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Prof. Dr  Wolfgang Schumann

03.03.11: Denmark eyeing referendum on euro - 0 views

  • The EU's economic convergence plans are forcing Denmark to reconsider its euro opt-out, with a referendum on "modernising" Copenhagen's relation with Brussels possibly taking place by June. With plans for a "Competitiveness Pact" currently being drafted by EU institutions to replace a Franco-German draft on pensions harmonisation and constitutional "debt brakes", Denmark does not want to be left out of the decision-making process, due to not being in the single currency.
  • Dubbed the "Big Bang model", a referendum on all three opt-outs may be more successful than holding a referendum just on euro adoption, with 45 percent of Danes in favour of this move, according to a Megafon poll carried out in February. But the margin is still narrow, with 43 percent opposing it and 12 percent undecided. A strong advocate for Denmark's euro-accession is Belgian Liberal MEP Guy Verhofstadt, who points to the fact that the country's economy is already fully integrated into the eurozone and that the Danish krone is pegged to the euro. In addition, he believes that there is a need for a small country like Denmark to counter-balance Germany and France who "dictated" the competitiveness pact being currently drafted for the 17 member-strong eurozone.
Prof. Dr  Wolfgang Schumann

27.02.09: Germany may bail out troubled eurozone states - 0 views

  • German chancellor Angela Merkel has given the strongest signal to date that her country may come to the rescue of embattled eurozone economies. "We have shown solidarity and that will remain so. We should use Sunday's summit [in Brussels] for member states affected to give an honest report of their situation," she said on Thursday evening (26 February) at a press conference in Berlin.
  • Certain conditions are likely to be attached to any support plan offered by Berlin. While Ms Merkel refused to be drawn on the exact nature of financial support, she made it clear that action to tackle excessive budget deficits would be a stipulation for receiving aid. She indicated such action could be carried out under Article 100 of the Maastricht Treaty that allows financial assistance to be given to countries experiencing "difficulties caused by natural disasters or exceptional occurrences beyond its control." "Of course there is a certain interpretative room to manoeuvre in the stability and growth pact and a country like Ireland that has been hit quite hard by the banking crisis is clearly in a different situation to a country like Slovakia with fewer banks," said Ms Merkel.
Prof. Dr  Wolfgang Schumann

15.01.2007: Germany against increased political control of the ECB - 0 views

  • German leader Angela Merkel has strongly defended the independence of the European Central Bank (ECB), saying she is "worried" about the debate over the euro in France. The German chancellor in a weekend interview with French daily Le Monde took a firm stance against the idea of increased political control of the ECB promoted recently by French politicians - including both top contenders for France's May presidential elections, Nicolas Sarkozy and Segolene Royal.
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