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Current Events - Article Example

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Current Events The article in USA Today by Gabrielle Steinhauser titled as “EU Leaders Sign Financial Treaty with new Budget Discipline” presents a discussion on the signing of a financial treaty within the European Union purposely meant to prevent seventeen member countries from living beyond their means…
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Download file to see previous pages The article further highlights that there have been other separate treaties for the EU states against the new rules. Consequently, this move bars the new treaty from utilizing some of the institutions of the Union, including the European Commission to implement and monitor the treaty. The article further highlights fears of economists and leaders that the tighter rules may limit government maneuvers in tough economic situations enforcing Germany-style fiscal discipline on countries with completely different cultures and economies. Steinhauser also points out that Ireland pose the greatest threat to the success of the treaty, especially with its decision to hold a public referendum on the ratification of the treaty on Stability, Coordination, and Governance in the Economic and Monetary Union (Steinhauser). From a personal point of view, the treaty is a considerate action based on the European Social model of improving working and living conditions and sustainable economic growth. However, the fact that the treaty imposes a particular form of financial discipline may be unfair, considering that the majority of the countries in the Euro Zone have different economies and cultures. The article in The Economist titled as “A Firewall Full of Holes: The Euro Zone’s Rescue Strategy Still Does Not Add Up” explores the various economic strategies adopted by the European Union to protect the region from future economic slump downs resulting from economic crisis, such as that of 2011. The article highlights the European Central Bank provision of liquidity to banks, the new Euro-Zone tough fiscal rules, the deal of bailing out Greece for the second time, and reforms in Spain and Italy. The economic “firewall” comprises of the son-to-be-introduced European Stability Mechanism, an increase in International Monetary Fund’s resources, and a permanent rescue funds scheme, all focusing on the prevention of another conflagration (The Economist). The article highlights all these arguments as weak, with the exemption of the Long Term Financing Refinancing Operation of ECB, which essentially provides Euro Zone banks with three-year liquidity at one percent against various forms of collateral (The Economist). The article also highlights the problem associated with the plans, including the reinforcement of close links between the health of banks and their sovereign debts resulting from the LTRO. The article proposes a solid firewall plan by suggesting the embracement of a European Redemption Fund by the German Council of Economic Experts. Such a scheme would align all the debts of members of the Euro Zone at above 60% of the GDP allowing these countries to repay back in about twenty-five years. This would prove to be a credible move by G20 members, thus, enabling them to stump up cash donations for IMF resources (The Economist). At the end, the Euro Zone members will be able to create formidable defense against economic crises in the future at an affordable central-bank funds. In his article named “Economy Watch: Is the British Economy Already Back in Recession?” in This is Money Oxlade explores the economic performance of Britain after the recession predicting a possible double-dip recession. He explores past recession recovery with the current economic performa ...Download file to see next pagesRead More
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