Hope To The End ................World Banking pg 2 .................Western Alliance .................. EU Index
FINANCES, BUSINESS --- page one
BASKET of CURRENCIES ... leads to virtual currency units ( cyber cash )
Gold to become worthless
Zechariah 5: 5-11 .... A VISION of the Cashless Society
BASKET of Currencies = float .... virtual-currency units /credits
In this vision the prophet Zechariah sees a market basket (ephah ),
[ symbolizing currencies, trade, commerce, buying and selling.]
In the basket was a woman ( wicked financial System ), represented by a talent ( 100 pounds ) of lead.
Then there were 2 women --- possible meaning:
1. Western Banking System ( eft electronic funds transfer )
2. Sharia ( Moslem ) Banking system working parallel -- alongside Western Banking--- already in many countries.
The 2 women had wind in their wings [ swift speed of the internet ... world wide web telecommunications, transfers]
( swift...s.w.i.f.t. Society for Worldwide Interbank Financial Telecommunications
Please see "Ode to the Scarlet Harlot")
"and they lifted up the basket between heaven and earth" (cyberspace; virtual money ; e-money ).
Their wings were as the wings of a STORK . [ Please see STORK System ; eID interoperability ]
In other words, this basket of currencies -- pegged to commodity-trading (open markets) ---
morphed into Virtual currency units or intangible "credits' .
( Based on a sophisticated, highly manipulative barter system of world trade..Tyrus ).
The only thing between heaven and earth is "air" and the Devil is the prince of the power of the air". Ephesians 2:2.
The basket of Zechariah 5 was then carried away to Shinar, the plain of idolatry Daniel Chapter 3
"and it shall be established and set there upon her own base". This seems to imply that e-commerce will eventually be totally cashless...a system of virtual "units", tied to the worship of the beast.
euobserver ( Ed: note the sign of Neptune ... sea ... of chaos Rev. 13:1 )
the Newswire : Fair educational use
Jim Yong Kim head of World Bank ( in Washington D.C. ); from So. Korea; moved to Muscatine, Iowa
Jack Lew Secretary of the Treasury
EuroGroup-- heads Eurozone (countries using the euro ) excludes UK (not on the euro )
Mario Draghi head of ECB European Central Bank
U.S. Federal Reserve as Global Central Bank
" the Fed [ U.S. Federal Reserve Bank ] is quietly becoming central bank to the world, backed by the full might of the U.S. Treasury and a teflon-coated greenback.
Many analysts are skeptical of the notion of a global regulator while Mr. Sarkozy's idea of creating a new global financial system a la Bretton Woods II - the original had a fixed exchange rate system - seems pie-in-the-sky. "The Canadian government is not willing to cede to Washington or Basel or Bombay, the right to tell its financial institutions what to do or what it's doing is wrong," said Edwin Truman, a senior fellow at the Peterson Institute for International Economics. "That does not mean one could not have an international understanding on the best way to go about financial business, supervision and regulation. That process is already under way."
The Financial Stability Forum, which brings together representatives from central banks, treasury departments and regulators around the world, was set up after the Asian crisis in 1998 to do precisely that. It has already issued some 67 recommendations on the current crisis on a host of issues from capital requirements to credit rating agencies."
. What is "reserve currency " ?
" A reserve currency is one that is used in international trade and held by governments as part of their foreign exchange reserves. The US dollar is currently the world's dominant currency. But Governor Zhou said globalisation suffers if the world relies on a single national currency as a reserve currency.
What is SDR ? Special Drawing Rights
The SDR is an international reserve asset allocated to member countries in proportion to their IMF quotas, which generate most of the Fund's resources and determine a member's voting power in the Fund. The SDR's value is based on a basket of international currencies made up of the dollar, euro, Japanese yen and British pound
The SDR is not a currency. It is a potential claim on the freely usable currencies of IMF members.
