The euro, the common EU currency, has been around for 12 years and things are not going well. Some say the EU "has 10 days at most" to avoid collapse. One proposed idea to solve the fiscal crisis would have countries cede some control over their budgets to a central European authority. YIPE!! Another United States. The proposal calls for a fiscal union of the euro countries and the creation of a powerful common treasury.
Unlike the United States, which has centralized institutions in Washington for raising taxes and spending money, the euro nations have 17 independent treasuries with little oversight from Brussels, the headquarters of the EU.
Germany and France fearful of encountering increased problems from weaker countries, have promised to propose measures that will make the 17 euro countries operate under strict and enforceable rules, so that no single country can wreak continent-wide damage. Last week, Germany tried to auction $8 billion worth of its national bonds but it could persuade investors to buy only $5.2 billion.
Among the 10 countries who did not adopt the EU currency includes; Britain, Poland, and Sweden.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2011/11/28/international/i091441
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