscal rules" was "definitely the most important element to start restoring credibility".
Vive la France Tea Cozy.
You will say absolutely anything, ANYTHING to:
1. Secure re-election
2. Keep your dirty little hand on the levers of power.
3. Keep your nose in the trough.
4. Maintain your "celeb" status.
A little joke for you....
Qu. Why do we have to listen to what a French gnome has to say?
Ans. Because we have been governed for many many decades, nay centuries, by traitors and a totally corrupt monarchy system, controlled by international bankers...
... But, alas! Many a true word is spoken in jest.
I would strongly urge all sensible people in europe to start doing business using dollars.. make all contracts in dollars , change euros to dollars and ask your local stores to accept dollars. use dollars whenever and whereever you can.
Open dollar accounts in overseas banks , and empty your euro accounts.
When the euro finally turns into what it really is now, after the illusion that it is anything other than toilet paper becomes apparent, at least you will still have money and a currency that you can use.
Avoid french banks like the plagues.
No french bank is solvent, consider that to walk into a french bank would be tantamount and akin to having unprotected sex with a syphilis ravaged and aids plagued vagrant from mogadishu, and you woundn't go far wrong
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