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FINANCIAL CRISIS: THE GOVERNMENT OF THE ECONOMIC of EURO IS BORN FROM the CRISIS  

The economic government of euro was born Sunday thanks to the financial crisis, which forced European leaders to surrender their sensitivities to the cupboard.
The day after the Maastricht agreement in December 1991, France virtually isolated, fought for a "political counterweight" to the European Central Bank (ECB), independent government institution. But Germany, who had to sacrifice his Mark, symbol of its rebirth, on the altar of European integration could not agree to let the future single currency is thank you for political management which had not been proven .
The repeated devaluations of the French franc does not really pleaded for the cause of France and Germany, obsessed with hyper-inflation of the 1930s, only wanted an ECB as independent as its Bundesbank. France has nevertheless pulled a concession to Germany in 1997, two years before the launch of the euro, after accepting a pact of stability, real instrument of torture to countries who would dare let their deficits, potentially punishable d huge financial penalties. With its contacts with Germany, the finance minister at the time, Dominique Strauss-Kahn, had obtained the creation of the Eurogroup, the informal monthly meeting of finance ministers of the euro area are expected to coordinate their policies economic.
The instrument is used with some effectiveness and devoid of any substance the meeting of finance ministers of the European Union, which merely on Tuesday to endorse what the Eurogroup decided on Monday, a large angry Britons excluded from the process.
The appointment in 2005 of a stable chairman of the Eurogroup in the person of Jean-Claude Juncker, the prime minister and finance minister of Luxembourg, dean of the European Council, has further strengthened its role.
To change things, Nicolas Sarkozy has been head of his office in 2007 to organize a summit of the Euro-group at Heads of State and Government, especially when the euro beat record against the dollar.
In vain, Germany, once more objecting to any initiative that might erode the wings of the ECB.
The French president had even given a push that claim not to pollute half of its presidency of the European Union by bickering francoallemandes.
"The best way to screw up the French presidency is to start a political debate without hope. This does not serve anything," he confided last May. The extent of the financial crisis gave him the opportunity to bounce back dramatically, as it is true that the reactions at cross various European countries and in particular the differences between Germany and France on a plan across Europe has forced a reaction. • After a period of denial, where European leaders said with aplomb that Europe was immune to the crisis, the phase of every man for himself, the Franco-German fâcherie and awareness of the seriousness of the situation , The time for action has finally come, even late. The meeting of a summit of the Euro has become almost naturally and Jean-Claude Jun-cker asked to say whether it was the birth of economic government of the euro zone, has not hesitate to reply in the affirmative.
"We are not a government economic Franco-French meaning of the word, but I do not see very well the difference between what you want and what we do," he said Sunday stating that he never " Europe seen to be governed with equal intensity. "
In addition, major countries. the euro area, including France, Germany and Italy, should announce their plans Monday numerical support to the banking sector in the aftermath of a crisis summit of the Eurogroup in Paris, which seems to have restored confidence 'to markets.
These figures give tournis has as Berlin, Paris and Rome, imitating London, should bring in the after-noon. About 470 billion euros for Germany alone, the main economic power of the European Union, according to government sources.
This amount is broken down into 70 billion euros in capital for banks and 400 billion euros in guarantees on inter-bank exchange.
France, Italy, Germany, as well as several other countries, like Spain, had planned to take the advice of extraordinary ministers, after which the plans were to be announced. Portugal has already decided Sunday in a security state 20 billion euros, and Austria would do its ads Monday after-noon.
"This is not to make gifts to bankers, it is to sQrte that consumers, investors can continue to operate in a rational way it", said Monday the president of the Eurogroup and Luxembourg Prime Minister Jean-Claude Jun-cker. "The banks that will help pay," he added.

 
Source: AMI/PMD  

 
   

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