In afara de austeritate constitutionalizata si triumful ordoliberalismului german, mesajul principal ar fi ca liderii UE s-au inteles
to ensure that the ECB will always intervene to prevent disorderly sovereign default(s) that would cause an EA-wide, EU-wide and most likely global banking and financial crisis and Great Depression.
Si ce vrea BCE?
– bring in the EFSF with (at most) €500bn of leveraged funding power;
– bring in the IMF with funds augmented both from ECB/Eurosystem NCBs sources, and from anyone else happy to take IMF risk (sovereign wealth funds (SWFs), reserve-rich EMs etc.);
– more austerity and structural reforms (including privatisation) in the periphery and the ‘soft core’ (France, Austria, Belgium).
O sa revin cu o analiza zilele acestea. L-am citit de trei ori dar dupa ce tai din bla-bla partile care conteaza sunt urmatoarele.
” 14. Concerning financial resources, we agree on the following:
• the EFSF will remain active in financing programmes that have started until mid-2013 as provided for in the Framework Agreement; it will continue to ensure the financing of the ongoing programmes as needed;
• we will reassess the adequacy of the overall ceiling of the EFSF/ESM of EUR 500 billion (USD 670 billion) in March 2012;
• during the phasing in of the paid-in capital, we stand ready to accelerate payments of capital in order to maintain a minimum 15% ratio between paid-in capital and the outstanding amount of ESM issuances and to ensure a combined effective lending capacity of EUR 500 billion;
• euro area and other Member States will consider, and confirm within 10 days, the provision of additional resources for the IMF of up to EUR 200 billion (USD 270 billion), in the form of bilateral loans, to ensure that the IMF has adequate resources to deal with the crisis. We are looking forward to parallel contributions from the international community
15. We agree on the following adjustments to the ESM Treaty to make it more effective:
• Concerning the involvement of the private sector, we will strictly adhere to the well established IMF principles and practices. This will be unambiguously reflected in the preamble of the treaty. We clearly reaffirm that the decisions taken on 21 July and 26/27 October concerning Greek debt are unique and exceptional; standardised and identical Collective Action Clauses will be included, in such a way as to preserve market liquidity, in the terms and conditions of all new euro government bonds.
• In order to ensure that the ESM is in a position to take the necessary decisions in all circumstances, voting rules in the ESM will be changed to include an emergency procedure. The mutual agreement rule will be replaced by a qualified majority of 85 % in case the Commission and the ECB conclude that an urgent decision related to financial assistance is needed when the financial and economic sustainability of the euro area is threatened. ”
Cam asta e. La cald, investitorii in bonduri sunt consternati ca asa-zisa uniune fiscala nu a atras interventia BCE pentru stabilizarea bondurilor din periferie.Un tip influent (Buiter) zice pe FT ca
“the ECB will buy enough to put yields at 6-8 percent, a level which leads to economic depression and slow fiscal insolvency. Conclusion: the summit will have done enough to prevent near-term disintegration of the system, but will have failed to resolve the crisis.”