The U.S. dollar-value of the SDR is posted daily at imf.org It is calculated as the sum of specific amounts of the four currencies valued in U.S. dollars,
[ ed: the dollar, the pound, the yen and the euro ] on the basis of exchange rates quoted at noon each day in the London market
SDR exchange rate
"The flood of dollars also increases the chances for quicker inflation in the global economy, spurring demand for commodities and currencies of raw materials producers.
.... Komal Sri-Kumar, chief global strategist at Los Angeles-based TCW Asset Management,
European policy makers are behind the curve, said Neil Mackinnon, chief economist and partner at ECU Group, a London- based hedge fund with about $1 billion in assets. The European economy will sink deeper into depression.
What is "quantitative easing " ?
It is the government printing money that it does not have, that taxpayers must pay back but can't afford. It is robbing a nation and causing its downfall. It devalues the currency and causes hyper-inflation... bread lines.
"new money" Ed: this is unbelievable !
electronic printing press
"What has this got to do with monetary policy? Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost.
By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation [ Ed: hyper-inflation ]
Of course, the U.S. government is not going to print money and distribute it willy-nilly (although as we will see later, there are practical policies that approximate this behavior).
TRADING DOLLARS FOR " EURO-UNITS " ??
Federal Reserve to swap currency with ECB
According to the Financial Times, the Frankfurt-based institution may also seek to arrange a currency swap with the US Federal Reserve a move allowing it to lend dollars to European banks struggling to meet short-term dollar funding needs
"Big E 3 " ( UK, France and Germany ) keep interposing
in our affairs
Gordon Brown ( UK ) to address joint session of Congress
France (Europe) to oversee US Allied Command Transformation at Norfolk, Virginia
and NATO's Rapid Reaction headquarters in Portugal ; France has been non-NATO for 43 years
US national security adviser James Jones has agreed in principle with Jean-David Levitte, a diplomatic adviser to President Sarkozy, that French officers could take over the reins of the Allied Command Transformation unit based in Norfolk, Virginia (US), according to a report in French daily Le Monde's Thursday edition (5 February, 2009 ), The Norfolk unit is in charge of overseeing transformations within the alliance such as its doctrine, organisation and the use of forces.
The second senior post given to the French would be a regional NATO command based in Lisbon [ Portugal ] the headquarters of the Rapid Reaction Force and of a centre for satellite-photo analysis
All we can say today is that these are the two posts the United States is ready to give up [ Ed: WHY ???] and that France is ready to take them over," a NATO military officer told French news agency AFP, confirming Le Monde's report
While Blair( UK ) is cementing the EU-US religious roadmap, Biden speaks to the EU about more Allied cooperation --
( we sure are getting cozy with our British cousins )
"Well have to work cooperatively with nations around the world and well need your help, Biden said. Our security is shared and so too, I respectfully suggest, is our responsibility to defend it.
French officers would take command of NATO posts in Lisbon and Norfolk, Virginia under a proposal worked out with the U.S.,
Blair( UK ) leads "US" "National" Prayer Breakfast
It should read :"Blair leads Allied-non-national Prayer Breakfast"
"Now my father was a militant atheist," Mr Blair said. "Before we prayed, I thought I should confess this. 'I'm afraid my father doesn't believe in God,' I said. 'That doesn't matter,' my teacher replied. 'God believes in him. He loves him without demanding or needing love in return.'".
ED: Is Rev. Blair correct in his theology? Does God love us without expecting anything in return ? Hardly. God sent His own Son to die a torturous death on the cross so that we would repent of our self-will and come under His lordship.
If Jesus had not done that, we would not have needed to respond. But in fact Jesus did give His very life for us, demanding our response of loving obedience to Him.
"If I had not come and spoken unto them, they would not be guilty of sin; but now they have no excuse for their sin"
Mr. Blair is correct to pray for non-believers, but that doesn't let non-believers off the hook. They still need to have a personal relationship with Jesus in order to come to the Father. "No man comes to the Father except by Me "John 14: 6
Why is a non-National asked to lead a "National" Prayer service? Because TPTB want a universal one-world religion, watered down to include everyone: repentant and non-repentant, believers and non-Believers alike. The agenda behind the Powers that Be is led of Satan, who hates Jesus-Yeshua, and Satan wants to make the blood of Yeshua-Jesus of no effect in a global religion of do-goodism, in the name of the State.
