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Viewed collectively, the 17 nations that make up the eurozone are still one of the two richest regions in the world, and on many other measures of economic success balance of trade, overall size of budget deficit and national debt relative to GDP they beat the US by a country mile. A visitor from Mars, looking at the aggregate data, would declare the eurozone a model economy.
That it is ripping itself apart, without any obvious solution in sight, is, to put it mildly, a major curiosity. Riches, it seems, cannot buy harmony. In an editorial comment this week on the G20 summit, the German financial daily Handelsblatt put it like this: It is rather hypocritical when the Americans and the British, whose own mountains of debt have reached a high point, try to lecture the Europeans At a time when the budget deficits of the US and Great Britain are about 8 per cent, the eurozone members have almost managed to bring their deficits as a whole down to 3 per cent.
The Telegraph: IMF help would set the eurozone on the road to fiscal and political union lets not encourage it
Viewed collectively, the 17 nations that make up the eurozone are still one of the two richest regions in the world, and on many other measures of economic success balance of trade, overall size of budget deficit and national debt relative to GDP they beat the US by a country mile. A visitor from Mars, looking at the aggregate data, would declare the eurozone a model economy.
That it is ripping itself apart, without any obvious solution in sight, is, to put it mildly, a major curiosity. Riches, it seems, cannot buy harmony. In an editorial comment this week on the G20 summit, the German financial daily Handelsblatt put it like this: It is rather hypocritical when the Americans and the British, whose own mountains of debt have reached a high point, try to lecture the Europeans At a time when the budget deficits of the US and Great Britain are about 8 per cent, the eurozone members have almost managed to bring their deficits as a whole down to 3 per cent.
At a time when the budget deficits of the US and Great Britain are about 8 per cent, the eurozone members have almost managed to bring their deficits as a whole down to 3 per cent.
The Telegraph: IMF help would set the eurozone on the road to fiscal and political union lets not encourage it
Viewed collectively, the 17 nations that make up the eurozone are still one of the two richest regions in the world, and on many other measures of economic success balance of trade, overall size of budget deficit and national debt relative to GDP they beat the US by a country mile. A visitor from Mars, looking at the aggregate data, would declare the eurozone a model economy.
That it is ripping itself apart, without any obvious solution in sight, is, to put it mildly, a major curiosity. Riches, it seems, cannot buy harmony. In an editorial comment this week on the G20 summit, the German financial daily Handelsblatt put it like this: It is rather hypocritical when the Americans and the British, whose own mountains of debt have reached a high point, try to lecture the Europeans At a time when the budget deficits of the US and Great Britain are about 8 per cent, the eurozone members have almost managed to bring their deficits as a whole down to 3 per cent.
The Telegraph: IMF help would set the eurozone on the road to fiscal and political union – let’s not encourage it
Viewed collectively, the 17 nations that make up the eurozone are still one of the two richest regions in the world, and on many other measures of economic success – balance of trade, overall size of budget deficit and national debt relative to GDP – they beat the US by a country mile. A visitor from Mars, looking at the aggregate data, would declare the eurozone a model economy.
That it is ripping itself apart, without any obvious solution in sight, is, to put it mildly, a major curiosity. Riches, it seems, cannot buy harmony. In an editorial comment this week on the G20 summit, the German financial daily Handelsblatt put it like this: “It is rather hypocritical when the Americans and the British, whose own mountains of debt have reached a high point, try to lecture the Europeans… At a time when the budget deficits of the US and Great Britain are about 8 per cent, the eurozone members have almost managed to bring their deficits as a whole down to 3 per cent.”
At a time when the budget deficits of the US and Great Britain are about 8 per cent, the eurozone members have almost managed to bring their deficits as a whole down to 3 per cent.”
whose numbers are they using?
depressing....
...be prepared to lower your expectations.
The world is now five years on from the outbreak of the 2008 financial crisis that started with the implosion of two major U.S. investment banks — Bear Stearns and Lehman Brothers. Yet, the global economy is still unbalanced and seemingly becoming more so as interacting weaknesses continue to amplify each other.
The goals of balanced growth, balanced economic policies and a safe financial system still elude us. In advanced economies at the center of the financial crisis, high debt loads continue to drag down recovery. Monetary and fiscal policies still lack a comprehensive solution to short-term needs and long-term dangers. And despite the international progress on regulation, the condition of the financial sector still poses a threat to stability....
Here are some takeaways from that 214 page report on the global banking system going forward.
- Private banks need to recognize losses.
- Monetary easing more controversial than before.
- This crisis is not over.
- Shadow banking system ungovernable and growing.
EU unveils its vision for the future of monetary union
European authorities have unveiled their vision for the future, which gives them much greater powers.
It includes the creation of a European treasury, which would have powers over national budgets.
European Commission President Jose Manuel Barroso said it was "a defining moment for European integration".
The 10-year plan is designed to strengthen the eurozone and prevent future crises, but critics say it will not address current debt problems.
This week, some markets fell sharply on fears that leaders at the EU summit on Thursday and Friday would fail to agree immediate measures to try to stem the current crisis, which has now engulfed five eurozone members.
Spain is negotiating the terms of loans worth up to 100bn euros for its banks, and the new Greek government wants to ease the terms of its huge bailout.
The governor of the Bank of England, Sir Mervyn King, expressed concern about the recent response of European authorities.
"I am pessimistic. I am particularly concerned because over two years now we have seen the situation in the euro area get worse and the problem being pushed down the road," he said, while appearing at a parliamentary hearing.
BBC News - EU unveils its vision for the future of monetary union
so, is it me or are they just creating an all encompassing bigger 'fail' yet to come?