French and German leaders agreed to no longer argue in public about how the European Central Bank (ECB) should act in saving the eurozone debt crisis of its member countries. The politicians were fully devolved to the economists (technocrats) on the ECB to resolve the crisis.
According to news agency Reuters, the determination was expressed by the German Chancellor, Angela Merkel and President Nicolas Sarkozy of France when they met again, this time the City of Strasbourg, 24 November 2011.
As two leaders of Europe's largest economy, Merkel and Sarkozy eurozone interest saved from debt crisis so that any statement they are always observed by the financial market participants.
The meeting, which also followed a new prime minister of Italy, Mario Monti, Merkel and Sarkozy stated that they believe will function and the European Central Bank will not intervene at the discretion of the agency, including those related to efforts to tackle inflation and fiscal policy.
"We all expressed confidence in the ECB and its leaders as well as refrain from asking the demands of a positive or negative independeni honor of this important institution," said Sarkozy in a joint news conference with Merkel and Monti.
France also called on the ECB did not hesitate to intervene in the face of turmoil in the eurozone bond market. However, Germany warned that the EU Treaty prohibits the ECB to play a role as the borrower at the last moment (lender of last resort).
Germany and France also expressed support to Monti, a European economist who was recently appointed President replacing Silvio Berlusconi as Italian prime minister. Monti now faces a tough task, namely to save Italy from the debt crisis through the preparation of a number of austerity programs without having to cause misery for many people.
However, given the debt crisis has spread rapidly, the majority of the 20 economists polled by Reuters predict a small possibility that the euro zone (group of countries using the euro) could survive the crisis if the current situation unchanged. Instead, they consider that in the zone there should be groups of "core," which does not include a weak economy that was rocked by a crisis such as Greece.
Among observers believe that this crisis will lead to dramatic action. "I think we are getting closer to a policy response is likely to involve a more aggressive E
CB action or idea that can make euro bonds again become an attraction," said Rainer Gunterman, observers from Commerzbank
According to news agency Reuters, the determination was expressed by the German Chancellor, Angela Merkel and President Nicolas Sarkozy of France when they met again, this time the City of Strasbourg, 24 November 2011.
As two leaders of Europe's largest economy, Merkel and Sarkozy eurozone interest saved from debt crisis so that any statement they are always observed by the financial market participants.
The meeting, which also followed a new prime minister of Italy, Mario Monti, Merkel and Sarkozy stated that they believe will function and the European Central Bank will not intervene at the discretion of the agency, including those related to efforts to tackle inflation and fiscal policy.
"We all expressed confidence in the ECB and its leaders as well as refrain from asking the demands of a positive or negative independeni honor of this important institution," said Sarkozy in a joint news conference with Merkel and Monti.
France also called on the ECB did not hesitate to intervene in the face of turmoil in the eurozone bond market. However, Germany warned that the EU Treaty prohibits the ECB to play a role as the borrower at the last moment (lender of last resort).
Germany and France also expressed support to Monti, a European economist who was recently appointed President replacing Silvio Berlusconi as Italian prime minister. Monti now faces a tough task, namely to save Italy from the debt crisis through the preparation of a number of austerity programs without having to cause misery for many people.
However, given the debt crisis has spread rapidly, the majority of the 20 economists polled by Reuters predict a small possibility that the euro zone (group of countries using the euro) could survive the crisis if the current situation unchanged. Instead, they consider that in the zone there should be groups of "core," which does not include a weak economy that was rocked by a crisis such as Greece.
Among observers believe that this crisis will lead to dramatic action. "I think we are getting closer to a policy response is likely to involve a more aggressive E
CB action or idea that can make euro bonds again become an attraction," said Rainer Gunterman, observers from Commerzbank
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