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フランスは、ドイツに対し、スペインとイタリアの財政(国債)危機に対し、何とかしてやれないのかと圧力
París extrema la presión para que Berlín dé un respiro a España e Italia
España asegura que cuenta con el apoyo de Alemania para explorar la vía de la recapitalización directa de la banca
La Comisión asegura que de la cumbre saldrán soluciones para estabilizar los mercados
Francia y Alemania debaten hasta el último minuto el diseño a corto y medio plazo de la UE
Claudi Pérez / Miguel Mora Bruselas / París27 JUN 2012 - 21:22 CET
Paris extreme pressure to give Berlin a break to Spain and Italy
Spain says it has the support of Germany to explore the path of direct recapitalization of banks
The Commission ensures that the summit will stabilize markets solutions
France and Germany discussed until the last minute design short and medium term EU
Claudi Perez / Miguel Mora Brussels / Paris 27 JUN 2012 - 21:22 CET
Spain says it has the support of Germany to explore the path of direct recapitalization of banks
The Commission ensures that the summit will stabilize markets solutions
France and Germany discussed until the last minute design short and medium term EU
Claudi Perez / Miguel Mora Brussels / Paris 27 JUN 2012 - 21:22 CET
The supercumbre, the top end of the world, the mother of all summits: the inflation of that kind of story threatens to ruin the credibility of Europe, determined to stand again and again to the brink. A reason for a meeting at the highest level a month since starting the crisis, the euro is facing today, again, again, to something like a being or not being. Change the script, but some things are repeated: Germany says no, Paris and more countries raise the pressure on Berlin, and a European partner will be over a barrel, or even higher, if no strong solutions, with the crisis going into Comanche territory. The difference to a Spanish reader is that this country, this time, has its capital in Madrid. But Italy is in the disparadero: If your prime minister, Mario Monti in Brussels back empty-handed may be triggered a political crisis in Rome, with Berlusconi threatening.
more informationMerkel travels to Paris to iron out differences before the European summitThe EU sets binding advance tax and create a common European TreasuryFeature: A way out, pleaseSee the SPECIAL about the euro crisis and the bailout of Spain
For this to not happen, the Summit of Heads of State and Government has to make up a narrative about the European project credible medium and long term. The sources believe may happen after the ambitious document filed Tuesday by the Council, marking the road to political union. But above all it requires an outlet in the very short term, suspecting that philosophy on the European building design will not be enough if markets are smelling blood. There are indications that something is cooking. The alternative is disaster: without an agreement, the wheel will turn crisis with a devilish force in the form of Italian political crisis, or a bank run in the South, or yet another fire in the explosive debt markets.
France to extremes yesterday the pressure on Germany to give a break to Spain and Italy in this dangerous short term. Earn force the idea of direct recapitalization of banks, as part of the European banking union. This will be one of the central points of the summit, according to EU sources and according to several European diplomats. France and Italy seamless support that idea. The Spanish government said yesterday told this newspaper that Germany is for the work, though with some differences: more finance minister, Wolfgang Schäuble the Europeanist, Chancellor Angela Merkel, Berlin did not confirm that extreme, but made clear that injections of direct capital in banking through European solidarity mechanisms never be made without strict conditions and without any guarantees from the States. The key to negotiation is the term: if you leave the summit for a few months or few years, is unlikely to get relax the tension in the markets. If so, would not for Spain. Madrid is aware that the rescue on Monday formally requested does not allow you benefit from that route immediately, but the government is confident that although the first tranche of aid will arrive via Spanish bank bailout fund (and therefore fatten public debt and inflame the fears of investors), Spanish banks may benefit later to that direct recapitalization. That greatly relieve the pressure on Spain and would begin to think of breaking the vicious circle of debt and bank debt.
A solution for short-term crisis passes through the purchase of bonds by the ECB
The other option in the very short term intervention in the government bond market: the purchase of bonds by the European Central Bank (ECB) or rescue mechanisms, an abominable departure from the German point of view but which was discussed in the final G-20. The ECB has already got to be, most likely, the European banking supervisor: a change could re-shoot in the debt market, according to several sources, or at least lower interest rates and implementing other measures. The other possibility is to make it through the European solidarity fund. Vice President of the Commission, Olli Rehn, hinted that response, pro-Italian interests against a direct recapitalization of banks would help more to Spain, is being prepared: "We are working with partners Eurozone to allow short-term stabilization of markets, especially the states under more pressure. " Rehn gave no clues about "the substance of these measures in the short term." But do not rack your brains to identify States that are addressed: the interests of Spanish debt to 10 years are around 7%, those of Italy, 6%. Both figures are unsustainable. Both countries require shock treatment and arrive in Brussels beset by financial and political situation very different, but both explosive.
Germany and France are required to be in Brussels with a convincing and solid agreement. Otherwise (and is almost certainly going to be otherwise) is presumed a night of long knives, the Thursday. This is a strange summit for several reasons. Are the disagreements, there is the pressure on several countries, discussions are short and long term, but mostly influenced by the fact that the meeting was interrupted on Friday afternoon to Chancellor Angela Merkel in Berlin to vote again the mechanism permanent rescue. Given the limited timeframe virtually faces a very day marathon on the first day, Francois Hollande and Merkel had dinner together at the Elysee with the stated aim of seeking common denominators.
