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4. Build-up to a crisis
IF THERE IS AN ORIGINAL SIN in the creation of the euro, it is, for many in Berlin and Brussels, the breach of the stability and growth pact in 2003. Germany and France colluded to block any official rebuke or sanctions for letting their budget deficits rise above the Maastricht ceiling of 3% of GDP. After a battle with the European Commission that ended up at the European Court of Justice, they negotiated a looser version of the pact in 2005 that, to critics, rendered it toothless. From then on, so the story goes, all semblance of fiscal discipline was abandoned. Today’s German ministers castigate their predecessors for leading the euro zone into sin rather than virtue. Yet this account offers at best only a partial explanation of what went wrong.
3. How it all works
THE EUROPEAN PROJECT (and thus the euro) suffers both from a lack of clarity over its precise nature and end-point and from the dull complexity of its institutional structure. Like a pantomime horse, it has long had a dual character, reflecting an initial compromise between those countries wanting a United States of Europe and those preferring a club of nation-states. Thus it has federalist elements such as the European Commission, a (now directly elected) European Parliament, a European Court of Justice and a European Central Bank. But it also has strong inter-governmental bodies: the Council of Ministers, representing national governments, and the European Council of heads of state and government. An important force throughout the euro crisis has been the tension between those preferring federal answers (often called the “community” method) and those favouring intergovernmental solutions (sometimes referred to as the “union” method).1
2. From the origins to Maastricht
THE EUROPEAN PROJECT was a consequence of the second world war and the cold war. How to tame the German problem that had led to two world wars? How to harness its economic power to rebuild Europe? And how to reconstitute the German army to help fend off the Soviet threat? The answer to these conundrums was to fuse the German economy within a common European system, and to embed its armed forces within a transatlantic military alliance.
Coming Economic Collapse 18 Critical Items You Need To Prepare, Tomorrow May Be Too Late wealthdaily.com/Economic_Collapse Anúncios Google 0:21 / 2:49:15 Global Financial Meltdown - One Of The Best Financial Crisis Documentary Films
“The economic and ﬁnancial instability that has rocked Europe and North America since 2008 has been a disaster for millions of people who have lost jobs, homes, and savings. Clearly in retrospect, governments were mistaken in this. Failures to regulate effectively allowed financial institutions to build houses of cards that would soon collapse. Governments tolerated the creation of a bubble in the housing market sustained by vast amounts of easy credit, perhaps linked to global financial imbalances.”
The Consequences of the Global Financial Crisis: The Rhetoric of Reform and Regulation
Wyn Grant and Graham K. Wilson
O custo do capital aumentou com efeito, o qual arrefecerá o investimento e permanecerá o esforço ao crescimento. Prevê-se, face ao futuro, que o crescimento mundial aumentará de 3 por cento em 2013 para 3,6 por cento em 2014 e 3,9 por cento em 2015, o que não representa grandes alterações no referente às previsões de Outubro de 2013.
O crescimento aumentaria a aproximadamente 2,25 por cento no biénio 2014 – 2015 nas economias avançadas, ou seja, melhora cerca de 1 por cento em comparação com 2013. Os principais factores dessa mudança são a aplicação de políticas fiscais menos restritivas, com excepção do Japão, e a decisão de manter condições monetárias extremamente acomodatícias.