The high priests of secular humanism are on the march.
Blair ( UK ) to open UK 'Faith Foundation' branch here in the US ..... Why ??
California ( U.S.A. ) and Germany sharing military responses to terrorism
"Let me give an example: combatting terrorism and internal security. The German authorities in particular are working in a very close and trustful manner with their US counterparts. That fact is recognized. But this cooperation has to be based on prevailing international law.
Let us use the alliance between the United States and Europe as a powerhouse for innovation and a just peace; and let me add that such a powerhouse does not emerge merely between Governments but also in cooperation among and with states, regions, cities and civil societies. In this regard California plays an especially important role for us.
Only together can we build and renew that to which we aspire: the coalition for a better world"
Germany outlawed home-schooling
Davos wants a new
financial world tied to governments
Ed: Looks more like a G 7 meeting with all the world leaders and politicians attending
Comment by HTTE : The only thing we can think of that would tie government to finances would be the Mark of the Beast.
That certainly would be a new financial world.
New European Financial System
"Speaking to members of the European Parliament, Mr Trichet said that he personally "stood ready" to take on new banking supervision responsibilities but pointed out that the governing council, which includes representatives from all 16 eurozone members, had yet to agree a common position.
Former Banque de France governor Jacque de Larosiere currently heads an expert panel in Brussels that has been asked to draw up proposals for a European financial supervisory system.
It is due to report its conclusions at the end of February.
New Financial Order : Global Socialism .... Charter for Global Financial governance
'Old Europe' calls for a Global Financial Regulator; economic body equal to UN Security Council
"German Chancellor Angela Merkel and French President Nicholas Sarkozy have warned the US not to block attempts to build an international financial regulator, calling for a new economic body similar to the UN's Security Council.
"We'll take our decisions on 2 April 2009 in London," he went on, referring to an upcoming meeting of the G20.
"Perhaps the United States will join us in this change."
"Our response [to the economic crisis] must be more than a few rules," she said. "The crisis is an opportunity to create an international architecture of institutions."
The chancellor said the world needs an "economic council" in the United Nations
"It is possible that alongside the [UN] Security Council, we could also have an economic council," she said, adding that alongside the UN Charter, an economic sustainability charter "for a long-term reasonable economy" should be drafted establishing rules for global financial governance
TEC Transatlantic Economic Council
[ Guenter] Verheugen is the EU co-chair of the Transatlantic Economic Council (TEC), a U.S.-EU government forum created two years ago with the goal of
reducing regulatory barriers to trade between the world's largest trading partners.
Globalisation of Finance
Manuel Barroso, Head of the EU Commission:
Barroso said it was time for the entire international financial system to be reformed.
"We need a new global financial order," he said. "The European Union and the U.S., we can make a difference together."
We need a Global regulator
"We need a much higher level of co-ordinated action than at member state or even EU level. We need a global regulator. It's the logical outflow of the globalisation of finance - the globalisation of financial regulation," he added.
The Socialist group in the European Parliament meanwhile is demanding the "urgent and profound reform of the worldwide financial system."
"This crisis confirms the excesses of casino capitalism," Socialist group leader Martin Schultz said, denouncing "a savage capitalism that no longer invests in enterprise and the creation of jobs, but contents itself to let loose to make money with more money."
Caroline Lucas .. the GREENS :
We need a green New Deal - the re-regulation of the financial system and massive investment in green infrastructure, renewable energies, new technologies and so on that will deliver quality jobs to Europeans - the hiring of a carbon army, if you will - to ensure we don't have millions thrown into unemployment."
Need Global Financial Regulations
Peter Steinbrueck, Germany's Social-Democrat finance minister, raised on Sunday (21 September) the idea of "an international authority that will make the traffic rules for financial markets," while speaking to German radio, Reuters reports.....