Paris says that the decision-making method is different, more regular and methodical than the previous
Before this interview, the French socialist president environment he clearly relied on a Franco-German agreement. "The relationship is very professional, very serious, both are fully aware of their responsibility, there is understanding in almost everything. Merkel and Hollande have spoken too often on the phone and the teams work very smoothly. What has changed is that the decision-making method is different, more regular and methodical than the last. " Paris was all day optimistic and confident that Berlin will transfer in their red lines and share recipes driven by Hollande: yes austerity, discipline and supervision as well, yet more growth out of the depression, creating jobs and prevent the rise of populism, and solidarity to ensure that patients are not left behind. But Berlin also wants counterparts from Paris, to which reform has been resisted Hollande, and the possibility of ceding sovereignty to Brussels to move in the direction of political union.
Senior officials expressed their belief in Elysium on Friday will be stamped "an important agreement and consensus that will closely resemble the document prepared by the prime minister, Herman Van Rompuy." Merkel said he shared the bulk of the report designed by the makers of the Council, Commission and the ECB to take steps on the path to a joint bank, a common fiscal policy, a framework for harmonizing economic policies and competitiveness, and the democratic legitimacy of the increased cooperation of the States of the eurozone.
But before traveling to Paris, Merkel showed her classical profile of hard bargaining. In a statement to the plenary of the parliamentary lower house (Bundestag), the Chancellor again criticized the proposals for mutualisation European debt and said he suffers from "a clear imbalance between responsibility and control." The Chancellor believes that "talks too much" of "all kinds of ideas" to issue debt or collectivize European guarantees, but "too little" about the need for "common controls and structural reforms", in what seems a direct attack France. The "Eurobond euroletras or sinking fund debt" are "incompatible with the German constitution," he reiterated, as well as "economically wrong and counterproductive."
Throughout Friday will discuss Greece and Spain, how to plug the hole on the bench and relax the tension in the debt
Merkel, who started the warm applause from the benches of his coalition government was not yet so far as the day before, when he suggested, probably jokingly, that Eurobonds will only see the light when she dies. In any case, Paris was that phrase ironically. A senior Gallo replied: "Surely he meant his political death, not their clinical death."
In fact, Berlin and Paris agree 95% of the measures the Council will discuss on Thursday and Friday, especially medium and long term. But doubt is the existential crisis of the euro, and that is played here and now "will approve short-term measures to overcome the crisis," stressed sources close to Hollande. The agenda is clear. First agree on urgent measures to boost the activity-the so-called growth package presented in Rome, with 130,000 million in investments and incentives-; addition there will be an agreement, claimed by Italy, to protect European production, and will kick out of the financial rate due to come into force in 2013. After the proposal will be Van Rompuy to redesign the European edifice. At dinner on Thursday and throughout Friday will discuss Greece and Spain, how to plug the hole in banking and how to relax the tension in debt.
But it is to see that the mountain can give birth more than a mouse. France warns that budget will only approve the treaty if political conditions are sufficient: that is, if you get the counterparts Hollande considered indispensable. Germany will only budge if you see progress, step by step towards a Europe that sees Berlin and Germany in charge. In Berlin just wet, in France the water reaches the ankles but Madrid and Rome are up to their necks.
more informationMerkel travels to Paris to iron out differences before the European summitThe EU sets binding advance tax and create a common European TreasuryFeature: A way out, pleaseSee the SPECIAL about the euro crisis and the bailout of Spain
For this to not happen, the Summit of Heads of State and Government has to make up a narrative about the European project credible medium and long term. The sources believe may happen after the ambitious document filed Tuesday by the Council, marking the road to political union. But above all it requires an outlet in the very short term, suspecting that philosophy on the European building design will not be enough if markets are smelling blood. There are indications that something is cooking. The alternative is disaster: without an agreement, the wheel will turn crisis with a devilish force in the form of Italian political crisis, or a bank run in the South, or yet another fire in the explosive debt markets.
France to extremes yesterday the pressure on Germany to give a break to Spain and Italy in this dangerous short term. Earn force the idea of direct recapitalization of banks, as part of the European banking union. This will be one of the central points of the summit, according to EU sources and according to several European diplomats. France and Italy seamless support that idea. The Spanish government said yesterday told this newspaper that Germany is for the work, though with some differences: more finance minister, Wolfgang Schäuble the Europeanist, Chancellor Angela Merkel, Berlin did not confirm that extreme, but made clear that injections of direct capital in banking through European solidarity mechanisms never be made without strict conditions and without any guarantees from the States. The key to negotiation is the term: if you leave the summit for a few months or few years, is unlikely to get relax the tension in the markets. If so, would not for Spain. Madrid is aware that the rescue on Monday formally requested does not allow you benefit from that route immediately, but the government is confident that although the first tranche of aid will arrive via Spanish bank bailout fund (and therefore fatten public debt and inflame the fears of investors), Spanish banks may benefit later to that direct recapitalization. That greatly relieve the pressure on Spain and would begin to think of breaking the vicious circle of debt and bank debt.
