By Paul Hu
Submitted 2012-02-16 23:00:16
Number Of Times Read: 34
The two day EU summit opening in Brussels local time 16. Specific period in the current sovereign debt crisis has become the number one topic of this summit. States want to build a force from 2013 European stability mechanism to fundamentally solve the debt crisis.
The industry also noted that conditions in the relief and cost sharing and other key issues, Germany and other euro zone members of the still large differences, but this meeting was the euro and the debt crisis may be a turning point. Once the EU can not come up with a satisfactory solution to the market, the euro area is likely to worsen the situation. On the contrary, the situation may also be moving in a better direction.
Serious differences remain
At present, the countries to resolve the differences surrounding the crisis, mainly in several areas, first is to not to continue to expand the existing 750 billion euros of financial stability mechanism (EFSF), which is in response to Greece earlier this year issued a temporary crisis mechanism.
Some eurozone countries proposed to expand the size of the EFSF Fund, and increase the flexibility of loans. For example, Belgium, on the proposed terms, the EU 440 billion euros in the fund s share could double, to prevent countries such as Portugal and Spain are also facing similar pressures. Spain also supported the idea of expanding the scale of the Fund.
And to increase flexibility, the current member states when the funds are not only opening from the secondary market financing, but was suggested to have potential financing difficulties for those countries such as Spain and other stand by loan payment in advance.
However, Germany and France did not take cold. Germany believes that the current relief fund of funds has been spent was less than 10 , so it was not eager to expand the scale of available funds.
There are more controversial issue of national co euro bond issue. Junker Chairman of the Group including the euro and Italy, EU finance ministers, including public officials recently called for the euro area should consider issuing a common bond, to enhance the resilience of the crisis.
Development means a common bond, 16 nation euro zone will share the credit risk and bond issuance, which was the core of the current euro zone, Germany s firm opposition. Merkel on Thursday said the issue of common bond, she has Juncker, who reached consensus. She said that if an issue of bonds, fundamentals and financial conditions in Germany that the country would be better higher risk of Greece second line countries in the euro area, dragged down by such a way that would spread the risk, and does not help those who national measures to reduce the deficit enthusiasm.
Or fine tuning the EU Constitution
Taking into account the major differences between Member States, there is news that the specific ideas at this summit will not discuss the issue of the formal columns, but the participants in the informal discussions between meetings and exchanges.
Compared to the controversial proposal, the outside world that the EU summit on the current problem of the constitution may be amended slightly better agreement. On the eve of the summit, the Permanent Council of Europe sent a letter to President Van Rompuy to open EU leaders urged the States to modify the Lisbon Treaty , in the euro zone reached an agreement to establish a permanent mechanism for crisis response.
Van Rompuy wrote in an open letter to EU leaders said the Lisbon Treaty to limited change , which in the euro zone to establish a permanent mechanism for crisis response, to maintain financial stability in the euro area as a whole, will be 16 EU summit at the beginning of the main issues. Countries need to reach agreement on the EU to start as soon as the relevant procedures for the amendment to the treaty in January 1, 2013 to take effect.
EU officials told the media in Brussels before the European governments for close to an EU Constitution the Lisbon Treaty of the amendment, the core content of the amendment in fact only two sentences, one is the establishment of a protect the overall stability of the euro area long term mechanism, the second is the plight of the country into debt for financial assistance will be subject to strict preconditions.
The source said that the reason why only a limited change is to try to avoid the possibility of some Member States put to a referendum.
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Submitted 2012-02-16 23:00:16
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