"I think what people haven't appreciated is we've now got global financial systems but we've only got national regulators to cover them," Mr Brown told the BBC ahead of the speech, adding that he had been trying to convince his international counterparts for years of the need for "a global system of financial regulation."...
His finance minister, Alistair Darling, according to the country's Guardian newspaper, is also set to tell his fellow Labour Party members: "Just as one government alone cannot combat global terrorism, just as one government alone cannot combat climate change, so one government alone cannot deal with the consequences of globalisation.
The American Economy still excels
The perceived failure of one model of capitalism, combined with growing protectionist pressure from all continents, could push EU governments to ban or discourage a whole range of 'Anglo-Saxon' practices and institutions.
Cross-border takeovers and equity issues, the private equity and hedge fund industries, and even privatisations - all of which can help to make economies more efficient - may come under threat....
Nobody should write off the American economy. Compared to its European peers, its history of recovering rapidly from recession is impressive. Its track record on innovation and start-ups is the envy of the world.
The US has most of the world's best universities. It consistently out-performs the EU on productivity. Despite the rise of the BRIC economies, at market exchange rates the US will remain the world's leading economy for many decades.
Global Workforce, Mercenary : UK and US unite Labor Unions
Ed: pawns on a chessboard
We are dealing with global companies that can move ... employment - around the world at will in many cases," said Andrew Murray.
Need global 1-voice for finances
... "Brussels suggests the 16-member to be eurozone could overcome with a single chair at international financial institutions.
Under the EU's Lisbon treaty - set to come into force early next year if ratified in all 27 member states, the commission will be allowed to send "direct warnings" to countries seen as failing in reforms, without having to wait for the bloc's finance ministers' approval.
Apart from improvements on the internal front, the EU executive also calls for a better coordination of eurozone members when speaking to the outside world, with Mr Almunia noting it is "absolutely necessary" for them to have "one single presence" in international financial bodies.
SEPA Single European Payment Area ( no more PIN transactions)
"Since the beginning of the year, each bank customer needs an international bank account number (IBAN) and a common bank code (BIC) for cross-border money transfers within the European Union
http://www.dw-world.de/dw/article/0,2144,3081337,00.html ( good graphics )
Ed: The more banks merge and unify, the easier it will be for the 666 economic system to progress.
European bank mergers without protections
"The new rules would make it more difficult for governments to meddle with mergers in the banking, security and insurance sectors by requiring that foreign bids are assessed according to a set list of criteria.
"[The proposals] leave no room for political interference or protectionism," said internal market commissioner Charlie McCreevy
The new proposals also reduce the time during which national watchdogs can examine mergers from three months to 30 days and allow national authorities to stop the merger process just once.
Under current EU rules, national authorities are able to block proposed mergers if they consider that the "'sound and prudent management" of the target company could be put at risk the loose wording was open to abuse from protectionist member states."
CASHLESS SOCIETY INEVITABLE
PVU, private value units....electronic digital cash
"Telematic money" (from metal to paper to abstract money)
The access number for all commercial transactions will be 666 plus one's identifying number, such as one's social security number. By taking the 666 number of the beast, one will be practicing idolatry, since we are strictly commanded NOT to take the 666 implant chip.
To do so, is to suffer in the Lake of Fire: "and he shall be tormented with fire and brimstone in the presence of the holy angels and in the presence of the Lamb . And the smoke of their torment ascendeth up forever and ever: and they have no rest day nor night, who worship the beast and his image, and whosoever receiveth the mark of his name."
Rev. 14: 9-11
e-commerce will wipe out the small business man
Before there can be a 666 Mark of the
Beast, there has to be a realignment of currencies :
EAPS = Euro Alliance of Payment Schemes
SEPA = Single Euro Payment Area
EAPS from "Farmer Boy" Rapture Ready Message Board
" By 2010-2011 EAPS is going to be the preferred payment scheme...after the dollar falls due to market forces.
