Euroland Has Trouble to Bring About Germanization

[Attempting to tie so many countries together may contrarily cause much more frictions

. Popular Things about your Subtle cheap glasses sale " Said Martin Wolf, chief economics commentator at the Financial Times. To the euro area, EU and even the whole world, the appearance and existance of the economic crisis is extremely impressive. Just as Wolfgang Mnchau has pointed out, the recent conference of European Council was a fudge rather than a solution.reading glasses shop Hold for This Season

The most pressing challenge is Greece. The heads of every country have made a decision which is that [IMF will provide considerable financing and the EU will provide most financing." The aim of this decision is not that providing the financing as the average rate level, while to build the motivation to help the Greece return the market financing as soon as possible. As the strongest member of eurozone, German finally realizes its dream. But this result is not popular in other areas especially in France and the European Central Bank. ECB does not want to see the intervention of IMF, however, this kind of intervention by Washington-based institution may be a horror to Nicolas Sarkozy, prisident of France. Dominique Strauss-Kahn, who heads IMF now, is one of his most powerful potential opponents.

However, if you conclude that this is the victory of IMF and Germany, you are wrong totally. The above decisions are not practical. First, is this programme belongs to IMF or EU? What will happen if IMF disagrees with EC? Considering that the money policy and exchange rate all lack flexibility, Greece hopes the ratio of public expenditure to GDP to decrease 10% in future three years, which can not realized. Besides, how large is the possibility that all members of euro area will support this IMF programme together? Finally, how can the [assisiting plan" work out? To Greece, the most important problem is the high interest rate it is paying.

When Greece can not finance to the market, providing liquidity using punitive interest rates will deteriorates its solvency capability. All of these are terrible; however, when people focus on the global challenges, it is really terrible. One of the worries is that someone is not willing to allow default. More importantly, Germany holds a false view of how euro area woks. Herman Van Rompuy, president of the European Council, stated that euro area will not allow the bankruptcy of Greece. Yet, realizing the problem can be very difficult.

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Euroland Has Trouble to Bring About Germanization

By: zhoukaihua

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