ECB head Mario Draghi has called on European governments to do more for growth and the fight against unemployment in Europe. A lowering of the base interest rate was not up for discussion at the meeting of the ECB's General Council in Barcelona on Thursday. While some commentators express disappointment, others support the present course and oppose solutions aimed at providing cheap loans.
Z artykułami z następujących publikacji:
La Stampa - Włochy, Cinco Días - Hiszpania, Sol - Portugalia, Le Monde - Francja
La Stampa - Włochy
ECB boss Mario Draghi has formulated his demand for a growth pact for the Eurozone in concrete terms while warning at the same time of the dangers of departing from the austerity policies. However this long awaited change in direction was prompted by necessity rather than a sudden change of heart, writes the liberal daily La Stampa: "Instead of demanding sacrifices from the citizens with a stern expression Europe is beginning to show the monetary union a more friendly face. ... If the prerequisites and promises are fulfilled, the division of labour between the EU and the member states could soon change. The former would take care of expenditures while the member states assume control of the budgets. A reversal of roles that wouldn't be the result of a sudden change of opinion and sense of responsibility on the part of the governments but rather the fact that reality leaves us no other choice. Because the states don't have a cent left and only Brussels and Frankfurt are in a position to invest billions to get things back on track." (04/05/2012)
In view of the reserved monetary policy of the ECB, José Luis Martínez Campuzano, a strategist for the Citigroup in Spain, warns in the business paper Cinco Días of the threat posed by rising risk premiums on government bonds: "Were you surprised by the announcements made after the meeting of the European Central Bank yesterday? I don't think so. You may be disappointed. We all are to a greater or lesser extent. ... And what if the financial markets react with rising risk premiums? Spain is one example, where the yields on government bonds are rising at the same time as Mariano Rajoy's government is passing the very measures demanded by the markets. Mario Draghi also praised the reforms in Spain, even if it wasn't clear whether he considered them adequate. And this raises a second question: When can they be considered adequate? No doubt you can't answer that. Neither can I. But right now we're caught up in a vicious circle in which all of us - the entire Eurozone - are the losers." (04/05/2012)
It is dangerous to try to encourage growth merely by supplying easy money, writes the liberal weekly Sol: "To economise or to boost growth? This is a heated debate. Supposedly intelligent people claim we are digging our own grave with the austerity measures. They clamour for loans for companies. Unfortunately the assumption that pumping fresh cash into the economy will solve all our problems is wrong. It's true that the economy needs more loans, but it was precisely the easy loans and cheap money that triggered the crisis. We can't return to the times of cheap money. Those who see loans as a magic recipe for growth forget that a company can't borrow money it won't be able to pay back later. … This has always been our problem. … We need profitable investments that are sound and create wealth. Portugal needs to attract investors: through political and social stability, less red tape, a more efficient justice system, competitive salaries and flexible labour laws." (04/05/2012)
The ECB met in Spain without proposing any solutions for the crisis-ridden country, the left-liberal daily Le Monde writes, calling for a change of course in the direction of growth policy: "You can understand the anger of the Spanish, because many Europeans feel much the same way. Theoretically they've done everything right, fulfilled all the requirements. For 18 months they have been doing exactly what Berlin, Brussels and Frankfurt have stipulated: making drastic cuts in state expenditures, raising taxes, reforming the labour market and so on. ... And what are the results? So far nothing short of disastrous. ... Everywhere the feeling is spreading that the situation is extremely convoluted. So far no government has survived an election. ... As far as France is concerned we'll know more on that score on Sunday. So it's no wonder the mood is changing and people are saying that the most important thing isn't debt reduction but promoting growth. More growth will bring higher tax revenues that are necessary to service the public debt." (04/05/2012)
Shortly before the run-off vote in the French presidential elections, the two remaining candidates Nicolas Sarkozy and François Hollande met on Wednesday evening for a televised debate. The challenger Hollande is the deserving winner, some commentators write. Others fear that the Socialist's plans are unrealistic.
