The absolutist features of democracies in Europe..The civil rule over because he's not always understood - that seems to be the motto. With her playful one Europe, his reputation, his future, his legitimacy.
Europe is, no doubt, in danger. Not because the citizens of Europe do not like, but because they do not understand. Because they can not recognize it. Because no one explains why it is good, what shape it should have one day and like the way there - stage to stage - could look like. Europe must be to have an alternative does not, it sounds from the room alleuropäischen of those responsible. And: Since the multi-hazard, who names it, it would be better to silence about it.
Euro bonds are bonds that are issued jointly by the countries of the Euro-zone. It does not exist yet. Germany rejects it. For the repayment of these papers all countries would jointly liable.
The advantage is that in this way, countries like Greece could come in fresh money, without having to pay higher interest rates because of their bad credit rating need.
The disadvantage is that pay cash Powerful countries like Germany and France would have higher interest rates than before - which would cost taxpayers billions. In Germany alone, it would be up to 25 billion € per year, the Ifo Institute has calculated. In the longer term could lead to pooling of debt also means that countries enter under the security seal of the euro zone more debt than they can bear. fwi
No, that's wrong, has always been wrong and there is still much more. There are good reasons to keep the ever-exciting rescue systems is inevitable - even if it is to succeed anyone to make it plausible, if they ever reach the set goal. It is currently about winning in a hectic race against time to buy time. But even then, when this happens successfully, the causes of the crisis is not resolved at €.
Embarrassment for German parliamentary
Although politicians have been trying for days, almost all political parties to raise a reasonable seriousness of the situation, the debate has unfortunately shown in the Bundestag, is played with such hateful and small coin on. That a hair beyond the dissenters of the Left Party would not have come to speak, is an embarrassment for the German parliamentary system.
How the rescue systems
There are two €-rescue systems - the modified preliminary and its permanent successor mechanism EFSF ESM, the middle of 2013 enters into force.
Both instruments should be able to ailing euro-zone nations to better assist in an emergency, without new, irritating the financial markets rescue of the 17 euro countries are needed.
An overview of the key elements of both mechanisms ...
WHAT IS THE EFSF?
The European Financial Stability Facility (European Financial Stability Facility, EFSF) was on 10 May 2010 as interim euro rescue of an EU summit launched. They will be replaced in mid-2013 from the permanent bailout ESM, which should have the same opportunities. EFSF is run by the German officials Klaus Regling.
WHEN WILL BE HELPED?
Prerequisite for the help of both institutions is that the stability of the Euro-zone as a whole is endangered and is a recipient of a hard country undergoing economic reform program.
Must also be clarified in advance whether a country receives aid credits, can repay them.
For the disbursement of loans, a unanimous decision by the donors is necessary.
VOLUME OF EFSF
The recently approved revised EFSF contract provides that the volume of credit for troubled states to effectively € 440 billion euro rises.
So take the EFSF such a sum in the financial markets at low interest rates and then can forward at a premium of States, the euro-citizens in accordance with their share of the European Central Bank is now up to 780 billion euros.
Germany is liable for a share of 211 billion euros.
As a precaution, the hedge has been calculated that even without a contribution from Greece, Ireland and Portugal, the full loan amount would come together.
Unlike before, the future may EFSF loans in the primary market, then buy directly from states - along with the ESM from 2013.
This new instrument can provide a kind of parachutes jump start, if they participate in a new bond issue in the country, the returns on the capital markets.
WHAT GETS THE NEW INSTRUMENTS EFSF?
The euro-zone countries on 21 July, the guarantee-extension and four new instruments for the EFSF and decided to adapt their EFSF Framework Agreement. The four instruments are:
- The primary market purchases of bonds: The future EFSF can buy from the newly issued government bonds directly.
- Bonds in the secondary market: Even bond purchases on the stock exchanges are possible, but only in exceptional cases.
- Contingent Credit Lines: Euro countries can assure themselves of the EFSF a credit line that they must not use. This is to reassure the financial markets.
- The EFSF countries may in future give special loans to enable them to recapitalize their banks.
THE VOLUME OF ESM
From mid 2013 to replace the long-term euro rescue ESM EFSF.
It can make loans up to 500 billion €.
For a good credit rating, he still needs "only" a hedge of 700 billion €, because he's different from the EFSF a capital stock of 80 billion euros in cash.
The German share of the total liability thus falls in the transition from EFSF on the ESM 190 billion €.
Germany must ensure that amount of nearly 22 billion euros into the capital stock.
Joint liability PRIVATE CREDITORS
The ESM contract stipulates that from 2013 all included in the euro-zone government bonds issued with a maturity of more than one year, the clause that private investors are involved in a crisis resolution.
In Article 12, two scenarios are defined: If a country only in a temporary liquidity crisis, private creditors should be encouraged to keep their loans longer.
