Arab Today, arab today eu demands right to dictate national budgets
Last Updated : GMT 17:54:39
Arab Today, arab today
Arab Today, arab today

EU demands right to dictate national budgets

Arab Today, arab today

Arab Today, arab today EU demands right to dictate national budgets

Brussels - AFP

The European Union demanded Wednesday sweeping powers to override national budgets and proposed issuing joint eurozone bonds to help resolve and prevent a repeat of the debt crisis. \"Without stronger governance, it will be difficult if not impossible to sustain the common currency,\" EU Commission chief Jose Manuel Barroso said of his latest legislative proposals. The head of the executive EU arm, Barroso presented radical plans that would allow him and Economy Commissioner Olli Rehn to decide to intervene in national policymaking. Each said such new powers were a pre-condition for pooling eurozone government bonds, presented as a future safeguard. Chancellor Angela Merkel immediately repeated Germany\'s opposition to joint eurozone bonds, saying the approach would not work -- just as investors shunned an issue of German 10-year bonds, considered the eurozone gold standard. French President Nicolas Sarkozy voiced the conviction, which he said Merkel shared, that the 17 eurozone nations must \"better integrate and that at the heart of that integration France and Germany must grow closer and be the base of stability in the eurozone and Europe in general.\" \"There is no other choice,\" he stressed. Such closer integration would mean no over-reaching national budgets and no \"fiscal dumping\". Countries with excessive budget deficits must make efforts to bring them down, he added, addressing a meeting of French mayors in Paris.  However the Netherlands, which backs stronger budget policing, meanwhile warned that plans for fiscal convergence also face an \"uphill struggle.\" Without naming the objectors, Finance Minister Jan Kees De Jager said: \"There are those who resist further discipline.\" The proposals, which concern only the eurozone at this stage, must now journey through the EU\'s 27 member states and the European Parliament. Barroso argued that to complement democracy at the level of national parliaments, for instance in the setting of annual budgets, a \"democracy of the EU\" also had to be given its say. Otherwise, he said, Europe would \"hand sovereignty to markets.\" The EU has rules on annual deficits and cumulative debts but these have been trampled over for years by its governments. This time, the Commission wants the power to send inspectors in to finance ministries around Europe, and demand changes it believes better meet the needs of the common good before funds are legally allocated. Now the Commission wants states to set up independent councils using external forecasting to agree on spending, taxation and other budget-shaping reforms. The EU wants to institutionalise audits of troubled nations -- like the missions in Greece or Italy -- before bailouts become necessary. Rehn said the right to intervene in a eurozone state\'s public finances would be awarded when the Commission and the European Central Bank (ECB) determine that financial stability is at risk. Germany wants to go further and empower the European Court of Justice to pursue the worst offenders. However Germany is staunchly against jointly-guaranteed eurozone bonds, believing they are not the answer to the eurozone debt crisis either in the short or long-term. Finland and the Netherlands also came out against eurobonds. Merkel said she found it \"extremely worrying\" and \"inappropriate\" that the Commission was pressing ahead with eurobonds proposals, underlining: \"This will not work.\" German Finance Minister Wolfgang Schaeuble said \"we won\'t take that path.\" As Europe\'s biggest economy, Germany would be liable for the lion\'s share of pooled borrowings, and would see its ultra-low borrowing costs rise. While Germany has been largely insulated from the difficulties weaker eurozone countries have had in raising funds, on Wednesday it had a shock when it was able to place only 3.6 billion euros\' ($4.8 billion) worth of its benchmark 10-year \"Bund\" from a total of 6.0 billion euros on offer. The borrowing rate remained low, but Austria\'s central bank head and European Central Bank (ECB) governing council member Ewald Nowotny called it an \"alarm signal\". Germany and France have also sparred over recent days over having the ECB become a lender of last resort in order to resolve the debt crisis. EU leaders are expected to debate the legislative package and related ideas at an early-December summit.

arabstoday
arabstoday

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 demands right to dictate national budgets Arab Today, arab today eu demands right to dictate national budgets

 



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 demands right to dictate national budgets Arab Today, arab today eu demands right to dictate national budgets

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
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 Tillerson returns to Saudi Arabia

GMT 17:43 2017 Sunday ,22 October

Tillerson returns to Saudi Arabia
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 World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
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 Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
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 EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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