Economy and Business Info

Posts Tagged ‘crisis’

The deputy general secretary of the PSOE federal and Minister of Public Works, José Blanco, branded the national president of the PP, Mariano Raja, “bogus patriot” and warned that its objective is “to make adjustments horse” in the European economy.

On the Feast of the Rose, White visited the town this morning Areca Saragossa, where he staged a rally-lunch for more than 1,200 activists and supporters, among whom he predicted that the PSOE would win the regional and municipal elections of 2011 and the 2012 general.

So, asked all participants to avoid being “fooled” because behind all the “populist proposals” by Mariano Raja is the aim of “winning the election on the back of the crisis and then make a horse fit and throw the Zapata blame.”

In this regard, said a few days ago has been validated as the Royal Decree Law of adjustment, and that the PSOE did not have a positive vote of the PP and Raja, a “patriot cheesy”, while other nationalist parties (CIO) had “more sense of state” that the PP who recommended “less wrapped in the flag of Spain and more committed” to the real interests.

The minister asked how to say that the PP is the party of the workers “looking at the face of Raja” and deplored the “hypocrisy” of the secretary general of the PP, Dolores de Co pedal, who recalled his “Palestinian scarf” Raja and challenged to explain “what change and how” the proposed labor reform.

The new rules impose more frequent visits from officials of Euro stat to countries subject to prosecution for excessive deficit.

Thus, when there is reasonable doubt about the accuracy of the deficit and debt figures sent by a government in Brussels, the EU executive will send officials to the country concerned and to review firsthand the central government data, regions municipalities and social security.

In addition, Member States should provide Euro stat with the information required to examine the quality of fiscal statistics. Economic Affairs Commissioner, Olli Rein, said the new audit powers “are an essential requirement to have an economic and monetary union (EMU) strong and functioning effectively.” “We need accurate and reliable statistics on national accounts for EMU to work,” he said.

Rein announced that the first country to send a mission Euro stat when Parliament ratifies the strengthening of its powers would be Bulgaria. “We have some concerns about the functioning of statistics in Bulgaria,” he explained.

The EU executive called for and these additional powers in 2004, precisely when it was discovered that Greece had falsified data to enter the euro. However, the capital has refused to grant.

However, after coming to power, the New Greek socialist government again reviewed in October the deficit forecast for 2009 from 3.7% of GDP was estimated last spring to 12.5%. Subsequently, Euro stat has again revised upwards the Greek deficit last year to stand at 13.6%.

Distrust in the quality of the Greek statistics has been one factor that has aggravated the country’s debt crisis and forced him to benefit from the fund of 110,000 million set by the euro zone countries and the International Monetary Fund avoid bankruptcy. To avoid these problems again in the future, Member States have raised their reserves and have agreed to give more powers to the Audit Commission.

Dr Denison said it was theoretically possible for countries to leave the euro, as well as being driven by choice. However, despite the difficulties experienced now, think it is unlikely the departure of any member country of the Euro. Even so, says the crisis has shown that changes will be needed in various parts related to the Euro, and describes some of these.

The changes mentioned are

1.Cambios in rules of the Stability and Growth Pact in the European Union, which began operating in 1997 and was a key part of deal that led to the introduction of euro.

2. Transparencia, especially of the accounts presented by different countries.

3. How countries require compliance with the conditions and obligations, including any penalties for noncompliance.

4. Coordinación taxation between countries.

Structural 5.Reformas in different countries.

The conclusion of Dr. Denison is that, when overcome current challenges, the countries of the Euro would be strengthened and increasingly linked and coordinated. Also says, if things continue as they are, the countries of the Euro may also interfere in economic affairs of other countries.
Let us see how they like big countries after the crisis and let us begin to falter in its economic policies again, when received, not only calls attention to its young members, but asking them to account. It will be interesting to see.
Good to hear voices informed restraint and without panic, which is uncommon, especially as there are markets and stock exchanges