The Summit of Europe s Ineffectiveness

It will survive a little longer. The markets are celebrating, as they have after each of the four previous euro crisis summits until they come to understand that the fundamental problems have yet to be addressed.

At their June summit, Europe s leaders finally recognized the need to rectify this situation, transferring responsibility for banking supervision in the eurozone to the European Central Bank. Given that financial integration is particularly strong within the monetary union, putting the ECB in charge was an obvious choice.

Even barring such a nightmare scenario in 2012, the summit sowed the seeds of future conflicts over the emergence of a two speed Europe and the false economic doctrine guiding the eurozone s proposed fiscal pact. That doctrine, by imposing austerity in a period of rising unemployment, threatens to push the eurozone into a vicious deflationary debt spiral from which it will be difficult to escape.

Conquering Europe s Debt Mountain

The crash of 2008 revealed the flaw in the euro s construction, as each member country had to rescue its own banking system instead of doing it jointly. The Greek debt crisis brought matters to a climax.

Will the Euro Dethrone the Dollar?

LONDON The recent European Union summit was a disaster. Both Britain and Germany played the wrong game British Prime Minister David Cameron isolated Britain from Europe, while German Chancellor Angela Merkel isolated the eurozone from reality.

There is MontBlanc, the highest mountain in Europe.

In a hastily arranged mini summit, Germany, Finland, Austria, and the Netherlands announce that they will not renounce the euro as their joint currency. This only increases financial pressure on France, Italy, and the other members.

(b) Recommended to the General Conference the approval of estimates of gross expenditures of 154,009,800 to be financed from assessed contributions in the amount of 150,785,600 and other income of 3,224,200

At the European Union s December 9 summit in Brussels, the eurozone countries agreed to establish a closer fiscal union. But, by the time this decision was taken, it was no longer sufficient to bring the financial crisis under control.

Will Vladimir Putin Bolster the Eurozone?

The latest agreement did halt, or at least interrupt, the eurozone s biggest crisis to date, culminating in an unprecedented period of antipathy, opprobrium, humiliation, pestering, and blackmail within Europe. Indeed, Greece came within a hair s breadth of leaving the eurozone.

For the biennium 2002 2003, 1,895,208 has been collected and 1,378,052 was collected against prior bienniums' assessments, totalling 3,273,260, as shown in the table.

Assessed contributions (1994 1996) 69,190,525

The drubbing that many governments suffered in the recent elections to the European Union Parliament places them in a difficult position as they maneuver ahead of this week's EU Summit. Only an incurable optimist can hope that the summit will bring glory to any of them.

(d) Also approved the regular budget estimates of gross expenditure totalling 154,009,900 to be financed from assessed contributions in the amount of 150,785,600 and other income of 3,224,300

This means an average of EUR 29 per participant.

The first peak, obviously, is the limb hitting the load cell.

Jacques Delors, one of its architects, once called the single currency the jewel in Europe s crown. Abandoning it would be tantamount to declaring the entire European integration project a failure.

The representative of Luxembourg, speaking on behalf of the European Union, said that the European Union was not opposed to the Board making a contribution to the Summit, but the form of the contribution was important.

The business summit that met before the Bandung summit will be convened in tandem with future political summits.

The Eurozone s Strength in Disunity

Statements by new EU members leaders at the summit indicated that they were aware of such a possibility. They were worried about the EU s future certainly more so than their Western counterparts.

They were worried about the EU s future certainly more so than their Western counterparts. Some warned that the rejection of the European Constitution in the French and the Dutch referendums, combined with the summit s decision effectively to suspend the ratification process and its failure to agree on EU finances, could trigger a serious political crisis in the EU.

(In euros)

Euro

Error

A Plutocrats Summit?

The eurozone leaders summit on June 28 29 in Brussels now looks like the most far reaching and satisfactory recent attempt at European diplomacy. But it might look very different in September.

Having considered the Director General's proposal, the Board recommended to the General Conference the approval of estimates of gross expenditure of 154,009,800 to be financed from assessed contributions in the amount of 150,785,600 and other income of 3,224,200 (IDB.30 Dec.7).

BERLIN For two years now, one European summit after another has ended with assurances that at long last the necessary measures for containing the eurozone s sovereign debt crisis have been taken. Most were publicly portrayed as breakthroughs, though they were nothing of the sort.

Therefore, all assets, liabilities, reserves and fund balances of the General Fund and other Headquarters funds were converted to euros on 1 January 2002, using the exchange rates approved by the General Conference (GC.9 Dec.15), i.e. ATS 13.7603 1 and 1 1.123 (or 1 0.890472).

Here, the EU summit in December was an important step forward in terms of deepening political union and strengthening governance among the eurozone s member states. Nevertheless, more will be needed to restore financial stability, such as enlarging the total firepower of the European Financial Stability Facility.

The new rates are effective from the school year in progress on 1 January 2005. The currency areas where increases were approved are as follows Austria (euro), Belgium (euro), Denmark (krone), France (euro), Germany (euro), Ireland (euro), Italy (euro), Japan (yen), Netherlands (euro), Spain (euro), Sweden (krona), Switzerland (Swiss franc), United Kingdom (pound sterling), United States dollar in the United States and the United States dollar outside the United States.

As the budgetary requirements represent a euro based calculation, UNIDO's share, at an exchange rate of 0.901 US 1 (the official United Nations rate of exchange at the time of submitting the requirements to the United Nations General Assembly), would represent 1.22 million of the 7.6 million total.

(g) Outstanding contributions amounted to 145.2 million, as shown in annex I to the present document (including arrears of 69.2 million by the United States of America, and 2.1 million by the former Yugoslavia).

Exchange rate euro to United States dollar

US 000's 000's

Euro area

000's

Euro

One or two euros was enough to make 20 percent of cars disappear from rush hours.

The Advisory Committee also bore in mind the fact that the total level of expenditure on peacekeeping operations has decreased from a peak of more than 3 thousand million to around 1 thousand million.