Freitag, 9. Dezember 2011


Hier ist der Link zur Erklärung der Staats- und Regierungschefs der Euroländer nach den Verhandlungen von letzter Nacht.

Die Zusammenfassung:
"Today we agreed to move towards a stronger economic union. This implies action in two directions: (i) a new fiscal compact and strengthened economic policy coordination; (ii) the development of our stabilisation tools to face short term challenges.

we agreed today on a new "fiscal compact" and on significantly stronger coordination of economic policies in areas of common interest.

General government budgets shall be balanced or in surplus; this principle shall be deemed respected if, as a rule, the annual structural deficit does not exceed 0.5% of nominal GDP

The rule will contain an automatic correction mechanism that shall be triggered in the event of deviation.

A mechanism will be put in place for the ex ante reporting by Member States of their
national debt issuance plans.

The rules governing the Excessive Deficit Procedure (Article 126 of the TFEU) will be
reinforced for euro area Member States.

For the longer term, we will continue to work on how to further deepen fiscal integration so as to better reflect our degree of interdependence.

We are committed to working towards a common economic policy.

We agree on an acceleration of the entry into force of the European Stability Mechanism (ESM) treaty. The Treaty will enter into force as soon as Member States representing 90 % of the capital commitments have ratified it. Our common objective is for the ESM to enter into force in July 2012.

Concerning the involvement of the private sector, we will strictly adhere to the well established IMF principles and practices. This will be unambiguously reflected in the preamble of the treaty. We clearly reaffirm that the decisions taken on 21 July and 26/27 October concerning Greek debt are unique and exceptional;"
Also, für eine stärkere Integration auf EU-Ebene hat es nicht gereicht. Ob sich daraus mittelfristig eine starke Spaltung der EU ergibt, wird man sehen. Jedenfalls wird es einen Club der Eurostaaten (+6 andere wie man hört) geben, die sich die oben zusammengefassten Regeln für eine stärkere finanzpolitische Integration geben.

Anscheinend hat das ziemlich die Erwartung der Marktteilnehmer getroffen, denn sowohl Aktien- als auch Devisenmärkte notieren heute bislang fast unverändert.

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