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ECB's Weber says Europe can go beyond 750 bn euros rescue

Axel Weber, German Central Bank president and council member of the European Central Bank, said Wednesday the euro is solid and euro-zone member states will protect it from speculative attacks, even if that means putting more money on the table. He said any speculative attack on the euro would fail as he assumes European countries are ready to increase the EUR750 billion rescue package created in May to fend off threats to financial stability within the 16 member states of the euro zone. "If that amount is not enough, we could increase it," Weber said. "An attack on the euro has no chance of succeeding."

The European Financial Stability Facility was created in May in response to the Greek crisis. It consists of EUR440 of loan guarantees from euro-zone states and is complemented by EUR60 billion in E.U. funds and EUR250 billion from the International Monetary Fund. Weber added that Germany will stand by the euro. He said it is stable and will emerge stronger from the current crisis. "There is no going back" from the common currency, he said.

He also said European Union member states need to gradually introduce a permanent crisis mechanism and that details of such a mechanism need to be laid out soon to send markets a clear message. Weber said he is convinced that in December, euro-zone members will be able to present proposals for such a mechanism. The euro-zone members are trying to agree on a permanent crisis-management mechanism to bail out countries that run into fiscal problems once the current mechanism set up at the height of the Greek crisis comes to an end in 2013.

Swedish Banking Lessons

There are models out there for how to fix the financial system. The big crisis, in the view of many, had its roots in the extensive deregulation of the financial sector and expansive monetary policies. The tax system favored borrowing and the loosening of credit markets led to a dramatic expansion in the stock of debt.

Van Rompuy and Barroso contradict eachother on plan for EU voting rights suspension

29 October 2010: European Council President Herman van Rompuy and European Commission President Jose Manuel Barroso answer questions, from Euractiv.com and Euronews, among others, at the end of the two-day summit of EU leaders in Brussels.

Germany to set out crisis resolution plan

Germany intends to present plans next month for a permanent “crisis resolution mechanism” for the eurozone, to lay down rules for emergency funds for member states facing debt rescheduling.

European Financial Stability Fund

What do you call a cross between a supranational, a sovereign and a structured derivatives product?

Until somebody comes up with a more elegant name, you can call it the European Financial Stability Facility.

Quelle Surprise - EU rescue fund European Financial Stability Facility - wins top credit rating

The three main credit rating agencies have given their highest ratings to a €440bn fund to help eurozone countries in the event that they face difficulties in accessing capital markets. The fund, known as the European Financial Stability Facility, is the issuing vehicle for the €750bn international rescue package launched earlier this year following the financial crisis in Greece.

European Sovereign Debt: Default Now or Default Later?

If you're following the ongoing European sovereign debt and banking crisis, expect to hear increasing discussion of whether eurozone countries should "default now or default later?"

ECOFIN Council 7 September 2010: EU finance ministers to discuss new bank levy - Bank Resolution Funds

 

who is really in charge in the EU?

 

The eurogroup is an utterly demagogic profoundly undemocratic sub-committee,

its a politburo;

a product of 'Rampant Ad-Hocery'

EU Economic Governance is 'Seat of the Pants' in a West End Farce - i.e. the pants are falling down ....

 

European Union finance ministers are set to discuss the possibility of introducing a levy on banks and whether a tax on financial transactions can deal with another banking crisis, as they gather tomorrow Tuesday in an atmosphere more benign than when they last met in July. Worries about the European economy and its ability to deal with large amounts of government debt have been eased by a run of better than expected economic data, progress by Greece in strengthening its bailed-out government finances and the results of stress tests on 91 of the EU's banks.

Euro Area EC Stabilisation Fund - Operational?

This EFSF, €440bn + €310bn IMF contribution, is Euro Area's equivalent to TARP.

Europe’s Banks, Europe’s crisis

Europe continues to constitute the epicenter of Act II of the global financial crisis, which has now mutated into a sovereign-debt crisis within the eurozone. How could this happen when, at least on paper, all problems had seemingly been resolved during May’s extraordinary EU summit meeting, which created a European Financial Stability Facility (EFSF) and ensured total funding of close to $1 trillion?

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