paulcThe creation of the EU was a flawed concept from its very beginning – the economy / cultures of the member states are just to varied to be compatible in the long (or even short) term. The criteria for countries that wanted to join the euro were not tough enough or were fiddled / ignored by the politicians to feed their own egos and wanting a place in hisotry as a creator of the united states of europe. Even one of the main people behind the euro (jacques delors) has recently admitted it was a flawed project from the start because it was based on a political ideology rather than any sort of practical experience.
The rapid expansion of the EU, adding new ex eastern block nations have not helped as they could see the EU as being of benefit to them. The main money contributors to the EU (Germany / France / UK) are slowly coming to realise that they are not a bottomless pit to support those countries who should not really have been invited to join the euro.
paulcThe creation of the EU was a flawed concept from its very beginning – the economy / cultures of the member states are just to varied to be compatible in the long (or even short) term. The criteria for countries that wanted to join the euro were not tough enough or were fiddled / ignored by the politicians to feed their own egos and wanting a place in hisotry as a creator of the united states of europe. Even one of the main people behind the euro (jacques delors) has recently admitted it was a flawed project from the start because it was based on a political ideology rather than any sort of practical experience.
The rapid expansion of the EU, adding new ex eastern block nations have not helped as they could see the EU as being of benefit to them. The main money contributors to the EU (Germany / France / UK) are slowly coming to realise that they are not a bottomless pit to support those countries who should not really have been invited to join the euro.
paulcAnd the first country to raise serious objections to the results of the EU summit are…….Germany!!
Bundesbank rejects Europe’s IMF funding ruse
Germany’s Bundesbank has raised serious objections to EU summit plans to shore up Italy and Spain by channelling up to €200bn (£170bn) from central bank reserves through the International Monetary Fund (IMF).
Europe’s leaders agreed in Brussels to mobilise the reserves of the 17 national banks of the eurozone system to finance the IMF, hoping that this will then lever fresh money from China, Japan, and other global powers.
Andreas Dombret, a Bundesbank board member, said Germany’s central bank cannot take part in any form of covert funding for EMU states in trouble through the bank-door of the IMF, saying further money can be used only to support the normal operations of the Fund. “The money cannot migrate into some sort of special pot that is used exclusively for Europe. That would be a clear breach of the prohibition of monetary financing of states. The German Bundesbank has explicitly ruled this out,” he told the Handelsblatt newspaper. Mr Dombret said the Bundesbank’s share of any such IMF package would be €45bn and is “inherently risky”. It would require an indemnity of some kind from the German parliament. This in turn would breach the €211bn ceiling already set by the Bundestag on EU bail-outs.
Mario Draghi, the head of the European Central Bank (ECB), raised similar concerns last week, warning that the ECB is not willing to use the IMF as a conduit for covert sovereign rescues in Europe. One cannot channel money in a way to circumvent the treaty provisions. If the IMF were to use this money to buy exclusively European bonds, we think is not compatible with the treaty,” Mr Draghi said.
Adding to complications in Germany, Bundestag president Norbert Lammert has demanded that the summit package should undergo scrutiny by Germany’s constitutional court, warning that new powers for European commissars to intrude in national budgets might conflict with German fiscal sovereignty.
The summit item on the role of the IMF appears to have been slipped into the conclusions without full preparation and is meeting blistering criticism from IMF experts, as well as hostility in Washington.
US President Barack Obama said: “Europe is wealthy enough that there is no reason why they can’t solve this problem. It’s not as if we are talking about some impoverished country that doesn’t have any resources.” The US said it will not contribute to the EU package. A group of Republicans on Capitol Hill want to go further and slash America’s existing funding for the IMF.
Mario Bleijer, former head of Argentina’s central bank and an IMF expert, said Europe should not try to shift liabilities onto the rest of the world.
“The proposal to use the IMF as a conduit for ECB resources – thereby circumventing restrictions imposed by EU treaties – while providing the ECB with preferred-creditor status, would exacerbate the Fund’s exposure to risky borrowers. This arrangement could be seen as an unwarranted abuse of Fund seniority that unfairly frees the ECB from the need to impose its own conditionality on one of its members,” Mr Bleijer said
paulcAnd the first country to raise serious objections to the results of the EU summit are…….Germany!!
Bundesbank rejects Europe’s IMF funding ruse
Germany’s Bundesbank has raised serious objections to EU summit plans to shore up Italy and Spain by channelling up to €200bn (£170bn) from central bank reserves through the International Monetary Fund (IMF).
Europe’s leaders agreed in Brussels to mobilise the reserves of the 17 national banks of the eurozone system to finance the IMF, hoping that this will then lever fresh money from China, Japan, and other global powers.
