Arab Today, arab today concerns over likely euro split
Last Updated : GMT 15:35:29
Arab Today, arab today
Arab Today, arab today

Crisis in the end

Concerns over likely euro split

Arab Today, arab today

Arab Today, arab today Concerns over likely euro split

Pakistani Prime Minister Yousaf Raza Gilani attends the World Economic Forum in Davos  
Davos - Arabstoday

Pakistani Prime Minister Yousaf Raza Gilani attends the World Economic Forum in Davos   Davos - Arabstoday The euro crisis is likely to result in a split in the single currency, a panel of European CEOs and economists have said.But during a lively panel at the Davos summit in Switzerland, they also said that there is great confidence that the euro and the majority of its member states will get through the crisis in the end. Despite the shared conclusion, the panel also shared a deep uncertainty about how politicians will manage the crisis, making any short term predictions very uncertain. \"We need a two speed euro, but getting there has to be done in a realistic time frame,\" said Gerard Lyons, Chief Economist at Standard Chartered. \"The markets now expect either of two things to happen: the euro will have to move to operate under one treasury, and one or more nations might leave the euro. I think both might happen.\" Lyons added that the current structure of the euro is fundamentally flawed in that member states were let in for political reasons, and the core states did not recognise the importance of transfers from the stronger areas to the weaker areas. Political will But Lyons recognised the political will to get it right. This was echoed by Pierre Debec, CEO of Deutsche Bank, who said \"we will pull back from the cliff, even if we have a bumpy two years,\" even as he criticised the whole rescue package as being far too slow. He argued that \"a political solution and a Euro-bond issue could have happened a lot earlier, but now we have 16 independent states which have to come together as a political union in order to solve the euro problem\". This optimism was attacked from the audience when Martin Wolf of the Financial Times said there was not hope of solving the problem without a shared diagnosis of the problem, which he has not seen. \"The Germans have not offered a solution other than everyone has to act like Germany,\" he said America will do very little to help the struggling Europeans. Obama is facing an election year and rescuing the euro is not on his radar screen, said Mark Penn, former adviser to Bill Clinton and Tony Blair. \"When asked about any action the United States was going to take, the president simply replied that ‘our oldest alliances are as strong as ever\', and made no further comment\", said Penn. Robust view Martin Witteg of Roland Berger took a much more robust view, when he pointed out that many countries in Europe and the greater European area do not have problems. He pointed to the econ-omic successes going on in Scandanavia, Poland, the Baltic states, and Turkey. \"Nearly half of Europe is doing very well.\" The emerging agreement on the panel that a split was all too likely was then attacked by Lord Mandelson who was sitting in the audience. The former Labour minister and European Commissioner argued passionately that no one should write off the euro too soon. \"We need governments and institutions to instill confidence. We cannot be so relaxed about the euro failing since the banking and corporate defaults would cause huge damage across Europe and further afield. Cameron upbeat on Europe recovery Despite the uncertainty sweeping across the European Union, British Prime Minister David Cameron was bullish about the prospects for resolving the Eurozone crisis. \"Europe could recover its dynamism. I still believe we can. But only if we are bold. Only if we fight for our prosperity ... [and if we] get to grips with the debt,\" he said. The Prime Minister called for bold decisions on deregulation, on opening up the Single Market, on innovation and trade, and to address the \"fundamental issues\" at the heart of the Eurozone crisis. \"All of these decisions lie in our own hands. They are the test of Europe\'s leaders in the months ahead. ... The problems we face are man-made and with bold action and real political will we can fix them,\" the Prime Minister urged. Short-term issues must be dealt with. \"Greece, banks and the firewall. If you do all those three things together quickly, you would ease the sense of the crisis. For 2012, that would make a clear difference,\" he advised. Cameron\'s remarks came on the heels of pressure from the International Monetary Fund on Monday to \"bolster the firewall\" around Italy and Spain as talks between Greece and its creditors have been mired in deadlock. Cameron outlined the features common to all successful currency unions: a central bank that can comprehensively stand behind the currency and the financial system; the deepest possible economic integration with the flexibility to deal with economic shocks, and a system of fiscal transfers and collective debt issuance that can deal with the tensions and imbalances between different countries and regions within the union. \"Currently it\'s not that the Eurozone doesn\'t have all of these…it\'s that it doesn\'t really have any of these,\" he declared. The Eurozone crisis calls for \"tough fiscal discipline\", but the Prime Minister said that this is a problem of trade deficits, not just budget deficits. \"It means countries with those deficits making painful decisions to raise productivity and drive down costs year after year to regain their competitiveness,\" he said. \"That does not happen overnight and it can have painful economic and even political consequences. Nor is it sufficient. You need the support of single currency partners and ... a system of fiscal integration and risk sharing, perhaps through the creation of euro area bonds to make that support work.\" Despite Britain\'s refusal to sign an EU treaty to change the way the single market is regulated, Cameron said Britain is not walking away from Europe.  

arabstoday
arabstoday

GMT 19:13 2017 Tuesday ,17 October

GCC public debts reached to $415bn

GMT 10:22 2017 Sunday ,15 October

ADNOC strengthens energy partnership

GMT 17:02 2017 Saturday ,14 October

IMF, Spain warn on economic growth

GMT 05:05 2017 Saturday ,14 October

Saudi Aramco considering ‘range of options’

GMT 07:46 2017 Friday ,13 October

Canada still optimistic for new NAFTA

GMT 19:45 2017 Thursday ,12 October

Economic reform results 'exceed expectations'

GMT 15:34 2017 Thursday ,12 October

IMF: 'Fluid' situation for banks

GMT 22:53 2017 Wednesday ,11 October

NBE ranked 1st among African banks
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today concerns over likely euro split Arab Today, arab today concerns over likely euro split

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today concerns over likely euro split Arab Today, arab today concerns over likely euro split

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Writing's on the wall for Trump, Zuckerberg

GMT 09:05 2017 Thursday ,19 October

Writing's on the wall for Trump, Zuckerberg
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday