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Merli, Alessandro
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3 articles of this author have been cited in the European Press Review so far.
Forcing banks to recapitalise dangerous
Financial stability in the Eurozone is under greater threat than it has been since the Lehman bankruptcy in autumn 2008. This was the conclusion reached in a report published on Monday by the European Central Bank on the financial stability of the Eurozone. The ECB obviously fears the negative impact of the planned forced recapitalisation of banks, the business paper Il Sole 24 Ore concludes: "This isn't the first time that the ECB has expressed doubts about the European Banking Authority's plans for a recapitalisation of the banks. The European Banking Authority wants European banks to increase their core capital reserves to nine percent by mid-2012. This could prompt banks to sell assets or curb lending to families and companies. In yesterday's report the ECB calls on the national bank supervisory authorities to prevent the recapitalisation from causing a reduction in borrowed capital that in turn would lead to a credit crunch for the real economy."
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More from the press review on the subject » Fiscal Policy, » Banks, » Europe
Spoilsport Portugal
The reaching of a consensus on the euro bailout package was a historical moment which however was marred by Portugal's serious political and economic crisis, writes the business paper Il Sole 24 Ore: "The Portuguese government crisis and the high probability of new elections by June make it practically inevitable that Lisbon will have to apply for a bailout package from the European Union and the International Monetary Fund (IMF). But it remains unclear who will lead the negotiations with Europe and the IMF, and how Lisbon is willing to repay this service. ... Stringent economic reforms seem indispensable. ... The task of negotiating with the EU and the IMF will hardly fall to José Sócrates' outgoing socialist government. This could only happen with the help of the president and that express support of the opposition. Only last Wednesday the latter voted against Sócrates' fourth austerity package which the EU for its part had approved."
» full article (external link, Italian)
More from the press review on the subject » EU Policy, » Fiscal Policy, » Portugal, » Europe
G20 too big and too slow
The finance ministers and the heads of the central banks of the leading 20 industrial and emerging economies (G20) are meeting today in the South Korean city of Gyeongju to discuss the currency exchange rates and global trade imbalances. The fact that expectations for any concrete results from the meeting are so low justifies the revival of smaller bodies like the G7, the business paper Il Sole 24 Ore writes: "This year's meeting of the seven is a further indicator that the G20, the new format of global government, is already showing signs of ageing only two months after its birth. Having shown what it could do at the height the crisis it is now proving to be an overblown and rather ineffectual instrument. Everything points to the fact that above all Canada, which held the presidency of the G7 summit this year, is seeking a new formula which gives China direct participation, as well as perhaps Brazil and India, too, thus sidestepping the G20."
» more information (external link, Italian)
More from the press review on the subject » Trade, » Financial Markets, » Economy, » Global
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