[ Ed: don't be surprised if it's a lot sooner than that ]
Everyone in the world will be required to use this cashless system.
Recommended: All Christians study EAPS and SEPA. Google research.
"The newly formed company, called "Euro Alliance of Payment Schemes" (EAPS) will be based in Brussels, Belgium and aims at enabling direct pan-European acceptance of debit cards without the need for an intermediary processor."
[ Ed: without MasterCard or Visa ]
Bush signs trans-atlantic integration plan with the EU
The Transatlantic Economic Council was tasked with creating regulatory convergence between the U.S. and the EU on some 40 different public policy areas, including intellectual property rights, developing security standards for international trade,
getting U.S. GAAP (Generally Accepted Accounting Practices) recognized in Europe, developing innovation and technology in health industries, implementing RFID (Radio Frequency Identification) technologies,
developing a science-based plan on bio-based products (Ed: earth-ethic ecology )
and establishing a "regular dialogue" to address obstacles to investment.
At a joint press conference, Bush thanked the other two leaders ( Ed: Merkel and Barosso ) for signing the "trans-Atlantic economic integration plan," commenting that, "It is a recognition that the closer that the United States and the EU become, the better off our people will be."
Hello Global Currency
BANK # 1
EIB -- EUROPEAN INVESTMENT BANK -- Luxembourgh
Global loans more than World Bank; no checks and balances
secrecy; no accountability; credit lines
EIB to fund ENP
"Ghost Bank" of Europe-EIB
LUXEMBOURG The world's largest and most obscure public bank rises above the Kirchberg Plateau in the Grand Duchy of Luxembourg like a cream and concrete layer cake, sheltering a potent, blue-chip financial institution that has ever so discreetly managed to outspend and outborrow the better-known World Bank in Washington.
On almost any given day inside the hushed, art-filled headquarters of the European Investment Bank, officials borrow millions in international currencies in a ceaseless torrent of everything from euros to Polish zloty. From its coffers, the money spreads to regional development projects like power stations in Northern Ireland, or to shiny trams for Barcelona. It flows to oil pipelines in Pakistan and geranium plantations in Kenya.
Most people who ultimately benefit from this bounty in their daily lives have no idea that their anonymous, wealthy benefactor is the European Investment Bank. But without the EIB, and its immense resources that enabled more than E42 billion, or $52 billion, in loans last year, many of these projects would not have flourished.
The original ambition of the EIB was relatively modest. It was fashioned in 1958 under the Treaty of Rome as a policy-driven public bank to help integrate what was then the European Economic Community [ Ed: now the EU ] , emphasizing the development of weaker regions.
For the past five years, the EIB has been led by Maystadt, a former finance minister of Belgium whose understated manner is as low-key as the bank.
ECB --European Central Bank -- Frankfurt, Germany
ECB European Central Bank ----Frankfurt, Germany
Mario Draghi head of ECB European Central Bank
In a further measure, the ECB announced it would extend its lending period to banks from 6 to 12 months and would starting lending to the European Investment Bank for the first time.
The European Investment Bank was set up by the 1958 Treaty of Rome, with the aim of lending money of support EU policy objectives especially the financing of projects in poorer regions.
Germany leads European economy
Central Banks shift reserves from US to Eurozone
Any rebalancing of central bank reserve portfolios has serious implications for the global financial system as the US has become increasingly dependent on official flows of funds to finance its current account deficit, estimated at $650bn in 2004.
Any reluctance to increase exposure to dollar assets further could cause the greenback to plunge on currency markets
Global Currency; One International Centralized Bank
"the world should proceed to the next level of currency consolidation: a single global currency, to be managed by an international central bank."
Since then, governments have sought to stabilize exchange rates by various mechanisms, such as pegging one small countrys currency to that of a larger country, but nothing has worked well. Thats why we now have arrived at the time when a single global currency would be beneficial and we should plan for it.