A solution for short-term crisis passes through the purchase of bonds by the ECB
The other option in the very short term intervention in the government bond market: the purchase of bonds by the European Central Bank (ECB) or rescue mechanisms, an abominable departure from the German point of view but which was discussed in the final G-20. The ECB has already got to be, most likely, the European banking supervisor: a change could re-shoot in the debt market, according to several sources, or at least lower interest rates and implementing other measures. The other possibility is to make it through the European solidarity fund. Vice President of the Commission, Olli Rehn, hinted that response, pro-Italian interests against a direct recapitalization of banks would help more to Spain, is being prepared: "We are working with partners Eurozone to allow short-term stabilization of markets, especially the states under more pressure. " Rehn gave no clues about "the substance of these measures in the short term." But do not rack your brains to identify States that are addressed: the interests of Spanish debt to 10 years are around 7%, those of Italy, 6%. Both figures are unsustainable. Both countries require shock treatment and arrive in Brussels beset by financial and political situation very different, but both explosive.
Germany and France are required to be in Brussels with a convincing and solid agreement. Otherwise (and is almost certainly going to be otherwise) is presumed a night of long knives, the Thursday. This is a strange summit for several reasons. Are the disagreements, there is the pressure on several countries, discussions are short and long term, but mostly influenced by the fact that the meeting was interrupted on Friday afternoon to Chancellor Angela Merkel in Berlin to vote again the mechanism permanent rescue. Given the limited timeframe virtually faces a very day marathon on the first day, Francois Hollande and Merkel had dinner together at the Elysee with the stated aim of seeking common denominators.
Paris says that the decision-making method is different, more regular and methodical than the previous
Before this interview, the French socialist president environment he clearly relied on a Franco-German agreement. "The relationship is very professional, very serious, both are fully aware of their responsibility, there is understanding in almost everything. Merkel and Hollande have spoken too often on the phone and the teams work very smoothly. What has changed is that the decision-making method is different, more regular and methodical than the last. " Paris was all day optimistic and confident that Berlin will transfer in their red lines and share recipes driven by Hollande: yes austerity, discipline and supervision as well, yet more growth out of the depression, creating jobs and prevent the rise of populism, and solidarity to ensure that patients are not left behind. But Berlin also wants counterparts from Paris, to which reform has been resisted Hollande, and the possibility of ceding sovereignty to Brussels to move in the direction of political union.
Senior officials expressed their belief in Elysium on Friday will be stamped "an important agreement and consensus that will closely resemble the document prepared by the prime minister, Herman Van Rompuy." Merkel said he shared the bulk of the report designed by the makers of the Council, Commission and the ECB to take steps on the path to a joint bank, a common fiscal policy, a framework for harmonizing economic policies and competitiveness, and the democratic legitimacy of the increased cooperation of the States of the eurozone.
But before traveling to Paris, Merkel showed her classical profile of hard bargaining. In a statement to the plenary of the parliamentary lower house (Bundestag), the Chancellor again criticized the proposals for mutualisation European debt and said he suffers from "a clear imbalance between responsibility and control." The Chancellor believes that "talks too much" of "all kinds of ideas" to issue debt or collectivize European guarantees, but "too little" about the need for "common controls and structural reforms", in what seems a direct attack France. The "Eurobond euroletras or sinking fund debt" are "incompatible with the German constitution," he reiterated, as well as "economically wrong and counterproductive."
Throughout Friday will discuss Greece and Spain, how to plug the hole on the bench and relax the tension in the debt
Merkel, who started the warm applause from the benches of his coalition government was not yet so far as the day before, when he suggested, probably jokingly, that Eurobonds will only see the light when she dies. In any case, Paris was that phrase ironically. A senior Gallo replied: "Surely he meant his political death, not their clinical death."
In fact, Berlin and Paris agree 95% of the measures the Council will discuss on Thursday and Friday, especially medium and long term. But doubt is the existential crisis of the euro, and that is played here and now "will approve short-term measures to overcome the crisis," stressed sources close to Hollande. The agenda is clear. First agree on urgent measures to boost the activity-the so-called growth package presented in Rome, with 130,000 million in investments and incentives-; addition there will be an agreement, claimed by Italy, to protect European production, and will kick out of the financial rate due to come into force in 2013. After the proposal will be Van Rompuy to redesign the European edifice. At dinner on Thursday and throughout Friday will discuss Greece and Spain, how to plug the hole in banking and how to relax the tension in debt.
But it is to see that the mountain can give birth more than a mouse. France warns that budget will only approve the treaty if political conditions are sufficient: that is, if you get the counterparts Hollande considered indispensable. Germany will only budge if you see progress, step by step towards a Europe that sees Berlin and Germany in charge. In Berlin just wet, in France the water reaches the ankles but Madrid and Rome are up to their necks.
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