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SpinDistribute.com Article Directory

The following article was published in our article directory on December 15, 2010.
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European Union Building a Permanent Line of Defense Check Debt Crisis

Article Category: Business Management

Author Name: Amanda xzh

10 Summit held in late autumn, in order to prevent recurrence of the debt crisis, EU leaders decided to improve many aspects of the EU's economic governance, and establish a permanent mechanism for crisis response is one of the last outstanding content.

In the autumn summit, EU leaders agreed on the "Lisbon Treaty" to "limited change" in order to establish a permanent mechanism to clear the way for relief. It was decided that the permanent President of the Council of Europe led by Herman Van Rompuy panel to strengthen economic governance program specific changes proposed for the EU leaders summit in December to discuss.

Summit here in the media show the draft document, modify the program so a major content added: "Member States may use the euro to establish a stable mechanism to ensure the overall stability of the euro area. According to this mechanism to provide financial assistance to member countries to follow stringent conditions. "According to the" Lisbon Treaty "the relevant provisions of the Treaty if the changes do not involve the European Commission by the Member States to transfer power to EU institutions such as the problem can be simplified amendment procedure, members do not need to be approved by a referendum.

Greek sovereign debt crisis, the EU launched in May this year, a total of 750 billion euros in the temporary relief mechanism for a possible step to help members of the Greek footsteps. According to regulations, this mechanism will expire in 2013. However, this bailout did not calm the market mechanism concerns, the EU can help to establish a permanent mechanism for crisis is more likely to reveal all the details of Member States to ensure the stability of the entire euro area, became the focus of the market .

Among the 27 EU member states, Germany, the pockets for the relief mechanism dig up. For the May introduction of the temporary relief mechanism and proposed a permanent mechanism, in Germany there has been the voice of doubt that it violated the EU member states "not rescue clause" legally untenable. Thus, the German insisted to modify the "Lisbon Treaty" in order to salvage the future can be perfectly justifiable.

It is reported that the program change was approved at the summit, the need to go through the Member States and the European Parliament approved the revised treaty is expected to take effect in January 2013, when the relief mechanism will have a permanent legal basis.

"Permanent line of defense" of the key elements

It is reported that the EU summit plans to build a permanent relief mechanism - "European stability mechanism", EU finance ministers will be essential to the consensus reached last month, is based.

EU finance ministers on Nov. 28 agreed to provide 85 billion euros for the Irish relief fund, and agreed that, "European stability mechanism" will include the following key elements.

First, the mechanism will be built on 440 billion euros of the "European financial stability tools" (EFSF), based on financing difficulties for the Member States appear to provide support. But this assistance will attach stringent conditions: receiving assistance needs of member States to take a set of economic and financial adjustment program, by the European Commission and the International Monetary Fund and the European Central Bank, the situation of the country's debt sustainability assessment; assistance programs need to be approved by all euro area member states.

Secondly, this mechanism would also provide permanent relief, if a member country to default, will not be alone with taxpayer money to provide assistance, the private sector needs to pay for it. However, the private sector, specifically how to help in the future play a role in specific situations need to make specific arrangements.

Germany has been advocating the private sector should in future play a role in the rescue mechanism, the market worried about the future of this principle will be applied to EU member states assistance on the process, so a certain panic. EU finance ministers reiterated currently require the principle of private sector aid will only apply after 2013, permanent relief mechanism.

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