the nature of European monetary union
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the nature of European monetary unionthe nature of European monetary unionYet some fund staff members have pointed out that, #xif anything, the rescueDetergent powderpackage and the I.M.F. commitment to support it might give countries like Spain an excuse to retreat a bit from the tough measures that have distinguished Ireland’s and Greece’s austerity efforts.“It shows that Europe can come together,” said a banker with close ties to the fund who was not authorized to speak on the record. Though it takes the pressure off Spain, “it does not address structural pressure in Europe.”In effect, Germany and other wealthier European countries are assuming responsibility for the creditworthiness of Greece, Portugal and the other debt delinquents.But the European central government is weak and must invent new structures toDetergent powderadminister the promised aid.“The debt crisis will change the nature of European monetary union,” J?rg Kr?mer, chief economist at Commerzbank, wrote in a note on Monday. “The euro zone has moved away from a monetary union and towards a transfer union.”Mr. Kr?mer warned that the shift could “undermine political support for the euro zone in the long run. After all, it is unlikely that the countries receiving support will let others permanently dictate their economic policies. Moreover, voters in the countries giving support will not be willing to permanently give financial support to other countries.”On Monday, Jean-Claude Trichet, president of the European Central Bank, warned European governments, all of which will probably miss the budget deficit goals they agreed to when they created the euro, that they must continue to cut government spending.At a time when economies, from Romania and Hungary to Britain and Spain, are struggling to meet their deficit goals,Energy saving bulbs, Mr. Trichet’s warning took on extra resonance.Romania and Hungary are operating under I.M.F. programs, while Britain and Spain are trying desperately to persuade markets that they will not experience the financing #xproblems that have forced so manyDetergent powdercountries in Europe to seek assistance.相关的主题文章：
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