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The following article was published in our article directory on November 3, 2010.
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Euro Out of the Crisis Slowly Reborn

Article Category: Business

Author Name: Amanda xzh

For the euro area, the 2010 is a special year. In that year, came 11 years of the euro zone sovereign debt crisis hit, one time "disintegration of the euro area", "euro collapse" of much talk.

Also in that year, the euro area has withstood the impact of sovereign debt crisis, the euro area started to make up for institutional shortcomings, the current crisis have been walking in the "ashes" on the road.

From the end of 2009 to the first half of 2010, the euro area member states Greece, the high fiscal deficit, public debt soared, once at the "bankruptcy" edge. In addition to Greece, the euro area a number of other member countries, including Ireland, Portugal and Spain, the Government's fiscal situation is also precarious. More seriously, investor confidence began to doubt the solvency of individual euro area member states in favor of the euro and the euro suspected prospects. At that time, some British and American media even assert that the euro zone may be "falling apart" and the country will also have some financial commentators shouting, the euro should be "finished."

Greek debt crisis, poor response was the beginning of the euro area, while the euro area member states as a whole, the severity of the crisis, or that speculators may be made to "storm" the size of the degree of lack of adequate estimates resulting in the escalation of the crisis, to the first half of 2010, evolved into a number of eurozone members swept the sovereign debt crisis.

However, beginning in May 2010, with the euro area Member States and the International Monetary Fund (IM F) joint intervention, has launched the 110 billion euros of the rescue plan and Greece, up to 750 billion euros the total stabilization mechanism of crisis, euro zone sovereign debt crisis gradually subsided, Greece, the German government bonds and treasury bonds as the benchmark interest rate differential between the reduced yields, lower financing costs.

Although Greece and other eurozone members, the fully restored financial position, reduce the public debt, but also a difficult process, and the economic growth and fiscal austerity plan, are faced with many uncertainties to be factors, but overall, the euro area sovereign debt crisis has temporarily come to an end.

It is in this context, the recent EU summit in Brussels, the EU leaders to start thinking more, how to strengthen the institutional strengthening euro and reached a number of consensus, including the euro area member states to strengthen fiscal discipline, strengthen macroeconomic risk monitoring and crisis response as soon as possible a permanent mechanism.

Euro out of the crisis, from the ashes to China, is a good thing. First, the EU-27 has become China's largest trading partner, the euro zone economy has maintained steady and healthy development of great significance for the Chinese economy. Latest data show that three quarters of 2010, China was 226.07 billion U.S. dollars EU exports, accounting for 19.9% of total Chinese exports. The same period, China's exports 205.54 billion U.S. dollars the United States, accounting for 18.1% of China's total exports. Especially in the current Sino-US trade frictions have occurred against the backdrop of China's expanding economic and trade relations with the EU, even more important.

Second, among the world's reserve currency, the euro has become the second largest after the U.S. currency, but also in the near future the only one capable of some of the challenges posed dollar's dominance of the currency, the euro look forward to the establishment of new China global monetary system, is of great significance. According to data released by IM F, as of the third quarter of 2010, global foreign exchange reserves, the dollar is still worthy of the "boss", accounting for up to 62.1%, but the euro also reached a 26.5% share of the pound and the Japanese yen accounted for were just over 4.2% and 3.3%. Euro grow, diversification of investment in China foreign exchange reserves, reducing the dollar's role in the global monetary system, has positive significance.

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