Finance ministers of the European single currency on Monday ways of strengthening the financial safety net for countries in the region without the need to increase in size and expanded.
Jean-Claude Trichet, ECB president, who manages a network of financial security and size of 750 billion euros (trillion dollars) has called for the need to expand the network, but does not seem that there is a response by Member States to this invitation so far.
Joseph said Bruell, Austrian Finance Minister, upon his arrival to attend the Brussels meeting of euro zone finance ministers, which includes 17 countries from the European Union there are still a lot of discussions on ways to increase the effectiveness of the financial safety net.
The bulk of the budget is a financial safety net for loan guarantees worth 440 billion euros to be provided by Member States in the euro zone for any country in the region in need of assistance.
Has been activated this system, which was adopted last year to help Ireland late last year, while Greece had received a package of financial aid separately.
Was Jose Manuel Barroso, European Commission president, had called Wednesday to the need to reach the European Union to increase the size of an agreement on financial rescue fund for the euro before the European summit next month. Barroso said that agreement must be reached on the expansion of 'financial stability of the European Fund' with the European Council meeting scheduled for February 4 next.
The European Union had decided last year to establish 'European Financial Stability Fund' as a means to save the euro-zone countries financially troubled from the specter of bankruptcy.
Previously, Olli Rehn, Commissioner for Economic and Monetary Affairs of the European Union, said that last Wednesday, also that the European financial rescue fund, which was founded last year to help euro-zone countries in the face of its financial problems need to be broadened.
Rehn said in an article published by a newspaper (Financial Times) The British 'ability to lend effectively must be enhanced and is expanding its activities'.
And Germany yesterday renewed its opposition to the proposal of the financial safety net. The finance minister Wolfgang Schäuble that 'there is no need for immediate action', it is not used, only less than 10 'from the funds of the network.
Schäuble said 'do not need to modify the currency of each week. This is the reason for Andeashena to some extent the motion of the Commission Aloroobip. There is no need '. The minister added that 'such as those isolated proposals will not make things easier, but more complex'.
Schäuble said that there is no need to 'discuss the controversial' which 'will not only cause instability in the markets' after Albertgal completed the sale of bonds last week at an interest rate lower than we were afraid.
Instead, the Minister stressed the importance of adhering to the rules of stability, growth of the European Union by reducing the budget deficit and increase competitiveness and improve the financial cooperation between Member States.
Schäuble said that 'if each one in turn, which means not only to Germany and France guarantees the highest, but the more indebted countries to resolve their problems, then we will reach a comprehensive solution'.
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