Andreas Dombret, a Bundesbank board member, said Germany’s central bank cannot take part in any form of covert funding for EMU states in trouble through the bank-door of the IMF, saying further money can be used only to support the normal operations of the Fund. “The money cannot migrate into some sort of special pot that is used exclusively for Europe. That would be a clear breach of the prohibition of monetary financing of states. The German Bundesbank has explicitly ruled this out,” he told the Handelsblatt newspaper. Mr Dombret said the Bundesbank’s share of any such IMF package would be €45bn and is “inherently risky”. It would require an indemnity of some kind from the German parliament. This in turn would breach the €211bn ceiling already set by the Bundestag on EU bail-outs.
Mario Draghi, the head of the European Central Bank (ECB), raised similar concerns last week, warning that the ECB is not willing to use the IMF as a conduit for covert sovereign rescues in Europe. One cannot channel money in a way to circumvent the treaty provisions. If the IMF were to use this money to buy exclusively European bonds, we think is not compatible with the treaty,” Mr Draghi said.
Adding to complications in Germany, Bundestag president Norbert Lammert has demanded that the summit package should undergo scrutiny by Germany’s constitutional court, warning that new powers for European commissars to intrude in national budgets might conflict with German fiscal sovereignty.
The summit item on the role of the IMF appears to have been slipped into the conclusions without full preparation and is meeting blistering criticism from IMF experts, as well as hostility in Washington.
US President Barack Obama said: “Europe is wealthy enough that there is no reason why they can’t solve this problem. It’s not as if we are talking about some impoverished country that doesn’t have any resources.” The US said it will not contribute to the EU package. A group of Republicans on Capitol Hill want to go further and slash America’s existing funding for the IMF.
Mario Bleijer, former head of Argentina’s central bank and an IMF expert, said Europe should not try to shift liabilities onto the rest of the world.
“The proposal to use the IMF as a conduit for ECB resources – thereby circumventing restrictions imposed by EU treaties – while providing the ECB with preferred-creditor status, would exacerbate the Fund’s exposure to risky borrowers. This arrangement could be seen as an unwarranted abuse of Fund seniority that unfairly frees the ECB from the need to impose its own conditionality on one of its members,” Mr Bleijer said
paulcAnd the first country to raise serious objections to the results of the EU summit are…….Germany!!
Bundesbank rejects Europe’s IMF funding ruse
Germany’s Bundesbank has raised serious objections to EU summit plans to shore up Italy and Spain by channelling up to €200bn (£170bn) from central bank reserves through the International Monetary Fund (IMF).
Europe’s leaders agreed in Brussels to mobilise the reserves of the 17 national banks of the eurozone system to finance the IMF, hoping that this will then lever fresh money from China, Japan, and other global powers.
Andreas Dombret, a Bundesbank board member, said Germany’s central bank cannot take part in any form of covert funding for EMU states in trouble through the bank-door of the IMF, saying further money can be used only to support the normal operations of the Fund. “The money cannot migrate into some sort of special pot that is used exclusively for Europe. That would be a clear breach of the prohibition of monetary financing of states. The German Bundesbank has explicitly ruled this out,” he told the Handelsblatt newspaper. Mr Dombret said the Bundesbank’s share of any such IMF package would be €45bn and is “inherently risky”. It would require an indemnity of some kind from the German parliament. This in turn would breach the €211bn ceiling already set by the Bundestag on EU bail-outs.
Mario Draghi, the head of the European Central Bank (ECB), raised similar concerns last week, warning that the ECB is not willing to use the IMF as a conduit for covert sovereign rescues in Europe. One cannot channel money in a way to circumvent the treaty provisions. If the IMF were to use this money to buy exclusively European bonds, we think is not compatible with the treaty,” Mr Draghi said.
Adding to complications in Germany, Bundestag president Norbert Lammert has demanded that the summit package should undergo scrutiny by Germany’s constitutional court, warning that new powers for European commissars to intrude in national budgets might conflict with German fiscal sovereignty.
The summit item on the role of the IMF appears to have been slipped into the conclusions without full preparation and is meeting blistering criticism from IMF experts, as well as hostility in Washington.
US President Barack Obama said: “Europe is wealthy enough that there is no reason why they can’t solve this problem. It’s not as if we are talking about some impoverished country that doesn’t have any resources.” The US said it will not contribute to the EU package. A group of Republicans on Capitol Hill want to go further and slash America’s existing funding for the IMF.
Mario Bleijer, former head of Argentina’s central bank and an IMF expert, said Europe should not try to shift liabilities onto the rest of the world.
