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Germany's Merkel to Need Opposition Help in Approving EU Fiscal Pact
Keywords:
The ratification of the European Union's Fiscal Treaty of Dec. 2011 will require a two thirds majority in both houses of parliament. The coalition government of Angela Merkel lacks such a majority. This means the support of the Social Democrats and the Greens party will be needed to pass the treaty in Germany. The Social Democrats parliamentary leader Frank-Walter Steinmeier, says he cannot "picture an approval of the pact without growth-boosting measures." The Merkel position of strict austerity policies in tackling the eurozone debt crisis has come under intense criticism for lack of growth boosting measures. Recent economic performance clearly in Greece and Portugal, and to some extent in Ireland, Spain and Italy, shows the decline in GDP with austerity cuts alone will worsen the deficits or lead to a prolonged period of economic stagnation.
Ratification of Europe's Fiscal Treaty following the EU Summit of Dec. 9, 2011
12/16/2011
Approval of the fiscal compact agreed to at the European Union summit of December 9, 2011 sets a low threshold, with it going into effect if 12 of 27 countries approve it.
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03/03/2010
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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Germany's Surplus Isn't the Problem
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New York Times 05/22/2014
Greek Crisis Shows How Germany’s Power Polarizes Europe
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Italy, Spain and austerity measures- 2011-2013
08/08/2011
Analysts point to the austerity measures adopted by Italy and Spain much earlier than other countries in the eurozone. The risk now is cutting into muscle as growth for 2011 is expected to be below 1% in both countries. Italy say analysts is actually in surplus when the interest on debt is excluded.
Grouped Articles
Italy Urged to Resist a Relapse in Spending
Wall Street Journal 05/03/2013
Still Sputtering, Spain Turns Away From Cuts
Wall Street Journal 05/12/2013
German Election Overturns Political Order
Wall Street Journal 09/23/2013
New York Times 11/03/2013
Saying No to Austerity, Spain Unveils Tax Cuts
New York Times 06/20/2014
European Finance Ministers Support Investment Program
New York Times 09/14/2014
Ireland's austerity measures and banking crisis.
04/03/2009
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In Ireland, Hope of Retroactive Relief
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Ireland Faces Seventh Year of Austerity
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Hardships Linger for a Mending Ireland
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Support of Anglo Irish Bank Strains Ireland
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Ireland Faces Battle Over Europe Stability Treaty
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Poverty and hardship in Ireland after austerity measures by the government in 2010
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The New Generation Leaving Ireland
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Ireland Faces Seventh Year of Austerity
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Ireland Faces Battle Over Europe Stability Treaty
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Irish Cutbacks Pile It on for 'New Poor'
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Ireland's new government: Enda the party
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Greece and prime minister Papandreou's Nov. 3, 2011 referendum proposal on the euro and austerity plans
07/01/2011
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Europe, Athens Battle for Greek Hearts and Minds Ahead of Referendum
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The twin problems of lack of growth and overvalued currencies under the solutions of austerity plans without debt reduction and a single euro currency create impossible odds for a resolution of the eurozone financial crisis. Germany's insistence on tough austerity measures, European banks delaying restructuring of bad loans similar to the U.S. Brady plan, failure of politicians in Italy and Greece to take early action, and small steps by policymakers, are compounding the effects of the eurozone crisis.
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German Election Overturns Political Order
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Germany's Surplus Isn't the Problem
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Italy Central Banker Is Open to 'Bad Bank'
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Saying No to Austerity, Spain Unveils Tax Cuts
New York Times 06/20/2014
The focus on competitiveness by economists, credit ratings agencies, and European leaders as austerity measures alone won't work
02/05/2011
Mario Monti focusses on the need for investing in the economy in an interview with German newspaper Die Welt during a January 2011 visit to Berlin. S&P economists and Nobel winner Stiglitz also emphasize this after a downgrade of France's credit rating- the need for improved competitiveness for the economies of France, Spain Portugal and Italy.
