EU member states decide Pact for fiscal discipline..
EU member states decide Pact for fiscal discipline..
25 EU countries have committed themselves to the fiscal pact to launch a debt brake. Czech Republic and Great Britain are not there.
All EU countries except the Czech Republic and Great Britain have agreed on an austerity pact for more fiscal discipline. The top boss Herman Van Rompuy said on Monday at the EU summit in Brussels. The 25 countries committed themselves in this intergovernmental agreement to conserve and establishing a debt brake. The dispute with Poland on the participation in summits of the euro group was settled.
Thus able to Chancellor Angela Merkel (CDU) to enforce their key demands. Because of the demand from Germany for a "savings commissioner" for Greece, they had to insert heavy criticism, however, was only after the choice of words.
As ESM and related fiscal pact
In Europe, on several construction sites worked to avoid debt crises in the future. These include the fiscal pact for strict budgetary discipline and the permanent rescue fund ESM:
The 25 countries commit themselves in their intergovernmental fiscal contract to save money and establishing a debt brake on the German model. The states accept a stricter budgetary control of EU as well as tougher penalties against debt sinners.
The contract will be signed under the previous schedule in March and (ratified) will still need to be approved in the Member States. Especially Germany had insisted on the new pact.
Greece charged into contention for the top
The dispute over the completely over-indebted Greece stressed the special summit considerably. The federal government has remained, despite fierce criticism from Europe in their call for more control on debt sinners. Merkel made it clear that with - not against Greece - had to be traded.
Sarkozy said after the debate: "You can no land, no matter what it is, put under guardianship."
Armed with poles attached
The State appealed to the handlebars fiscal pact after lengthy debates, a dispute with Poland and other non-euro countries to participate in the Summit of the euro group. These states should be allowed to participate in all deliberations, in which there are three issues: competitiveness, changes in the global strategy of the Euro-currency and future reforms of the basic rules for the common currency.The goal of the Fiscal Pact is to regain lost trust in financial markets. A strict austerity measures to limit public deficits and prevent future cases like Greece.
Greece in the debate referred to the head of the Euro Group, Jean-Claude Juncker, Berlin’s proposal for the "savings commissioner" as "unacceptable". Such a scheme would only be possible if they exist for all states. Austrian Chancellor Werner Faymann said: "you have to insult anyone in politics."
Westerwelle distances itself from a distance
Merkel said was: ". I believe that we lead a discussion that should not lead us," she added however: "It’s about: how to support Europe, that in Greece things are observed, which are given as constraints. But everything goes only by Greece and other countries are discussing the each other. "
General strike puts quite lame Belgium
Distanced itself from a distance and Foreign Minister Guido Westerwelle (FDP): "I am very unhappy about the tone in this debate," he said at a Middle East tour in Cairo. We should "run an encouragement debate, no Entmutigungsdebatte". The statesmen also approved the permanent crisis fund for ailing euro-zone countries ESM. This is the first Starting in July and have a circumference of 500 billion €. The ESM is to borrow on the capital market and pass the money to bankrupt threatened euro countries.
Whether the volume is sufficient for emergency loans, is the next EU summit in March check. The summit also decided to do more for economic growth and especially jobs for young people. Sweden Moves is the only country in the first with no growth initiative. These funds are available from the Brussels EU-billion-dollar pots are used faster and better.
U.S. can not be convinced
Currently exist in the structural funds, 82 billion euros, which have not been provided for specific projects. The countries where youth unemployment is at least 30 percent and therefore may hope to help in the search for eligible projects are Estonia, Greece, Italy, Portugal, Slovakia, Spain, Latvia and Lithuania.
The U.S. could not convince the Summit’s decisions. "Europe remains a worry," said White House spokesman Jay Carney. "There are positive developments, but it still needs more work to be done."
Carney was not a specific reference to the fiscal pact agreed in Brussels to tackle the crisis €. He reiterated that the euro crisis could have consequences for the entire world economy. € The crisis was a European affair, the Europeans would have to solve themselves.
Heavily indebted Portugal worries
Concern also makes the highly indebted Portugal, which is again come to the attention of investors. The yields on government bonds climbed to the highest levels since the introduction of the euro. Its almost broke state already receives € 78 billion bail-out of the current rescue fund EFSF.
A strike in Belgium against the austerity package the government had hindered the arrival of noon the summit participants. Merkel and other heads of government as usual not landed at Brussels airport, but on an air base southeast of the capital.