Z artykułami z następujących publikacji:
La Repubblica - Włochy, Die Presse - Austria, Rzeczpospolita - Polska, Les Echos - Francja
La Repubblica - Włochy
The challenger François Hollande emerged the winner of the almost three-hour-long TV debate between the two presidential candidates, writes the left-liberal daily La Repubblica: "A democratic, honest and in many ways exemplary debate. Both the ideas and the programmes were important, but mainly it was about each candidate showing his character. … Nicolas Sarkozy started off at a disadvantage, which is why he immediately went on the offensive. This tactic fits in with his character. The challenger Hollande however didn't unsheathe his sabre. He has always preferred the foil. He kept up his defences and in the end managed to thwart his fiery opponent. It looks like Sarkozy's bid to regain enough votes to turn the situation around and win on Sunday has failed." (03/05/2012)
It looks very much like François Hollande will be the new French president, but Nicolas Sarkozy would be the better choice, the liberal-conservative daily Die Presse writes: "Sarkozy realised back in 2007 that France needs to 'break' with the market forces if it wasn't to lag behind. He may not have achieved much in his five years in office, but more than he is credited with. He raised the retirement age, introduced a university reform and extended the absurd 35-hour week. Sarkozy's narcissism, his showing off and his lack of principles are hard to put up with. The xenophobic posing with which he tried to score with the right-wing extremists at the end of the election campaign was simply repulsive. Yet the Gaullist would still be the better choice for France because at least he doesn't deny the economic reality of his country, as his rival does." (03/05/2012)
The Socialist François Hollande will win the run-off vote for the French presidency, the conservative daily Rzeczpospolita fears: "This man has made so many unrealistic promises that just listening to him talk is enough to strike you with fear. They include reducing the working life, liberal labour laws and higher compensation for people who are laid off. The investors are appalled and see his candidacy as a threat. Because he is the exact opposite of what the French need right now. The problem is that there is simply no alternative to austerity programmes at the moment. Or at least no one has come up with one, not even Germany. It is obvious that the inability to deal with problems at home has weakened Europe in the eyes of the world." (03/05/2012)
The rules governing the election campaign in France are as much in need of reform as the internal party procedures for selecting candidates ahead of the campaign, criticises the liberal business paper Les Echos: "First off, the patronage system [candidates need the signatures of 500 elected representatives], which in principle is laudable, must be reinforced so that exotic candidates are filtered out of the competition for 'The Elysée's got Talent'. ... Furthermore, the rules concerning air time granted to candidates must be urgently reconsidered. They stem from a bygone era and are inspired by an ancient ideal, that of guaranteeing that all candidates have the same chances in the race for the presidency." (03/05/2012)
EU Commission president José Manuel Barroso announced on Monday that he will stay away from the Euro 2012 in Ukraine as long as constitutional principles are violated there. Many politicians of European countries, however, have rejected the idea of a Euro 2012 boycott. Commentators find the idea ineffectual and the discussion surrounding it hypocritical.
Z artykułami z następujących publikacji:
Rzeczpospolita - Polska, Mladá fronta Dnes - Czechy, Savon Sanomat - Finlandia, Financial Times Deutschland - Niemcy
Rzeczpospolita - Polska
Western politicians' calls for the European Football Championship to be boycotted because of Yulia Tymoshenko's imprisonment are hypocritical since there have been worse hosts than Ukraine in the past, writes the conservative daily Rzeczpospolita: "Why all the fuss now? It's not as if Tymoshenko was sent to prison just yesterday. The alarm bells could have gone off when Siemens and other German companies won contracts for preparing for the Euro 2012. Or when the very same Siemens helped Beijing modernise for the Olympic Games a few years ago. This, too, was a country with political prisoners. It may sound cynical, but in the history of sport there have been far worse hosts of the Olympic Games or other championships. Mussolini, Hitler, the Argentinean junta [World Cup 1978] and the Chinese Communist Party have all organised such events." (02/05/2012)
The head of the Czech Football Association, Miroslav Pelta, has rejected the idea of a political boycott of the Euro 2012 football championships in reaction to the jailing of opposition figure Yulia Tymoshenko, on the grounds that sport must not be held hostage to politics. The liberal daily Mladá fronta Dnes does not agree: "Politics and sports cannot be separated. By giving a country the task of organising a major sporting event the international community expresses trust and respect. Organising a European Championship in the world's most popular sport brings huge prestige. Of course that will come as no surprise to Mr. Pelta and others who blather on and on about the independence of sport and politics. ... The sports-politics cocktail doesn't need to be shaken only now; we've already been drinking it for a long time. And by the way, why was Ukraine awarded with Euro 2012? Not because of the fantastic conditions there, but because that's what the politicians wanted." (02/05/2012)
According to the liberal daily Savon Sanomat, Western politicians staying away from the Euro 2012 in Ukraine won't achieve anything: "The EU protests for democracy and humaneness failed to make an impact in the case of Alexander Lukashenko in Ukraine. Will all the pretty words be more effective in Ukraine, or will they drive President [Viktor] Yanukovych's Ukraine in the same direction as Belarus - to a closed society ruled by fear? Some are demanding that with the help of King Football the leadership in Ukraine be put under pressure with the threat of boycotting the Euro 2012 matches there. The same was done with ice hockey in Belarus yet nothing came of it. Whether this tactic will be more effective in Ukraine? Hardly." (02/05/2012)
If Ukraine is facing a boycott because of human rights abuses the same must apply for other countries too, writes the Financial Times Deutschland:"What an outcry there was five years ago when German Chancellor Angela Merkel, the foreign minister at the time Frank-Walter Steinmeier and ex-president Horst Kohler announced that they wouldn't attend the opening ceremony of the Olympic Games in Beijing. All the wailing about trade and the economy. ... But what German manager, what politician, what member of the middle classes is getting all worked up now about how German President Joachim Gauck, Merkel, Environmental Minister Norbert Röttgen and the SPD boss Sigmar Gabriel are publicly reprimanding Ukrainian President Viktor Yanukovych? … Where are all the critics when instead of powerful China it's relatively weak Ukraine that's in the pillory? … Yes, Russia too, which is hosting the Winter Olympics in Sochi, is far from being a model democracy. If people want to pursue human rights policies convincingly in future they can't duck out when it comes to taking the heavyweights to task." (02/05/2012)
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