To assist with such planning, the Single Global Currency Association is holding the First Annual Single Global Currency Conference at the Mt. Washington Hotel in Bretton Woods on Friday, July 9, 2004, the 60th anniversary of the 1944 Bretton Woods conference. The goal of the Association is the implementation of a Single Global Currency by 2024 and there will be a Currency Conference at Bretton Woods every year until such implementation is achieved.
Single Global Currency Association
The Single Global Currency Association signed a resolution Friday calling for the nations of the world to develop
a comprehensive plan for the implementation of a single global currency by 2024 at the latest.
Its an ambitious agenda for an organization founded just a little over a year ago by Morrison Bonpasse of Newcastle, Maine.
Today, the concept has its supporters the Malaysian prime minister [ remember the m-chip ?] , U.S. Rep. Ron Paul (R-Texas) and even Federal Reserve Board Chairman Alan Greenspan are some. according to the Single Global Currency Association.
As far as ideas about what a new global currency would be called, Bonpasse said. We dont have a specific name, although there have been suggestions such as Globo, Geo, Worldo and Mondo.
One of the attendees of Fridays conference was James Turk of North Conway, the founder of GoldMoney, a online service to buy and sell gold. He supports a global currency and says New Hampshire should be particularly interested in a world currency, especially the high-tech sector in the southern part of the state.
That tech economy would be even
stronger if there was a commonly accepted currency, he
said, noting that it would be easier to make global transactions
Hmmm. First the standard global currency; then the electronic "units" in tandem with the 666 mark of the beast.
No wonder high-tech would be interested.
Swiss Banks : still the ace-in-the-hole
Switzerland had refused to sign the deal on taxation until the EU gave Bern an exemption on a part of another treaty Schengen to protect banking secrecy.
On Thursday, EU members finally overcame their own differences, and agreed to grant the Swiss this opt-out.
The EU's member states assured Luxembourg they would not be forced to
Schengen Agreement ( Treaty of Amsterdam ) http://www.euabc.com/index.phtml?word_id=819
ECB manages monetary policy of the 12 euro-nations http://www.iht.com/articles/518722.html
Bush wants currency float in Asia http://www.washingtonpost.com/wp-dyn/articles/A28597-2003Oct15.html
US to switch to the Euro ?
The Transatlantic Strategy Group proposes that the EU and the US forge an informal "G2" economic alliance, co-operating more closely on currency and trade issues. This could eventually lead to a currency alliance between the two economic blocks.
The EU and the US, claim the co-Chairmen of the group in a joint article in the FT, are the only remaining global economic superpowers. Japan has declined in significance and China has some way to go until it can be described in this way.
The EU-US economic alliance should therefore be forged to "provide leadership for the world economy".
Who's WHO in the Banking World http://www.save-a-patriot.org/files/view/whofed.html
International Accounting Standards
A one-world currency = hyper inflation
" A day's wages for a loaf of bread" ... black horse of Rev. 6 ... Third horseman of the Apocalypse
So we can add the "dey" and the "intor" to the list of other proposed names for the new world fiat currency, which have included the "bancor" (Keynes), the "unita" (Harry Dexter White), and the "phoenix" (Economist). No matter what you call it, the result is the same, not stability but inflationary finance. As Rothbard wrote, "what the Keynesians want is no less than an internationally coordinated and controlled worldwide, paper-money inflation, a fine-tuned inflation that would proceed unchecked upon its merry way until, whoops!, it landed the entire world smack into the middle of the untold horrors of global runaway hyperinflation."
Central banks are a recent development in the history of civilizationthe culmination of years of consolidationbut the tendency of governments to inflate the currency is not. Whenever kings have seized hold of the currency, they immediately got to work with a plan for using that power to make gains for themselves at others expense. The justifications were many but the result the same: the rulers treasury swelled as the peoples money became less valuable. Inflation was and is taxation through another means.
banks represent the most elaborate effort ever undertaken to give
the king all monetary power and privilege, while providing a
financial guarantee for the government and all its
"services." Its genesis is the same in every country:
the government provides protection for the banking industry
against competition, in exchange for which the banking
industry agrees to act as the money creator and
lender-of-last-resort for the government.
