Interessant artikel.... Kiezen tussen het IMF of de voor een Europese variant van de Chinese Mandarijn
Link artikel
Snips :
According to recent reports, Merkel and Sarkozy have apparently agreed that if member states want to remain in the Euro monetary system, they must surrender their national sovereignty over spending and tax policies. Republican presidential candidate and former House Speaker Newt Gingrich commented on Nov 4th, “The European system is designed to block the people from having power. The elites in Europe work very hard at controlling the European people by indirect means. And it’s only when you get to referendums that you see how decisively the people of Europe are unhappy with the current governments,” he said. Having already surrendered their national currencies and decisions about interest rates to the ECB, it would be a fateful step to surrender fiscal policy.
In return for surrendering fiscal policy to Brussels, - Berlin and Paris, the key paymasters of the Euro-zone, would agree to the creation of a common Eurobond [/b]that would pool the credit ratings and collateral of all participating Euro-zone countries into a single fixed income instrument. Chancellor Merkel says that German borrowing costs will jump higher because of the creation of a Eurobond, though she is prepared to consider Eurobonds, if the legal framework is in place to ensure all countries in the zone observe the rules.
What Merkel wants to see at the December 9th EU summit is greater harmony of fiscal policies in the Euro-Zone, backed by legally enforceable rules of financial discipline.These would include automatic sanctions on countries that violate the existing rules, - such as annual budget deficits of member states cannot exceed 3% of GDP and that total public debt should be no more than 60% of the GDP. Every Euro-zone country has breached these rules, and many would be tempted to opt out of the Euro Club.
However,if big debtor nations such as Greece, Ireland, Portugal, Spain and Italy refuse to surrender their sovereignty over fiscal policy to Brussels, - the alternative could be the situation that Greece now finds itself – purgatory. About 19-years ago, the governments of Italy and Spain had to pay more than 13% for borrowing funds for ten years. Since joining the Euro currency however, 10-year bond yields for Italy and Spain averaged around 4.50%, until contagion sales from Greece reached their borders in the summer of 2011.
Once fiscal integration is agreed upon, Berlin is expected to agree to the creation of Eurobonds issued by member states that could be purchased in massive quantities (monetized) by the ECB. Countries would be liable for each others’ debts, but the ECB could make much of their debt disappear with its electronic printing press. Eurobonds would either be financed with higher taxes on the working class, through austerity measures, or through the inflationary effects of the ECB’s money printing machine. With French banks alone holding more of their debts than the entire €440-billion European Financial Stabilization Fund, a default by these countries would likely bankrupt the French financial system. Thus, Paris has been pushing hard for the ECB to monetize debt on a massive scale.
Once the ECB has the assurance that the Eurobonds are backed by a fiscal union, it could be ready to go all out, and easily buy 2-3-trillion Euros worth at anytime. Still, borrowing costs for existing German bunds would probably climb higher while interest rates for existing Italian debt might fall. Currently, Italy’s 10-year note yields +525-basis points more than German yields, but that spread could narrow, if Italy surrenders its fiscal sovereignty, as a way for the ECB to guarantee Italy’s debts. The ECB could promise to buy unlimited amounts of existing Italian bonds, should yields should rise to a certain identified level. Knowing that the ECB is ready to enforce a safety net under the Italian bond market, through massive intervention, could calm the situation and restore stability to the Milan stock exchange.
One of the alternative schemes that is under discussion is for the ECB and central banks in China, Japan, and elsewhere to lend to the International Monetary Fund, which in turn, could use the money to lend to Euro zone countries under market stress - backdoor QE. This would help the ECB side-step the legal problem of financing governments and also help impose IMF-type austerity on the recipients of the aid -- something the ECB cannot do now. One should never underestimate the scheming ability of Euro-zone politicians, which why the Euro currency itself has not fallen apart, as many analysts had predicted.
dus "London Good Delivery".
Het winkeltje zal draaien, de financiën lopen gesmeerd 
