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Asymptotix presents European Stabilisation Bank Proposal Booklet

 

In the summer of 2010 as a logical conclusion to our analysis of Herman van Rompuy's meandering response to the developing Eurozone economic crisis, asymptotix developed the idea of a European Stabilisation Bank; the basic concept is to leave the ECB to do its job (Monetary Policy) but to engage institutions like the EIB in common european fiscal support. Now in 2012 it seems we were way ahead of the game. And our 'viewing figures' in particular those by the European Commission further bear that out.

Eurozone finance ministers are meeting in Luxembourg today to discuss the 750 billion euro rescue package for bankrupt states

The historical political mechanism, the SPV, was thrashed out four weeks ago however, it is yet to be approved by 90 per cent of Eurozone countries. According to Luxembourg leader and eurozone chief Jean-Claude Juncker a decision will be made by the end of the month. The SPV is essentially a company that will be able to raise money on markets by issuing bonds thanks to loan guarantees provided by governments of the euro zone. Member states hope it will never be mobilized but that its existence will convince markets that default fears are unfounded.

EU Debt Office, Authority for Bank Resolution Funds & European Financial Stabilisation Mechanism

Michel Barnier, Commissioner in charge of the Internal market and Services presented last week a proposal for Bank Resolution Funds. This came two weeks after the EU Heads of State presented the 750 bn euro rescue package with that mysterious Special Purpose Vehicle (SPV), which aimed at calming down the markets. The turmoil continued and it felt kind of weird that there were no panic news this last Friday (no bad news is good news).

Last week Asymptotix pleaded for a European Debt Bank, or European Union Debt Office, which the Swedes would call it. John A Morrison said:

We are where we are, capital has transitioned to the state, we need public institutions which can properly manage us through this second phase sovereign debt crisis and develop a roadmap for free markets beyond a properly constituted European "Bretton Woods" style "Public Debt Bank" (its not for me to coin the name); philosophically in line with Keynes' thinking.

The Lunatix are on the Grass: A new Bretton Woods proposition for Europe

viaduct morlaix asymptotixSUMMARY 

We are where we are, capital has transitioned to the state, we need public institutions which can properly manage us through this second phase sovereign debt crisis and develop a roadmap for free markets beyond a properly constituted European "Bretton Woods" style "Public Debt Bank" (its not for me to coin the name); philosophically in line with Keynes' thinking.

Mario Monti Report - Visions of Europe

Meanwhile all EU civil servants currently not on holiday were running around the corridors of Berlaymont Building in Brussels trying to figure out who is in charge of the 750bn EUR special purpose vehicle, the Crisis Slush Fund or European Financial Stabilisation Mechanism as the like to call it, a former EU Commissioner Mario Monti (he is now Professor Monti at the Bocconi University) presented his long awaited report "A New Strategy for the Single Market" to Barroso, the President of the European Commission.

European Rescue Package May 2010 analysis / debate contribution

 

.......the lunatix are on the grass..........................

the night it all started

 

INTRODUCTION

There is so much ridiculously flimsy commentary on this momentous agreement and open market operations activity consequent in Brussels, early this morning. I personally could not sleep so I have been monitoring this; just about since the initial announcements from the Justus Lipsius buildinasymptotix fountain blogg here in BXL at 4am CET this morning.

 

It is a momentous process, the like of which we have really never seen before. There are two major points of comment to consider and these are as usual firstly on the process side and secondly on the institutional side.

European war against the markets - 750 bn EUR

(10 May 2010) With an unprecedented rescue package of up to 750 billion euros by the EU and International Monetary Fund to stabilize the ailing single currency, the euro. The goal: tame speculators. Is it enough? Well, if something the following this happens today, then you know for sure that Europe is rushing into its worst crisis since WWII:

  • Greek bond yields sky-rocketing
  • Stock markets continue to fall
  • Private investors liquidate their SICAVs
  • Euro still dropping

Greece Debt Crisis: Greek tragedy or a PIGS tale?

Are we about to enter a third, and this time fatal, leg of the financial crisis? The problems of euroland which have so unsettled markets this week – and in particular those of Portugal, Ireland, Greece and Spain (the "pigs", as they have become known in financial circles) – are worrying enough in themselves

European leaders said they were ready to support heavily indebted Greece to stave off a crisis in the euro zone, but disappointed markets by failing to offer any details on how aid would work.

 

EU President Herman Van Rompuy told a news conference after a summit of the bloc's leaders in Brussels that Europe was sending Greece a "clear message of solidarity."

 

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