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The credibility of policy regime change in the s may be linked ultimately to the change in public opinion, which gave proper incentives to politicians, after the traumatic consequences of the hyper stagflation of Suggested Citation: Suggested Citation. Subscribe to this free journal for more curated articles on this topic.

Subscribe to this fee journal for more curated articles on this topic. Economic History eJournal. We use cookies to help provide and enhance our service and tailor content. By continuing, you agree to the use of cookies. To learn more, visit our Cookies page. This page was processed by aws-apollo1 in 0. Skip to main content. It is now time to decide and to live up to our commitments to reform the EMU. Our end goal is to achieve better living and social standards for all Europeans.

That is what matters in the end. I count on your support in this process. Despite all of the pain of the financial and sovereign debt crisis, Europe has come back strongly. We are living through a jobs-rich recovery. That success is based on prudent budgeting, new investment, structural reforms and a commitment to stick to the rules of the fiscal compact. Let us deliver on our existing commitments.

And thirdly, whatever change is proposed, it must be an inclusive format. That means, from our perspective, no euro-area parliament, no railroading of small or indeed any Member States. So where do we go from now? I see five areas of potential improvement. That means risk-sharing and risk reduction must go hand in hand. It means a credible resolution of the NPL problem. Secondly, Europe must be open for business, which means more trade deals, delivering on the potential of the single market economy and freeing the EU economy of protectionism.

We also need to be prepared to reform and turn the European budget — the Multiannual Financial Framework MFF — into an instrument of innovation and growth. Could we do the impossible, colleagues? That is, agree a better budget by the time of the next European Parliament elections. We need to — it would send out a powerful signal from this House, were we to obtain that agreement. Finally, I hope that once and for all, the idea of having an EU finance minister is dropped. It is a crazy proposal.

Alex Hernandez Books on cesulecrali.cf

It sends out the wrong message to national parliaments, to EU citizens. It does not have national public support. It is a weapon of euroscepticism. It is time that it was finally discarded from the technocratic dreamworld from where it came. Dat fonds zou lidstaten kunnen helpen die in slechte papieren zitten. Op zich een interessant idee, alleen is niet duidelijk wat precies met dat EMF wordt bedoeld, hoe dat zal worden ingevuld. Wat interessant is, is dat Gross en Meyer een half jaar geleden, in december , een update geschreven hebben van hun paper waarin zij de voorstellen van de Europese Commissie beoordelen en analyseren.

En wat is hun conclusie? Zij wilden een Europees Monetair Fonds dat zorgt voor meer begrotingsdiscipline en voor een sterker schuldbeheer. Als ik kijk naar de voorstellen van de Commissie, dan lijkt zij eerder te willen aansturen op een zoveelste solidariteitsmechanisme, terwijl wij weten dat transfers onverantwoordelijk gedrag in de hand werken in plaats van dat meer verantwoordelijkheid wordt genomen.

Gross en Meyer zagen het EMF bovendien als een niet—politieke instelling die neutraal en economisch kan oordelen. Ze willen ook dat er gesproken wordt over een exitscenario uit de euro, dat dat geen taboe is. Beide voorstellen opnieuw worden niet gedragen door de Europese Commissie. Samengevat: De Commissie dreigt onverantwoordelijkheid aan te moedigen. En opeens is ze dan verbaasd dat de noordelijke lidstaten niet willen meespelen, dat de noordelijke lidstaten de touwtjes in handen willen houden en een intergouvernementele oplossing willen. Het is tijd dat de Commissie het over een andere boeg gooit.

On the European Monetary Fund, I think double accountability will have to be introduced. National parliaments should continue to be in charge of accounting for their programmes and actions from the IMF, but so should the European Parliament. How can we explain to our voters that the European Parliament — the institution that wants to represent democracy in the EU — does not have a say over the conditions in bailouts? This anomaly needs to be addressed — otherwise, if MEPs cannot decide on Europe-wide important issues, why should people go to vote in the next European elections?

By excluding the European Parliament from crucial decisions, the ground is ready for the next generation of eurosceptics. The second idea: on the other hand, it is important that the fiscal compact is implemented through EU law. I think it is a good moment to check how its application has worked in different Member States, and how we can improve it. For example, in the case of Spain, the central government has arbitrarily put a much more stringent deficit objective to regional governments than to the central government.

This has been a way to force cuts in welfare state and social policies.

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Similarly, many local governments in Spain with very low debt are not allowed by the central government to use the cash they have in the banks for investments on social policies. So control of excessive spending should not be a new excuse for recentralisation. Marco Zanni, a nome del gruppo ENF. No al Fondo monetario europeo. It is an important economic tool, supporting the efficiency of the single market and reducing costs for people and for businesses.

I am glad that, despite the fact that some people wrongly blame Europe for mistakes that have nothing to do with the currency, support of the euro among Europeans is strong — actually, probably the strongest it has been since its introduction. The Monetary Union, as well as the EU, is a work in progress. But this package is by no way a replacement for responsible and good economic policy in the Member States: we can only achieve a successful, stable and growing Europe with such reforms. Not all parts of the package have the same importance and same urgency.

Pactos políticos e coalizões de classes

Let me mention just two that I consider the most important. I guess this is a good proposal. The second one is completion of ongoing initiatives, especially in the area of the banking union.

I believe that a compromise can be found, and I hope it will be found soon. Seuraavassa taantumassa Euroopan keskuspankki on voimaton. Dank u wel, commissaris. Er wordt hard aan de Europese Commissie getrokken. In een hoog tempo zijn er voorstellen gelanceerd om nieuwe Europese potjes op te richten, of juist direct je schulden bij de buren neer te leggen. Maar wat mij betreft is er een derde. En dat is de optie waarbij we onszelf aan de afspraken houden die we met elkaar hebben gemaakt.

"incomunicado" in English

Dat is de optie, wat mij betreft, waarbij we elkaar niet de rekening sturen, maar waarbij we handel met elkaar drijven. Afspraken maken is eigenlijk heel makkelijk. Maar pas als we onszelf aan die afspraken houden, dan is er wat mij betreft de ruimte om in vertrouwen die risico's met elkaar te delen. Dat is wat mij betreft de volgorde: afspraken maken, ons aan de afspraken houden, vertrouwen zaaien en welvaart oogsten.

Die Euro-Zone wird dann auseinanderbrechen, wenn die Handelsbilanzdefizite darin nicht abgebaut werden. Barbara Kappel ENF.


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Othmar Karas PPE. Finally, the eurozone, which is the only monetary zone without a budget, recognised that we do indeed need a budget in order to have a future in the eurozone. However, what should be the objectives of this budget? There should be not only stability, but also growth and upward economic and social convergence. Something is missing in this instrument.

Secondly, the instrument to support investment is necessary not only to protect against shocks, but also to make sure that Member States undertaking deep rebalances of the budgets can maintain a decent level of social investment, which is not the case so far. We need to go beyond, because if we do not improve these proposals, and we have combined these with co-financing being reduced for structural funds, we can already predict that divergences will continue in the eurozone.


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Damals haben Sie im Vorbeigehen die Nichtbeistandsklausel gebrochen. Das ist traurig. Gestehen Sie sich das ein und ziehen Sie endlich die alleinrichtigen Konsequenzen! This means that markets are nervous, and this means that risks still persist. The question is: what is the origin of this nervousness? It is without any doubt due to recent political developments.

That is why the key question for me is: who is stronger in Europe — populism or our currency? The question is: what do we have to do?