In the bankruptcy case, the Member State must necessarily negotiate with the creditors - the private sector would be involved if necessary, such as on an average debt.
Both cases, however, refer only to the mid-2013 issued new bonds with the so-called collective action clauses CAC.
Details of the CAC rules should be clarified by year end.
PREFERRED CREDITOR STATUS
The ESM is similar in its outstanding loans as a preferred creditor status of the IMF.
In the bankruptcy case, these loans take precedence over those of taxpayer money in private hands will be served.
An exception is made only if utilities are started prior to ESM and then transferred - then waived the ESM on a preferred status it today for the EFSF are not.
The federal government emphasized that this restriction can apply only for a transitional phase in cases such as Greece, Ireland or Portugal.
Margin calls and DEVELOPMENT
At least every five years should be checked whether the ESM framework should be changed.
There may be an additional funding requirement for countries, if loans are not repaid.
In any case, as for Germany, but the limit of liability of 190 billion euros.
From the existing EU Finance Ministers Council may also amend the purchase of financial instruments such as the primary market or established at 200 basis point premium for loans contracted and set up a reserve fund and other funds.
UNANIMITY AND CONSENT
Important decisions can make the Board of Governors unanimously.
In many technical questions of a qualified majority shall be 80 percent.
Because Germany holds about 27 percent of the shares it has in these cases as a de facto veto.
It is not clear how the nation states to take the decision of their representatives on the Board of influence.
Many federal MPs claim that the German position is set before important decisions by parliamentary approval - unlike the EFSF, in which the government must establish only one agreement with the Budget Committee.
The scheme will be regulated in the fall in its own national interest law.
Source: Reuters, as of September 2011
For it is not about to somehow make ends meet - the point is to establish new and clear, what we have in the EU. This was (perhaps) not necessary as long as Europe felt a new promised peace and prosperity dividend and sufficient contrast to the old Europe of nationalism and war as a justification. On the way from this early stage, in which pathos and pragmatism went hand in hand, something is out of control.
Alienation in the EU
There were new, contemporary justifications must be replenished. But in a strange mixture of confidence in Europe's self-run and arrogance towards the chronically disoriented sovereign in this matter has let things go easily. It is what it is, it comes as it comes: That was the tune that was sent from Brussels and the seats of government.
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Economists reject Euro-Bonds
Alienation was the result. It disturbed anyone, that the EU is a secret language grew. No commission will start to wonder if his policy speeches are almost no public attention. Hardly anyone bothers it, that literally no one under the operational command staff, the manager or who has at least half of the continent in a name.
And nobody has a problem so, a much-needed tool to the rescue - to give the name "European Financial Stability Facility" - absolutely correct. Because no one remembers that no one understands that fires the imagination no? Pointed that this vocabulary can not be thinking of something saving, but to something dangerous, which is to be avoided?
Europe - an elite project
Certainly, one can not evade the realization that Europe is an elitist project. Visionary and a pragmatic sense, there have been launched - and it has become such a complex project of the century, only the elite can push it. The EU can not be fully transparent base project, which is in Lapland as clear as in Malta or in the Masurian lakes. That is why we need experts - specialists but who are willing and able to penetrate the political theory of the historical content Novum EU to explain and make it appealing.
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Greece - which can now help?
The EU must be seen more as an appliance. If it's the United States of Europe, if it be the European federal state can not or should - then what? What is the objective, the finality of the EU? When is enough? And how they can be designed so that they can be felt even in not so easy times as a port, a haven, as a good place?
One can understand Ms. Merkel, if she dismisses it all as a spinning mill. She has enough other things to fumble. Any reasonably observant citizen suspects but that two events are currently taking place. One plays on the stage visible to the public - here in a quick stroke totals, proclaimed language rules. On the other, it is secluded place behind the stage, one is already two, three, four steps ahead and handled with even more adventurous-sounding hum, levers, instruments. Again, this may be necessary - creates not trust you with security.
Democracy can have many faces. Even an absolutist. Such features take the democracies in Europe now. Because the rulers of Europe to keep the titanic work for so many of them have let go of the hope to convey it to the sovereign still. The civil rule over because he's not always understood - that seems to be the new motto. With it you may buy time, with their playful but also to Europe, his reputation, his future, his legitimacy.
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Europe before the crash
It needs to stand up anywhere in Europe, someone who explains the purpose of those bureaucratic battle gelderhäufenden material, because the EU states. When he last week as a surprise to many on this side of the Bundestag spoke, the Pope said: "The culture of Europe from the encounter of Jerusalem, Athens and Rome, emerged from the encounter between the religious faith of Israel, the philosophical sense of the Greeks and the legal thinking of Rome. "That would be even a good historical foundation. It must extend across Europe, but this can say more. Then, after flying high grounds, longs for the citizens, but who would like nothing better than a Europe that he can feel a bit as a home.
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