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No Eurozone collapse – the cost of it is too high



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No Eurozone collapse – the cost of it is too high


Pravda News, 1/9/13 [“Price for eurozone to collapse too high”http://english.pravda.ru/business/finance/09-01-2013/123410-eurozone-0/]

The Eurozone will not fall apart, because the price of getting out of the game is too high for each country. When, in early September, it was announced that the ECB would buy government bonds in unlimited quantities, the bridges behind the Euro area countries have collapsed. There is no way back, and this means that one can only move forward and fight for their own happiness. In order to make the path easy, the monetary union must be supported by four other unions: banking, fiscal, converged and political. To be sustainable in the long-term, political economy will have to fight for its present.¶ It is a long and ambitious list, but the more the experts think of the situation in Europe, the more inevitable such findings seem, said Professor Klaus Schwab, Founder and Executive Director of the World Economic Forum.¶ "Since the signing of the Treaty of Paris between Belgium, France, Germany, Italy, Luxembourg and the Netherlands in April of 1951, European integration became more intense. Can we imagine the history of Europe without the development of institutions designed to unite the European countries under the banner of shared values ​​and common ideals? It is inconceivable.¶ The Euro provides major economic benefits: elimination of currency risks, lower inflation, growth of trade in the euro area and the closer integration of the European financial markets. In general, the single currency has contributed to monetary stability and predictability, which is often overlooked in the current debateAt the same time, the crisis has revealed a number of shortcomings in the structure of the euro area. Europe lacks a strong and unified fiscal policy, the differences in competitiveness between North and South of the region brought the threat of a default, and the lack of a bank union gave rise to systemic risks. Add to this the complexity of European political institutions, lack of democracy, and here is the result: failure to make real decisions.¶ Clearly, the Euro will survive in its current form, but there is a need to deal with the problems in the surrounding institutions. First, it is a banking union. Without it, the currency will simply not succeed. Solid banking associations should implement banking supervision, mechanism of recapitalization and guarantees for bank deposits. The good news is that the first item is already being implemented. On September 12 it was proposed to create a single regulatory body under the auspices of the European Central Bank. The last two items would require



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