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EU leaders are gathering in Brussels on Wednesday to discuss how to kick-start growth in Europe while keeping deficits down. New French President Francois Hollande has increasingly been putting pressure on German Chancellor Angela Merkel to reconsider her negative views on Euro bonds, bonds jointly underwritten by all eurozone member states. Hollande warned on Saturday during a G8 Summit in Camp David that he is not alone in supporting the proposal. Italy's Monti, Spain's Rajoy and the EC are expected to back the idea. As the biggest economy in Europe, mutualizing common European debt would mean Germany having to finance sovereign debt from other countries. Merkel has already said she does not rule out euro bonds as a long-term prospect, but under one condition: a more integrated political and fiscal European Union. Cube Spin Greece and the unofficial talk of a Greek euro exit are also set to be discussed. After the elections earlier this month, the Greek political parties failed to form a ...
They will meet in only a few hours. The new French president Francois Hollande has already warned German Chancellor Angela Merkel that he wants growth to be the way out of the crisis. After being sworn in, Hollande delivered a 10 minute speech in which he vowed to "open a new path for Europe", marking the end of the 'Merkozy" era. Angela Merkel said that she will "welcome the new leader with open arms". However, Hollande's proposals, such as issuing eurobonds to boost European investment or allowing the ECB to lend directly to governments, are totally opposed by the Chancellor. As uncertainty grows in Europe, markets fell again on Monday amid the Greek political turmoil and anti-austerity protests across the continent. As for Brussels, some are wondering why Hollande's first official visit is not to Barroso. According to a Commission's spokesperson, Barroso and Hollande are set to have their first meeting on Thursday during the NATO Summit in Camp David.
Discussions of a Greek euro exit, or a Grexit, have become more prominent in Brussels after Greek leaders failed to form a coalition government since elections were held on 6th of May. But eurozone finance ministers on Monday reaffirmed their commitments to keep Greece in the euro zone. But the EU also warned the Greek authorities that the austerity measures agreed need to be implemented. Greece is due to receive a second bailout in early June in order to avoid default. For the first time since the crisis erupted, President of the European Commission Jose Manuel Barroso admitted that it would be better for Greece to leave the euro zone if it was unable to meet its obligations. The Greek president has proposed to form a technocrat government amongst the skepticism of the Greek people. New elections now look almost certain. According to the latest polls, anti-austerity radical-left coalition party Syriza would become the main political force.
In the wake of the elections in France and Greece, European Council President Herman Van Rompuy has called for an informal summit of EU leaders on the 23rd of May to discuss the growth agenda in Europe. Â The informal dinner will lay the ground for another meeting at the end of June when leaders are expected to take decisions on their growth and budget consolidation strategy. "Reducing debt and deficits is essential to build confidence and but borrowing costs. Every euro spend on interest payments is a euro less for jobs and investment. Secondly, to regain competitiveness there should be an acceleration in structural reforms. There is work to do both at national an European level", said President of the European Commission Jose manuel Barroso The European Commission is proposing to boost the capital of the European Investment Bank by 10 billion euros. This is the institution that finances infrastructure projects in Europe.
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