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European Leaders Agree to New Budget Discipline Measures
Keywords:
Of the 27 nations represented at the EU summit meeting on January 30, 2012, all except Britain and the Czech Republic agreed to the new measures for budgetary discipline. The new fiscal compact will come into effect after 12 eurozone countries have ratified the compact. This prevents one or two countries holding up the agreement. This provides the Merkel government in Germany an agreement on concrete measures for budgetary discipline- evidence of specific action to dissenters inside the Christian Democratic party and in German public opinion- which would enable it to support efforts by the ECB, the IMF and the EU to address the crisis, including the funding of the European Financial Stability Fund. The text of the fiscal compact makes it harder to block sanctions against countries that fail to impose budgetary discipline, while at the same time making allowance for countries with excessive debt such as Italy.
An account of the events and the role of key players in the eurozone crisis of 2011-2012
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Budget discipline measures for the eurozone taken at the Jan 30, 2012 summit and at other EU meetings.
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Why government fiscal discipline alone will not establish a sound financial framework for the Euro currency- the example of Spain
03/03/2010
Spain kept its deficits below the 3% mandated under EU treaties, till recently. Asset bubbles sustained because of bad lending by a country's banks and easy acess to credit from outside the country, are two problems not addressed by tighter budget controls in the revised rules being set after the Dec. 9 EU Summit. Spain's debt problem is to recapitalize these failing banks and debt of regional governments. Spain relied too much on a construction boom for growth, with productivity stalled. Ireland improved competitiveness and attracted foreign investment. This too unraveled in the face of an asset bubble from speculative lending by its banks.
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The Sarkozy-Merkel meeting in Deauville, France, October 18, 2010, that sets the stage for a closer union for the EU.
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Germany and France make the momentous decision to move forward with a closer fiscal union of the 16 nation European Union. The efforts to build anew the conditions for the Euro to succeed. The vision of a united Europe persists.
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Angela Merkel's handling of the financial crises in eurozone countries
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The German response to the debt crisis in the eurozone and the events in 2011-2012.
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As Greek Drama Plays Out, Where Is Europe?
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France's Finance Minister Lagarde on the discipline and coordination needed for the euro to work.
03/03/2010
This discipline and tight fiscal coordination would be imposed on eurozone countries as part of the effort to make the euro experiment work. Lagarde is interviewed by Carney and Jolis of the WSJ.
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Wall Street Journal 03/03/2010
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Wall Street Journal 12/20/2010
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German political leaders do not want a "transfer union." At the same time they want to keep the European Union, just as much as Chancellor Kohl and Chancellor Adenauer. Merkel, Schroeder, Schauble and other leaders agree on the need for the European Union. The question is how to bring fiscal discipline to the EU, even if this means redesigning the structure of the EU. The vision of a united Europe persists.
Grouped Articles
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New York Times 05/22/2014
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Economist 08/08/2015
Charlemagne: Germany’s euro question
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The experience of integrating East Germany into a reunited Germany and a tighter union for the EU
09/30/2010
German chancellor Merkel's own experience with the integration of east Germany- the price paid and the effort needed from both parts of Germany- is relevant to the project for building a tighter framework for the European Union. A special reunification tax generated 1.7 trillion euros to finance the effort and rebuild the eastern part of Germany.
Grouped Articles
For Some Germans, Unity Is Still Work in Progress
New York Times 09/30/2010
In a United Germany, the Scars of the East-West Divide Have Faded
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Merkel's Defense of Euro Forged in East Germany
New York Times 01/30/2011
Portugal Premier: No Bailout Needed
Wall Street Journal 02/04/2011
Merkel Taps Adviser to Head Bundesbank
Wall Street Journal 02/17/2011
Germany's economy: Angela in Wunderland
Economist 02/05/2011
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