“The proposal to use the IMF as a conduit for ECB resources – thereby circumventing restrictions imposed by EU treaties – while providing the ECB with preferred-creditor status, would exacerbate the Fund’s exposure to risky borrowers. This arrangement could be seen as an unwarranted abuse of Fund seniority that unfairly frees the ECB from the need to impose its own conditionality on one of its members,” Mr Bleijer said
paulcAnd the first country to raise serious objections to the results of the EU summit are…….Germany!!
Bundesbank rejects Europe’s IMF funding ruse
Germany’s Bundesbank has raised serious objections to EU summit plans to shore up Italy and Spain by channelling up to €200bn (£170bn) from central bank reserves through the International Monetary Fund (IMF).
Europe’s leaders agreed in Brussels to mobilise the reserves of the 17 national banks of the eurozone system to finance the IMF, hoping that this will then lever fresh money from China, Japan, and other global powers.
Andreas Dombret, a Bundesbank board member, said Germany’s central bank cannot take part in any form of covert funding for EMU states in trouble through the bank-door of the IMF, saying further money can be used only to support the normal operations of the Fund. “The money cannot migrate into some sort of special pot that is used exclusively for Europe. That would be a clear breach of the prohibition of monetary financing of states. The German Bundesbank has explicitly ruled this out,” he told the Handelsblatt newspaper. Mr Dombret said the Bundesbank’s share of any such IMF package would be €45bn and is “inherently risky”. It would require an indemnity of some kind from the German parliament. This in turn would breach the €211bn ceiling already set by the Bundestag on EU bail-outs.
Mario Draghi, the head of the European Central Bank (ECB), raised similar concerns last week, warning that the ECB is not willing to use the IMF as a conduit for covert sovereign rescues in Europe. One cannot channel money in a way to circumvent the treaty provisions. If the IMF were to use this money to buy exclusively European bonds, we think is not compatible with the treaty,” Mr Draghi said.
Adding to complications in Germany, Bundestag president Norbert Lammert has demanded that the summit package should undergo scrutiny by Germany’s constitutional court, warning that new powers for European commissars to intrude in national budgets might conflict with German fiscal sovereignty.
The summit item on the role of the IMF appears to have been slipped into the conclusions without full preparation and is meeting blistering criticism from IMF experts, as well as hostility in Washington.
US President Barack Obama said: “Europe is wealthy enough that there is no reason why they can’t solve this problem. It’s not as if we are talking about some impoverished country that doesn’t have any resources.” The US said it will not contribute to the EU package. A group of Republicans on Capitol Hill want to go further and slash America’s existing funding for the IMF.
Mario Bleijer, former head of Argentina’s central bank and an IMF expert, said Europe should not try to shift liabilities onto the rest of the world.
“The proposal to use the IMF as a conduit for ECB resources – thereby circumventing restrictions imposed by EU treaties – while providing the ECB with preferred-creditor status, would exacerbate the Fund’s exposure to risky borrowers. This arrangement could be seen as an unwarranted abuse of Fund seniority that unfairly frees the ECB from the need to impose its own conditionality on one of its members,” Mr Bleijer said
paulcThanks for the info – not sure on Flybe’s policy on ladders as hand baggage but i doubt it is good.
paulcGreat pics – do you need steps for the ‘startbahn west’ area and is it easy to get to using public transport. 4 of us are staying at the Intercity hotel so the autobahn footbridge will get a visit assuming they are using the 25’s for landings.
paulcGreat pictures Andy – I did the tour there with the same Southampton (Eastleigh actually) enthusiast tour company in 1992 – no problems with access and walking around.
paulcMichael O’leary walks into a bar and asks for a pint of beer. “that ‘ill be 20p please” says the barman. ‘Blimey’ say’s O’leary “how do you do it so cheap?’ ‘easy’ says the barman ‘the glasses are £10 each’.
paulcMichael O’leary walks into a bar and asks for a pint of beer. “that ‘ill be 20p please” says the barman. ‘Blimey’ say’s O’leary “how do you do it so cheap?’ ‘easy’ says the barman ‘the glasses are £10 each’.
paulcScott,
had the quote for the repairs yesterday approx £4K – the fun starts in trying to get it paid by somebody other than myself. I will post a pic or two once sorted as the issue of unchocked aircraft is important to reinforce and failure to chock is bad airmanship especially on a blatently obvious slope.
paulcScott,
had the quote for the repairs yesterday approx £4K – the fun starts in trying to get it paid by somebody other than myself. I will post a pic or two once sorted as the issue of unchocked aircraft is important to reinforce and failure to chock is bad airmanship especially on a blatently obvious slope.
paulcBeing somewhat helpless as I watched an unchocked aircraft roll down a sloping airfield and hit my car – b*******
paulcBeing somewhat helpless as I watched an unchocked aircraft roll down a sloping airfield and hit my car – b*******
Sign In
