Countries using the Euro de jure Countries and territories using the Euro de facto Countries in the EU not using the Euro (Photo credit: Wikipedia)
By Nikolaus Van Der Pas, Friends Of Europe, September 17, 2012
EU activity resumed after the summer with some good news. ECB President Mario Draghi buoyed markets with a commitment of unlimited purchases of bonds from fragile Eurozone countries; the German Constitutional Court gave the thumbs up to the European Stability Mechanism; Commission President Barroso delivered an ambitious State of the Union speech, and the Dutch voted for pro-European parties, rejecting their nationalistic rivals… (more) http://ow.ly/1muvPY
ECFR: The German Constitutional Court and the ESM: What happened? http://ow.ly/1mpJDT
Council of Foreign Relations: The Role of the European Central Bank – As Europe’s central bank moves aggressively to staunch the continent’s crisis, some critics are aski http://ow.ly/1mpCGn
Council of Europe’s definition of Europe (Photo credit: Wikipedia)
Jean Pisani-Ferry, Project Syndicate, August 31, 2012
Is Europe inventing a new governance model, or has it only taken a detour from the inevitable choice?
August was quieter than feared on the European bond markets. So, while resting on Europe’s beaches and mountains, policymakers could take a step back from the sound and fury of the last few months and think about the future. Is the eurozone sleepwalking into becoming a United States of Europe? Is it exploring uncharted territory? Or are its constituent nation-states drifting apart? (more) http://ow.ly/1me6rt
Jose Manuel Barroso, Project Syndicate, August 29, 2012
The consequences of Europe’s debt crisis are all too present throughout much of the European Union, as distressed economies attempt to stabilize and grow at the same time. Notwithstanding the important decisions taken over the last couple of years, the reality is that we need to do more to tackle the challenges facing the eurozone… (more) http://ow.ly/1mbPMA
José Manuel Durão Barroso (Photo credit: Wikipedia)
Euro bank notes (Photo credit: Wikipedia)
StratRisks, August 28, 2012
Spanish consumers are pulling their cash out of banks at record levels, according to figures released on Tuesday.
Private sector deposits fell by nearly 5 percent in July to €1.509, the Telegraph reported, citing European Central Bank data, as public confidence in the banking system reached all-time lows amid a worsening economic situation.
Klaus Regling (photo: IISS)
International Institute for Strategic Studies, Fullerton Lecture, 24 August 2012
The EU response to the eurozone crisis is producing results said Klaus Regling, CEO of the European Financial Stability Facility (EFSF), in the fifth IISS Fullerton Lecture, ‘The Euro and the Future of Europe’ in Singapore. http://ow.ly/1m751H
European Union (Photo credit: Wikipedia)
By Nikolaus van der Pas and John Wyles, Friends of Europe, August 24, 2012
The sovereign debt crisis is casting the European Union’s competitiveness problems in a very different light from a dozen years ago. Strengthening Europe’s ability to compete in the globalised economy has been a core EU objective since the Lisbon Declaration of 2000. But despite long seasons of discussion about priorities and numerous criticisms of the slow progress towards the 2010 goal of “the world’s most efficient and competitive knowledge-based economy in the world”, a comprehensive view of the challenge has been lacking. There was a general reluctance to relate lack of achievement to inadequate governance at the EU level and, until the financial crisis struck in 2008, a failure to focus on the growing divergence of competitiveness between Union member states…. (more) http://ow.ly/1m738n
Oisín Gilmore, Institute of International and European Affairs, August 10, 2012
On Wednesday 1 August 2012, the Irish Government began the final stage of ratifying the Treaty establishing the European Stability Mechanism (ESM).
The ESM treaty is a stand alone treaty, which establishes the ESM. The ESM will provide financial assistance to members of the Eurozone and replaces existing temporary funding programmes the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM). Along with the Treaty on Stability, Coordination and Governance (TSCG), the ESM treaty was signed earlier this year… (more) http://ow.ly/1lUINZ
Various Euro bills. (Photo credit: Wikipedia)
By Douglas J. Elliott, Brookings, August 9, 2012
Anyone who tells you that they know how the euro crisis is going to be resolved is either lying to you or to themselves. The situation is so complex that several quite different paths are possible. In this type of situation, smart analysts use scenario analysis and strive to put probabilities on the different outcomes, without making the mistake of thinking they can predict the future with accuracy. Events can change perceptions of the probabilities quickly and significantly, which is why we observed so much market volatility surrounding recent statements by the head of the European Central Bank… (more) http://ow.ly/1lUayA