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Europe dodges a bank crisis in spain, but perils lurk by 123wert sdfsf
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Europe dodges a bank crisis in spain, but perils lurk |
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"We need more Europe," Ms. Merkel said on ARD television. "We donot only need a monetary union, but we also need a so-called fiscal union . This means that we also need a common budgetary policy, and wealso need a political union ." Such a statement might have provoked an outcry a year ago Ms.Merkel quickly played down the prospect of a "big bang" solutioncoming from the gathering in Brussels but Germans may be realizingthat their own well-being is in imminent danger. This week official data will provide more clues about how thecrisis is affecting Europe's largest countries.
Figures onindustrial production in France and Italy are expected Monday andfor the euro zone as a whole Wednesday. Analysts have predicted declines, which would be bad for Germanybecause Europe's biggest trading partners are other Europeancountries. But slower growth in Germany could also create apolitical backlash, making Germans more reluctant to help theirstricken fellow euro zone citizens. "If people think they are poorer maybe they become more reluctantto share the burden," said Clemens Fuest, economics professor atOxford University. Mr.
Fuest said he was skeptical that Europeans would ever agree todelegate control over their national budgets to a Europeanauthority as part of a fiscal union. European leaders would bebetter off concentrating on measures that are more realistic, hesaid, like a common system for overseeing banks, guaranteeingdeposits and dealing with sick financial institutions. That could help avoid situations like those in Ireland, Cyprus ornow Spain, where the cost of bank rescues raises doubts about thesolvency of the national government. Many proposals to push members of the European Union closertogether would take years to carry out, too late to help easecurrent tensions.
Mario Draghi, the president of the EuropeanCentral Bank, said last week that it would help a lot if Europeanleaders simply wrote a detailed plan for the future of the eurozone. "The very fact of having an objective, a goal, an end point and aclear path would, by itself, contribute to a stabilization of thefinancial situation in Europe," Mr. Draghi said at a newsconference. How much time he and other leaders have to chart such a path maydepend on what Greek voters decide.
"The Greek government, when one is formed, must send a clear signalthat it is prepared to implement the reforms that have been agreedto," Mr. Weidmann, the Bundesbank president, told ARD on Sunday."It's in the hands of the Greeks.". I am a professional writer from Office Supplies, which contains a great deal of information about hp printers 5150 , color refill ink, welcome to visit!
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