France and Britain had found great “convergence” on plans to create a powerful
bank supervisor to regulate all eurozone banks. “The UK, like us, would like if
possible quite a swift timeline,” he said.
Although Britain has made it clear it will not be part of a banking union,
the Chancellor has backed the plan as a way of stabilising the single currency.
Creating the supervisor will require support by all European Union countries,
not just the 17 eurozone members. In Germany, Angela Merkel called for a steady approach to banking
supervision; the Chancellor wants central supervision for the eurozone’s
systemic institutions, not all 6,000 banks. In a lengthy press conference, Ms
Merkel again ruled out eurobonds. She said her “heart bleeds” for suffering
Greeks but insisted they stick to their austerity plan. At a lecture last night at the London School of Economics, Mr Moscovici
called for greater unity in Europe, even if it required eurobonds and the cost
individual sovereignty. He said: “I’m not saying we must integrate at any price.
I’m not in favour of a Europe dominated only by Germany. But if we are capable
of having each step of integration accompanied by a step in solidarity Europe
will grow closer to its people.” ... The yield on Spain’s benchmark 10-year bonds were pulled back just below 6pc at
the close, but their steady rise all day reflected bets by traders that Madrid’s
determination to resist a bail-out will cause more volatility. Some argued that
optimism that followed the unveiling of the so-called “Draghi Plan” to buy bonds
was already wearing off. ...
Here we go again.....this time preacher from the LSE ..Mr Moscovici is
confirming what everyone else in office has been saying....."I’m not in
favour of a Europe dominated only by Germany".
....For heavens sake ...Wev'e known this fact ages ago.
Jaques Delors stated this decades ago and it still hasn't been settled. In the current situation, expect double extra time before a solution is found; if one can be found...I remain sceptical. I suggest Mr Moscovici extrapolate a mathematical model that can arrive to a solution of all current economic problems.
Jaques Delors stated this decades ago and it still hasn't been settled. In the current situation, expect double extra time before a solution is found; if one can be found...I remain sceptical. I suggest Mr Moscovici extrapolate a mathematical model that can arrive to a solution of all current economic problems.
4 comments:
An 1865 London Times editorial directed against Lincoln's debt-free Greenbacks said it all: If that mischievous financial policy which had its origin in the North American Republic during the late war in that country, should become indurated down to a fixture, then that Government will furnish its own money without cost. It will pay off its debts and be without debt. It will become prosperous beyond precedent in the history of the civilized governments of the world. The brains and wealth of all countries will go to North America. That government must be destroyed or it will destroy every monarchy on the globe
Sea ice in the Arctic shrunk a dramatic 18% this year to a record low of 3.41m sq km, according to the official US monitoring organisation the National Snow and Ice Data Centre in Boulder, Colorado.
Scientists and environment groups last night said the fall was unprecedented and the clearest signal yet of climate change.
The data released showed the arctic sea beginning to refreeze again in the last few days after the most dramatic melt observed since satellite observations started in 1979.
This year's sea ice extent was 700,000 sq km below the previous minimum of 4.17m sq km set in 2007.
"We are now in uncharted territory," said Nsidc director Mark Serreze. "While we've long known that as the planet warms up, changes would be seen first and be most pronounced in the Arctic, few of us were prepared for how rapidly the changes would actually occur."
Julienne Stroece, an Nsidc ice research scientist who has been monitoring ice conditions aboard the Greenpeace vessel Arctic Sunrise, said the data suggested the Arctic sea ice cover was fundamentally changing and predicted more extreme weather.
WASHINGTON — U.S. sales of previously occupied homes jumped in August to the highest level in more than two years, adding momentum to the housing recovery.
Sales rose 7.8 percent to a seasonally adjusted annual rate of 4.82 million, the National Association of Realtors said. That’s the most since May 2010, when sales were fueled by a federal home-buying tax credit.
The figures were reported the same day the government said U.S. homebuilders broke ground on more new homes in August compared to July.
Still, the recovery is from a depressed level. Sales of previously occupied homes remain below the more than 5.5 million that economists consider consistent with a healthy market.
And the number of first-time homebuyers, who are critical to a housing rebound, slipped to 31 percent from 34 percent.
More Americans appear to be taking advantage of near-record low mortgage rates and prices that are, on average, much lower than they were six years ago.
Read more: U.S. home sales jump to highest since May 2010 - Washington Times http://www.washingtontimes.com/news/2012/sep/19/us-home-sales-jump-highest-may-2010/#ixzz26xGJpCce
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La croissance à deux chiffres, marque de l'ère Wen Jiabao depuis 2003, semble appartenir au passé. Responsable: la crise et la contraction de la demande européenne. Elle est générale. Les exportations chinoises chutent de 26% vers l'Italie, de 8,6% vers la France et de 7,9% vers l'Allemagne, d'après les douanes chinoises.
Cet effritement des commandes pèse lourdement sur le climat économique et sur l'emploi dans les grands bassins industriels chinois. C'est un défi pour la future direction, sous la conduite de Xi Jinping. Il pourrait conduire Pékin à l'intransigeance sur son contentieux le plus lourd avec l'Europe: les subventions à l'exportation. Bruxelles vient d'ouvrir une enquête antidumping contre les fabricants chinois de panneaux photovoltaïques, en attendant d'éventuelles sanctions en 2013. La Chine agite en retour la menace d'une «guerre commerciale».
Malgré la crise et de «graves inquiétudes», le premier ministre Wen avait voulu rassurer l'UE le mois dernier, en recevant la chancelière Merkel. L'espoir des Européens est que Pékin pourra soulager la crise de l'endettement, en investissant une partie de ses colossales réserves de change sur le marché obligataire du Vieux Continent. Mais les grands fonds souverains chinois retiennent leur décision, en attendant que le sort de la Grèce et de l'Espagne soit éclairci.
Les progrès restent aussi minces sous l'angle des investissements directs, malgré l'essor fulgurant du commerce bilatéral depuis quinze ans. En regard de ses réserves de change, évaluées à 3 200 milliards de dollars, la Chine n'a investi que 3,1 milliards d'euros dans l'UE en 2011. L'annonce d'une possible acquisition de la China Construction Bank cette année - jusqu'à 15 milliards de dollars - reste à concrétiser…
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