According to a report in Germany’s news magazine Der Spiegel the European Commission warned that the euro area’s chances of survival would depend criticially on adjusting the internal imbalances. The reported quoted from a paper by DG Ecfin, accourding to which internal imbalances would weaken confidence in the euro and endanger the cohesion of the monetary union. The problem, in the view of the European Commission, is the combination of rising deficits and weakening competitiveness in several countries, notably Ireland, Spain and Greece. The report also criticises the surplus countries like Germany and Austria for failing to stimulate domestic demand, as they needed to deregulate the service sector, their tax systems, and credit constraints for the private sector. The Commission says the necessary adjustment in the deficit countries would likely cause an increase in unemployment, which is best countered by a policy of wage moderation.
Similar Posts
Bad financial times, not for Picasso
This is one of the most important works of art to be offered at auction in decades
THE CONTROL SYSTEM IS REVEALING ITSELF
Phillip J. Watt, Contributor Waking Times This is the opportunity we’ve been waiting for. This is the moment when we can choose to be truly free, or choose our enslavement. We’re watching a split in the deep state which is undermining the oligarchical grip on our shared resources and systems, illustrating how weak they really are….
Newspaper Death Watch
HOW TO SAVE YOUR LOCAL NEWSPAPERS By paulgillin | April 28, 2010 – Meet Bobbie Carlton. She’s come up with an idea that every newspaper publisher in New England should have had but didn’t. Her success demonstrates how news publishers can reinvent themselves and survive – maybe even thrive – but only if they have…
Sophisticated Sting Operation” that has trapped the Democrats
BREAKING: Intelligence expert Steve Pieczenik claims 2020 election was a “sophisticated sting operation” that has trapped the Democrats in the most massive criminal election fraud in history… details Thursday, November 05, 2020 by: Mike Adams Tags: ballot fraud, ballots, Biden crime family, Joe Biden, President Trump, Steve Pieczenik, sting operation, vote fraud Bypass censorship by…
Money Never Sleeps
Stone’s challenge this time around was to make his protagonist, Jake Moore (Shia LaBeouf), a hotshot, 20-something banker, sympathetic in an age when fresh-out-of-school Wall Street types are vilified as bottle-service-swilling douchebags. On the face of it, the casting of LaBeouf, whose grating, agitated swagger has never seemed more appropriate than in a trading room, runs counter to that goal. But his character is redeemed by the following “good-guy” factors:
Social Media: Not Everyone Is Welcome !
Members Only: The Chronicle of Philanthropy builds a LinkedIn community by keeping people out By Andrew Phelps The Chronicle of Philanthropy is building a community on LinkedIn by breaking a rule from the social media playbook: In this group, not everyone is welcome. Membership in the newspaper’s LinkedIn group is free, but self-promoters, spammers, and…