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France Says It Will Miss Budget Deficit Targets
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The EU Summit, December 9, 2011
12/09/2011
The German position not to allow large scale bond buying by the ECB remained unchanged. The focus continued on getting debt brakes and fiscal discipline rules set for the eurozone members. The ECB's Mario Draghi opposes central banks of Europe sending money to the IMF which would be used to support EU countries with debt problems. The ECB lowered interest rates by 0.25% for the eurozone, bringing interest rates to 1%, and reversing earlier ECB policies under Trichet that increased rates. In addition the ECB will provide unlimited funding to European commercial banks for longer maturities of 3 years, instead of the current 1 year maturity.
Grouped Articles
Wall Street Journal 12/09/2011
British Prime Minister Cameron’s veto of E.U. pact splinters his coalition - The Washington Post
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Legal Uncertainty Imperils EU Agreement
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Leaders Grow Further Apart on Solutions
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The Euro Zone's Double Failure
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The 2011 Christian Democratic Union Party Convention in Leipzig, Germany
07/13/2011
It was at the 2003 CDU convention in Leipzig that Angela Merkel told delegates that the CDU would return Germany to it position of economic leadership in Europe.
Grouped Articles
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Merkel Offers Her Election Manifesto
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Merkel Party Seeks Euro Exit Policy
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Merkel Urges Party to Help Save Euro
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European Bank Chief Pushes Back
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Austerity measures facing European countries in 2011-2013
11/13/2011
Grouped Articles
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The 'Silent Austerity' in Banking
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New York Times 11/30/2014
Austerity in Europe Brings Bitterness Unknown in Postwar Era
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Italy's austerity measures- 2011-2013
06/30/2011
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Italian Government Advances Austerity Plan
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Wall Street Journal 07/12/2011
Portugal's austerity measures and the financial crisis 2010-2015
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Collapse of the government in Portugal in 2011, after failing to win support for further austerity measures.
Grouped Articles
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Portugal Plans Cuts in Spending
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Portugal's Government Thrust Into Turmoil
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Lisbon Cabinet Shuffle Buoys Junior Coalition Party Leader
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Portugalâs President Calls for Early Elections
New York Times 07/11/2013
Greece's austerity measures and why the cuts hit lower paid workers the most
02/13/2012
Grouped Articles
Greece’s prescription for a health-care crisis - The Washington Post
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Greek Patience With Austerity Nears Its Limit
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Greece Wanted to Reframe Europe’s Austerity Debate. It Failed.
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Mirage of Economic Turnaround Masked New Greek Crisis in the Making
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Greek leaders’ priorities questioned - The Washington Post
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Why the March 2012 Greece bailout protects the EU, but is bad for Greece and for democracy
06/30/2011
Nothing to be proud of, says the Journal in its editorial on Feb. 29, 2012. For Greece the terms leave no hope for a return to growth, and that the two political parties in Greece were required to pledge their support for austerity measures against overwhelming public opposition in Athens says little for democracy. It would have been better for Greece to go into a planned default 2 years ago with steeper haircuts for European banks and reducing Greece's debt to a manageable level lower than the over 120% of GDP in 2020 of the March 2012 bailout plan, says the Journal.
Grouped Articles
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Wall Street Journal 03/12/2012
Greece’s new prime minister wants Germany to pay for Nazi war crimes - The Washington Post
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Mirage of Economic Turnaround Masked New Greek Crisis in the Making
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The IMF's changing views on the value of austerity measures and the "German hypothesis"
04/05/2009
The IMF's economic models suggest that it would take 5 years for the breakeven point at which the economic benefits of austerity measures start exceeding the costs of the measures in declining GDP and higher unemployment. The German view is that this can occur in the short term.
Grouped Articles
Policy âTroikaâ for Europe Financial Woes at Odds
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Known for Tight Spending, I.M.F. May Have to Loosen Reins After G-20 Windfall
New York Times 04/05/2009
Germany Considers Remedies for Slowing Growth
Wall Street Journal 10/08/2014
Merkel Hints at Economic Policy Shift in Germany
New York Times 10/09/2014
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New York Times 10/12/2014
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