Abstract:
On the current economic measures adopted by the EU
Network in Brussels on 29 June, (reporter Zhang Zhengfu Chong Dahai) two day European summer summit 29 closed in Brussels.
World leaders adopted the "growth and employment contract", launched to promote the growth of "package", also announced that allow the euro zone rescue tools to directly inject capital into the banking industry and can be purchased to reduce the deficit and debt issued by countries.
Announced that the European Council president Fan Longpei at a news conference after the closing ceremony, the leaders of the 27 nation bloc formally adopted the "growth and employment contract", which supplements had been adopted to strengthen fiscal discipline "fiscal compact".
According to his introduction, the main contents of the "contract" is a value of 120000000000 euros ($152000000000) package of measures to stimulate economic growth plan.
Fan Longpei said that the 120000000000 Euro growth plan half from the European Investment Bank (EIB).
European Union leaders have agreed to increase the capital of 10000000000 euros for the European Investment Bank ($12700000000), through the "leverage effect" will increase its lending capacity of 60000000000 euros ($76000000000).
Fan Longpei said, "the money will be invested in all EU countries, especially countries in distress, to help them through the growth step out of crisis."
Another 55000000000 euros ($69700000000) to narrow the gap between the rich and the poor from the European Union and the establishment of the "structural funds, the money will be mainly used to support the development of small and medium-sized enterprises and youth employment.
The remaining 5000000000 euros ($6300000000) from the upcoming summer began issuing the "project" of the bonds, the money will be used mainly for energy, transportation and broadband infrastructure.
At the same time, the EU leaders also approved the important measures by the European Commission President Jose Manuel Barroso called "a few months before the unthinkable" to prevent crises "contagion.".
According to Fan Longpei introduction, eurozone members have agreed to let the permanent euro zone rescue fund, the European stability mechanism (ESM) directly to the crisis of the member banks, and permit the use of the euro zone temporary bail-out fund, the European financial stability tools (EFSF) or the European stability mechanism directly to buy its debt to reduce its financing cost, and need not add new austerity and reform.
According to the existing regulations, only the European stability mechanism to start operation in July to help countries, namely the relief funds is only available to members of the euro zone governments.
Of course, the recipient government may according to need, use the money to rescue their banks.
A consequence of this arrangement is the bailout of the banking sector will be transferred to the government on the head, causing the recipient government debt, financial difficulties exacerbated, form vicious circle between banking and sovereign debt crisis.
If the European stability mechanism can be directly to a country's banks is not reflected in the government debt, so it will not cause deterioration of the debt situation.
Euro zone leaders also agreed that the measures have been taken to reduce the fiscal deficit and the debt of euro zone members may use the temporary bail-out fund, the European financial stability tools or the European stability mechanism, the direct purchase of treasury bonds to reduce the financing cost, and need not add new austerity and reform.
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