Blogs : European Plan Comments 14th October

The European Union way …. Richard, The EUReferendum (en)
" ... When it comes to capital requirements, you can do it the easy way … or there is the EU way, using Directive 2006/49/EC (Annex VII) - click the pic to enlarge: ..."

"A disaster waiting to happen". Richard, The EUReferendum (en)
" ... Thus, when the John Barr outbreak happened, I was more than a little interested. I had just completed my PhD which, to a very great extent, dealt with enforcement and food poisoning investigation procedures. I wrote about the outbreak extensively in the national press – and elsewhere – forming the opinion that, as much as anything else, it had been a regulatory failure ..."

Les Quinze en rang d'union. Jean Quatremer, Les Coulisses de Bruxelles (en)
" ... La création, ex nihilo, d’un « Eurosommet », réunissant les chefs d’Etat et de gouvernement de la seule zone euro ainsi que le président de la Banque centrale européenne (BCE), doit moins aux gouvernements qu’aux marchés. Ils ont clairement signifié ces derniers jours que le « chacun pour soi » national décrété au début de la crise par l’Allemagne, la Grande-Bretagne et l’Irlande n’était absolument plus adapté aux réalités européennes.
Pourtant l’intégration économique est quasi totale, au point que l’Union a pu se doter, il y a presque dix ans, d’une monnaie unique ; et les marchés sont largement européanisés.

Europe’s Leaders Agree To A Common Front In Fighting The Banking Crisis. Edward Hugh, A Fistful of Euros (en)
" ... I wouldn’t like to dwell too much on the point at this stage, but this was, of course, precisely what happened in the 1930s.
Basically, one economy after another in the developed world is now going to become export dependent. If I take Spain as an example, perhaps things will be clearer. Spanish households are now in debt to the tune of around 90% of GDP. Spanish companies owe something like 120% of GDP, and the government, which is just about to start accumulating more debt, owes about 50% of GDP. Adding that up, Spain incorporated owes about 260% of GDP at the present time. But the situation is worse than that, since debts continue to mount ...
... This harsh but unavoidable reality has two important implications. The first of these is that Spain is going to need external help, and the second is that while the level of indebtedness is being reduced, Spain will not get GDP growth from internal demand, and any headline GDP growth there is will need to come from exports ...
... And just what will this system look like? Well, the details will all need working out, but in broad brushstroke terms, my strong feeling is that we need to bring-in the large developing economies like India, Brazil, Egypt, the Philippines etc en-bloc, and create a Marshall-Plan-type structure were all those newly created developed world savings can be put to good (and safe) use in facilitating the emergence of those long suffering emerging and frontier markets, and in so doing these countires will play their part by helping provide the customers which our own “export dependent” economies will all now so badly need ..."

The CEE and the Baltics - Moving Towards the Center of the Storm? Alpha.Sources-CV (en)
" ... It is thus important to understand that the Baltics are still dependent on inflows of foreign credit even as the economy slows and that this shows up, in part, through the substantially higher leverage in foreign currency relative to the total leverage ratio ...

Financial meltdown :Gordon Brown to the rescue ! Stanley Crossick, Blogactiv.eu (en)
" ... 15 Member State Eurogroup, which, broadly replicated Brown’s UK rescue plan by
devising a concerted European action plan of the Euro area countries ...
- ensuring appropriate liquidity conditions for financial institutions
- facilitating the funding of banks, which is currently constrained
- providing financial institutions with additional capital resources so as to continue to ensure the proper financing of the economy
- allowing for an efficient recapitalisation of distressed banks
- ensuring sufficient flexibility in the implementation of accounting rules given current exceptional market circumstances
- enhancing cooperation procedures among European countries ..."

Every Cloud. Eurosoc 2, EuroSoc (en)

" ... The stock market crash of last week wasn't all bad news. ... the IRA may have lost a significant slice of its whopping €200 million investment in the US stock market as a result of falling share prices ... The (Irish) Independent reports that the terrorist group's financial bosses sold out its holdings in Irish commercial properties at the top of the market, then using front organisations to enter the US investment market ..."

House prices back in focus! Ironies Too (en)

" ... I mean the moment when that common bimbo Yvette Cooper (Chief Secretary to the Treasury and mistress of Ed Balls, the moronic Schools Secretary) had her true aims for the nationalisation of banks exposed for all to see on Channel 4 News ...

... Just in are the latest UK inflation figures at 5.2 per cent. A sum for Ed Balls and Yvette Cooper: House price falls of 13.8 with inflation at 5.2 equals a real price house drop of --.-? ..."