Arab Today, arab today eu launches bid to rewrite eurozone budgets
Last Updated : GMT 23:45:40
Arab Today, arab today
Arab Today, arab today

EU launches bid to rewrite eurozone budgets

Arab Today, arab today

Arab Today, arab today EU launches bid to rewrite eurozone budgets

Brussels - AFP

Europe starts Wednesday down a road to far-reaching legal changes that would see the EU police budgets before they pass domestic lawmakers, a pre-condition for pooled eurozone bond sales. Jose Manuel Barroso, head of the executive EU Commission, and \'euro\' commissioner Olli Rehn, present shortly after noon (1100 GMT) controversial proposals pitched as key to preventing a repeat debt crisis. The interlinked measures, which now journey through the EU\'s 27 member states and the European Parliament, have caused disquiet in different camps with Germany -- which backs hardline fiscal surveillance -- hard-wired against common bonds. \"If we have to have this debate, then it is more appropriate to have it at the end (of the crisis) and therefore I do not think it is right to have it now, in the middle of the crisis, as if it were the answer,\" Chancellor Angela Merkel said Tuesday. \"In the long term, it is not.\" As well as bailed-out trio Greece, Ireland and Portugal, eurozone giants France, Italy and Spain have each seen borrowing costs rise on bond markets this year. Belgium is also in danger amid an 18-month political paralysis that has prevented parties agreeing a government or budget. As Europe\'s biggest economy and the state with the lowest borrowing costs, Germany worries it would be liable for the lion\'s share of pooled borrowings -- at least until such time as the European Central Bank declares itself a US-style \"lender of last resort.\" Which Germany, the home of the ECB and guardian of its \'sound money\' raison d\'etre, rejects outright. In Berlin on Tuesday, Rehn said the introduction of so-called \'stability bonds\' would only work if done hand-in-hand with radical budgetary intervention. He said that \"substantially reinforced fiscal surveillance and policy coordination\" would be \"an essential counterpart.\" The EU has rules on annual deficits and cumulative debts that have been trampled over for years by its governments, despite a series of toothless changes agreed among capitals. This time, Rehn\'s Commission wants the power to send inspectors in to treasuries and finance ministries around Europe, and demand changes it believes better meet the needs of the common good before funds are legally allocated. The budget plans focus on eurozone states, and recommend institutionalised extra-high supervision by the Commission and the ECB for those in greatest difficulty or already in bailout programmes with the International Monetary Fund. EU president Herman Van Rompuy stressed on Tuesday that good financial housekeeping by states is the pre-requisite to any \"mutualisation\" of debt issued and repaid across borders. He was speaking after talks with new Italian premier Mario Monti -- whose government already faces the humiliation of such international auditors poring over its books in Rome. Leaders of the 27 EU states are expected to debate introducing the legislative package at a December 9 summit. Anything that demands states bail out partners -- beyond purely voluntary action -- would require changes to the EU\'s treaty, a process riven by referendum dangers for backers of greater integration. Three options for eurozone bonds envisaged by the Commission depict an evolving system it says could bring down yields for those under the most pressure, perhaps beginning only with the best-run economies and only selective guarantees.  

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 eu launches bid to rewrite eurozone budgets Arab Today, arab today eu launches bid to rewrite eurozone budgets

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016

GMT 05:15 2017 Tuesday ,21 February

Gold firms as markets await Trump tax plans

GMT 04:58 2017 Tuesday ,21 February

EU, IMF in ‘common position’ on Greece crisis
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
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