Does a Global Economy demand a Global Currency ? Joan Veon
Toward a World Central Bank
The 10th Santa Colomba Conference, held in that Italian city in late June , examined the question: "Does the Global Economy Need a Global Currency?" According to former Federal Reserve Chairman
Paul Volcker, the answer is a resounding "Yes" a view shared by the 15 members of the international banking elite present at that gathering.
Among those in attendance,
reported the June 30th Wall Street Journal, were Jacob
Frenkel, former head of the Israeli central bank; former
Argentine Finance Minister Domingo Cavallo; and
Steve Hanke, who is affiliated with the libertarian Cato Institute. The event was convened by Nobel Prize-winning economist Robert Mundell.
The "dey" ...dollar...euro...yen
Mundells argument, briefly stated, is this: "[I]f the euro can replace the franc, mark and lira, why cant a new world currency merge the dollar, euro and yen? The euros recent recovery against the dollar almost certainly establishes its credibility as a permanent currency.... This suggests success for the grandest reform of all, a supra-national central bank." At present, despite labor unrest and economic turmoil in the "euro-zone," notes the Journal, "few complain about the loss of monetary sovereignty. World money, with a world central bank, seems a next logical step.... A world money would be an extraordinary boon to international stability."
David de Rothschild in charge of global integration of banking
Heads UK, French, American and Canadian investment banking units
Change in Monetary Policy Coming
It is also consulting the European Central Bank as the Treaty blueprint foresees substantial changes to monetary policy.
France backs ECB bank reforms
ECB headquartered in Frankfurt, Germany
The French are set to back fundamental reform of the European Central Bank (ECB), reports the BBC. The proposed changes would make the decision-making process within the bank easier, meaning it could move more quickly to cut interest rates.
Reforms make it easier for UK to join Eurozone
They also say that the ECB's board - which already comprises the 12 central bank chiefs from all the countries of the eurozone - will become completely unwieldy after enlargement, when another 10 counties will eventually join.
They suggest instead a small monetary policy committee, like that of the Bank of England, which has operational responsibility for setting interest rates to meet the target.
The German government, and many economists, believe that the Growth and Stability Pact [strict Budget limits ]
is too rigid and should be revised to take more account of the fact that deficits always rise during recessions.
They [ ECB] fear that without the simple rule in the Stability Pact, there would be no way of coordinating monetary and fiscal policy in the eurozone, and inflation would eventually run rampant as countries printed money to counteract any tough decisions on interest rates.
COEUR ( coordination of Euroland; in Paris ) .... twin sister of ECB
Changing the governance rules of Euroland, for the ECB and EuroGroup as well, by differentiating between governing bodies membership and voting rights: these are the directions to follow if we want to stop the growing flow of critics and attacks on the existing embryonic Euroland governance system. This system is currently made of a set of rules (with the Stability Pact at its core) and only one dedicated institution the European Central Bank.
To achieve this objective, a major part is missing: a Euroland Coordination institution (lets call it COEUR, for COordination of EURoland). Its main role would be to serve the EuroGroup as a secretariat preparing its decision, carrying out studies and proposing targets, objectives, policies (in the field of macro-economics coordination, tax harmonization, even social long term goals) and of course delivering all required information to keep the member-states on track with the common agreed objectives.
but not everybody will have a permanent voting right in order to facilitate decision making. For instance, each country whose GDP represents more than 5% of Euroland GDP (today this would be: Germany, France, Italy, Spain and The Netherlands) will have a permanent voting right, while countries below this 5% limit will share two seats with 6 months rotation. The number of voters would therefore be limited to 13 people (down from 17) and would stay almost stable in the future - even when other countries join, as only the UK will break the 5% ceiling.
IMF, World Bank, WTO and interesting LINKS hopetotheend.com/wbank.html