Хроники лопающихся пузырей.

Евробондов не будет, так сказал министр финансов Германии. Понятно, почему им (немцам) пофиг пост начальника ЕЦБ. ЕЦБ через год уже наверное распустят.

Источник :

http://www.ft.com/intl/cms/s/0/d4ddaa06-c68f-11e0-bb50-00144feabdc0.html#axzz1V5Jh13iw


Germany and France rule out eurobonds

Germany and France are ruling out common eurozone bonds to solve the bloc’s current debt crisis, in spite of renewed pressure ahead of a meeting of chancellor Angela Merkel and president Nicholas Sarkozy on Tuesday.

Wolfgang Schäuble, German finance minister, made clear in an interview with Der Spiegel, that Berlin remains opposed to such a policy.

“I rule out eurobonds for as long as member states conduct their own financial policies and we need different rates of interest in order that there are possible incentives and sanctions to enforce fiscal solidity,” he said.

Senior French officials also played down speculation that any firm announcement on jointly issued bonds would be issued after meetings when Ms Merkel comes to Paris on Tuesday. “Eurobonds would require a much more determined integration of budgetary policy,” one said. “We do not have that today. It could be a long-term project, but you cannot have eurobonds and at the same time national economic and budgetary policies.”

The comments come after Giulio Tremonti, Italy’s finance minister, this weekend described jointly issued bonds that would lower some struggling states’ borrowing costs as a “master solution” to the eurozone debt crisis,

George Osborne, the UK finance minister, on Thursday said the idea now required “serious consideration”, while billionaire investor George Soros warned on Friday that the euro “could implode” if eurozone leaders failed to accept the principle of mutualising debt.

Yet Ms Merkel and Mr Sarkozy are on Tuesday expected to reiterate the need for greater fiscal and economic co-operation before any European bond can be considered.

Nonetheless they hope to reassure markets by flagging a common determination to implement the measures agreed at the last Eurozone summit on July 21 where members agreed a new round of emergency crisis measures.

As a first step, Paris is hoping to make real progress on proposals to improve the governance of the eurozone.

One official said the idea would be to push forward economic and fiscal integration, but also to improve the “institutional architecture that allows us to take decisions.”

For President Sarkozy, still deeply unpopular in the polls and facing a difficult re-election campaign next year, it will be important to come out of Tuesday’s meeting with concrete progress. Mr Sarkozy has already sought to reassure markets – and his German partners – on France’s determination to get public spending under control after last week demanding that his government come up with new deficit reduction measures by this week. There was speculation at the weekend that Ms Merkel and Mr Sarkozy could even announce some new measures for further fiscal co-operation between their two countries.

But officials close to the German chancellor caution against expecting any major initiative from the talks. They insist that the meeting will focus on proposals for long-term reforms of eurozone governance, and not on short-term measures to calm the markets.

“We have promised to table proposals for long-term improvements in governance in October,” a senior official said. Ms Merkel’s difficulty is that there is already strong resistance in Germany to July’s new eurozone crisis measures. A vote on the package is due to be held in the German parliament on September 23.

However this weekend even that timetable was coming under threat.

Norbert Lammert, Bundestag president, warned yesterday that it was “scarcely possible” for the parliament to decide on the eurozone crisis measures by then. It was up to the Bundestag to decide its own schedule, he said, and the government could agree nothing without it.