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EU leaders back tougher rules to avoid future debt crises and threats to euro
Published: 29 October, 2010, 09:50
Edited: 30 October, 2010, 05:00
At a Brussels summit, EU leaders have agreed to prepare changes to the organization's fundamental Lisbon Treaty, involving tougher financial discipline and punishment for overspenders.
The EU not only is moving forward but will be strengthen, ...its the best think that happen to this old continent with its long history of conflicts and divisions ,...now this is not the soviet union if someone doesnt like it its free to leave,....having a central body checking each countries budget is a good idea,......now lets make a few thinks clear, no one in Germany is handing out money to Greece this are loans with big interest rate that Greece has to pay back to the German banks,...Greece said if Europe is not willing to give us the loans we will go to the IMF its almost the same interest, so no one is puting a gun to someones head to give him anything,...but the speculators like vultures are still waiting out side Greece's and other European countries doors, but nothing is going to happen and they will fail, Europe will move forward stronger from this ,........in Greece is still critical it will take 3 to 5 years to move out of this and start seeing positive results, .....
I like this idea: "a permanent European Financial Stability Fund". Isn't that the same thing that Russia has? Saving money for hard times? It sure saved their bacon in 2008. Good luck starting one now, when everybody in the EU is fighting against any more payments to the EU government. This is like locking the barn door after the horse is gone. Worse, not only is the horse still gone, but the thief came back and set the barn on fire, and he is currently picking the locks of the main house. But, I suppose a stability fund would be a good idea. Better late than never.
By the time of the fall of the USSR it was supposed any dream of a European Currency and a European Federation would fade away, but the Common Currency is a reality and the road toward a European Federation goes ahead. Already, the European Union is "de facto" a Confederation, but being a Confederation is not enough (as we have seen during the credit crunch) to overcome the economi difficulties, so next federalist steps are being taken. There will be on time, in a decade, a common European bond. A common European Budget based on individuals and corporations taxpayers instead of the present one based on national state taxpayers is also on the way. The present contribution system will be updated from the state to the individual. Countries will not contribute to the E.U. Budget as in every member state there are better off and worse off people, better off and worse off corporations. It doesn´t make sense that Spanish companies like Santander (first Bank in Europe) or Telefonica (first Telecom company in the Eurozone) don´t contribute to the Budget. That will change.