S&P Puts Ratings On Eurozone Sovereigns On CreditWatch With Negative Implications. Hearing Mario Draghi. Introductory statement by Mario Draghi, President of the ECB, Brussels, 1 December 2011 President, Honourable members of the European Parliament, I am delighted to be making my first appearance here as President of the European Central Bank (ECB) and I am honoured to present to you the ECB Annual Report for 2010.
Je souhaite tout d'abord rendre ici hommage à mon prédécesseur. Tout au long de son mandat, Jean-Claude Trichet a su entretenir un dialogue fructueux et constructif avec le Parlement européen. Die EZB ist sich ihrer großen Verantwortung als Hüterin der Geldwertstabilität bewusst. Impegno, forte senso di responsabilità e corretta attuazione delle politiche sono condizioni essenziali della partecipazione all’Unione Economica e Monetaria. Monetary policy decisions in 2010 and 2011. Euro Area Is Coming to an End: Peter Boone and Simon Johnson. Investors sent Europe’s politicians a painful message last week when Germany had a seriously disappointing government bond auction.
It was unable to sell more than a third of the benchmark 10-year bonds it had sought to auction off on Nov. 23, and interest rates on 30-year German debt rose from 2.61 percent to 2.83 percent. The message? Germany is no longer a safe haven. Since the global financial crisis of 2008, investors have focused on credit risk and rewarded Germany with low interest rates for its perceived frugality. But now markets will focus on currency risk. Eichengreen: Europe's Never Ending Crisis. Green paper stability bonds. Timelime of the crisis. Help Weeks Dec 15 Dec 22 Dec 29 Jan 5 Jan 12 Jan 19 Jan 26 Feb 2 Feb 9 Feb 16 Feb 23 Mar 2.
Why stricter rules threaten the eurozone. Internationale besmetting. Juridische gevolgen exit euro. I think this misses a rather fundamental point.
Courts in London or New York would be expected to show considerable deference to the principle of sovereign immunity. Issuing paper currency and determining its worth is one of the most central functions of the state and it is entitled to the highest degree of respect from foreign courts. Imagine a debt contract under English law. Games of Chicken" Fragmentarisering van Europa. Euro Plus Monitor 2011. Eurozone. Insight into macroeconomics and the financial markets from the Financial Times.
On macroeconomics Welcome. If you have yet to register on FT.com you will be asked to do so before you begin to read FT blogs. However, our posts remain free. A blog on macroeconomics, economic policymaking and the financial markets. The future of the EU: Two-speed Europe, or two Europes? The Strategic Influence Game 5: A German Europe or a European Germany? “I have always found the word “Europe” in the mouths of those politicians who wanted from other powers something they did not dare demand in their own name”.
Otto von Bismarck, German Chancellor, 1871-1890 Alphen, the Netherlands, 15 November. Germany has never found the leadership of Europe easy to attain or to execute. Europe’s Next Nightmare - Dani Rodrik. Exit from comment view mode.
Click to hide this space CAMBRIDGE – As if the economic ramifications of a full-blown Greek default were not terrifying enough, the political consequences could be far worse. A chaotic eurozone breakup would cause irreparable damage to the European integration project, the central pillar of Europe’s political stability since World War II. It would destabilize not only the highly-indebted European periphery, but also core countries like France and Germany, which have been the architects of that project.
The nightmare scenario would also be a 1930’s-style victory for political extremism. Five reasons Italy should scare you - The Curious Capitalist - TIME.com. No, one of them is not Silvio Berlusconi’s “bunga bunga” parties.
Silvio himself isn’t among those reasons, either. The prime minister said on Tuesday that he’d resign once he ushered some economic reforms through the legislature. IMF surveillance of the Eurozone: Quo Vadis? The Eurozone crisis has exposed deep governance deficiencies at two separate levels.
One, highlighted by the recent chain of events, is crisis management and resolution.Two, no less important, concerns crisis prevention. Although European surveillance mechanisms were in place before the crisis – and academics pointed out the key flaws far in advance – the EU surveillance mechanisms missed the signs.1 They failed to detect, let alone prevent, the build-up of vulnerabilities beyond sustainable levels, even in the area of public finances which was their main focus. But crisis prevention in, and surveillance of, the Eurozone (EZ) was not only the responsibility of European authorities. As members of the International Monetary Fund, all individual EZ countries are also subject to regular bilateral IMF surveillance conducted under Article IV of the IMF’s Articles of Agreement.
In addition, although not an IMF member, the currency union as such is subject to regular IMF surveillance. What is holding Italy back? Italy’s economy has clearly underperformed since it entered the euro – both relative to its peers and relative to the previous decade.
Italy’s growth rate averaged just over 1% during the boom years preceding the crisis. During the crisis, its GDP plunged 5%; instead of rebounding, its economy is now growing at only about 1%. At this rate, Italy’s public debt, at 120% of GDP, becomes an existential threat to the entire Eurozone (Eichengreen 2011). Understanding and curing Italy’s growth problems is thus vital for the survival of the euro. My central point is that understanding Italy’s deteriorating growth performance requires going beyond the well-known weaknesses that have held back Italy for ages. States Versus Countries, Rodrik Edition. The history of the eurozone in one graph « blognome.
Waarom Griekenland Californië niet is. The European Union, and the Eurozone in particular, has impressive institutional achievements to its name.
We have a European Parliament, European Commission, European Court of Justice, a set of common regulations that exceeded 100,000 last time I checked (acquis communautaire), and of course the European Central Bank. These institutions are meant to underpin its unified market. Yet we have now become all too aware of how incomplete these institutional arrangements are. To see the point, it is instructive to compare what is going on with Greece today with how a truly unified nation, such as the United States, deals with crisis in one of its constituent units, say California. The domino effect in Europe's debt crisis. 20 September 2011Last updated at 11:17 ET By Kabir Chibber Business reporter, BBC News Protests in Rome over the austerity cuts, the latest in a series of protests across Europe The sovereign debt crisis continues to unfold in Europe, with every country appearing to get sucked in.
In October European leaders reached another deal to try to stop the contagion. But which countries are most at risk and why? Kritiek obligatieverzekering. At 4am today, EZ leaders agreed the rough outline of a package of measures designed to end the EZ crisis. This column argues that a central pillar of the package will not work. The so-called first-loss insurance of EZ sovereign debt relies on an incomplete analysis of the underlying problem and the proposed solution.
Imagine you own a house next to a nuclear reactor and you’re offered insurance. The contract compensates you for the first 20% of your losses if the reactor melts down. Would you sleep much better with such insurance? For financial markets, Italy is a lot like Fukushima. Eurotop-verklaring. Verklaring EU leiders. De eurocrisis. Be bold, Mario, put out that fire. Expertenrapport over GR. Eurotoppen in ivoren torens. The Eurozone crisis plays on to a familiar tune. Griekse herschikking: de uitdagingen. Europavisie van Trichet. De Grauwe: 'ECB moet vicieuze cirkel breken' Waarom euro boven pariteit? Paper De Grauwe. Groene economie als oplossing? An Overview of the Euro Crisis.