finance
Fidel Ramos Urges Establishment of Asian Monetary Fund
Former Philippine President Fidel Ramos suggested the establishment of Asian monetary fund to compete with the IMF which often provide Western-style input. Asian monetary fund could also be used for non-traditional security threats.
According to him, to menagulangi threats of natural disasters in the 21st century, there are some things you can do the countries in Asia.
“We can form associations across the country, the Philippines, we are proposing the collection of disaster funds from outside the country and we were ready to hold a reforestation campaign. In the meantime, we can also establish an international monetary fund,” said Ramos at the Jakarta International Defence Dialogue (JIDD) , Wednesday (03/21/2012). › Continue reading
There is no mechanism Banish Euro Member
EU Commission confirms there was no mechanism or specific regulations that could give sanction to exclude countries that fail to meet the rules of eurozone membership.
Even in times of financial crisis hit the 27-nation bloc that was built on May 9, 1950 on the Schuman Declaration, the EU did not indicate any desire to exclude countries that are considered as a trigger for the crisis.
In a presentation last week in Brussels, the EU Commission said the financial crisis is precisely to have a purpose for them as a valuable learning to strengthen the area economy.
“We think need to consider many things, including the condition of the country’s economy if he should get out of membership of the euro zone after a while adopting the euro,” said an EU official who declined to be named.
Instead, the EU actually intervene against countries highly indebted, such as Greece, Ireland and Portugal which have now become ‘patients’ European Financial Stability Facility (EFSF).
Greek market lost confidence in early 2010 had a combined loan package from euro area countries of 80 billion euros and from the International Monetary Fund (IMF) amounting to 30 billion euros. EFSF has the capacity to provide loans of up to 440 billion euros in loan interest rates close to IMF loan. Greek back loan assistance amounting to 109 billion euros in July 2011.
Ireland’s own aid package received a loan of 85 billion euros in November 2010. › Continue reading