It is, instead, the eurozone governments that must act.

Eurozone Budgets Under the Spotlight

A New Approach to Eurozone Sovereign Debt

It seems inevitable now that either the eurozone will have to contract, with parts of the uncompetitive periphery dropping out, at least for a time, or that member countries debts will have to be collectively guaranteed, which implies some form of fiscal union.

Eurozone governments have proven unwilling, or unable, to produce a solution that persuades markets that they are on top of the problem.

So what are the eurozone s heads of government waiting for?

Eurozone governments, however, face no such constraints, and were thus free to put in place a program that would have been sustainable.

The common currency completes the single market for the euro area s member states.

With the EFSF, the overcollateralization takes the form of guarantees by other eurozone countries.

Indeed, positioning and bargaining among the euro s member countries has already started.

We participants of the World Family Summit assembled in Sanya, People's Republic of China, from 6 to 9 December, 2004

So what else can eurozone governments do to raise revenue as their economies recover? Most economists favor finding ways to broaden the tax base for example, by eliminating special deductions and privileges in order to keep marginal tax rates low.

So what else can eurozone governments do to raise revenue as their economies recover?

Specific proposals include a designated eurozone budget, increased fiscal policy coordination among members, and a eurozone finance minister.

The eurozone s national governments already are acting in unison as a de facto government to address the crisis.

We call on the Governments of all countries to

Holders of bonds of the eurozone s member states have now been put on notice that, when the going gets tough, the real sovereign, We, the people, might be asked whether they actually want to pay.

Not the national governments of tiny developing nations not even the governments of powerful nations.

Instead, 12 eurozone countries are represented on the board of the International Monetary Fund via six different constituencies, or country groups.

Many commentators cite the wide disparities between euro zone members growth rates as a sign of failure.

Even with OMTs, there remain crucial differences between the eurozone and the Anglo Saxon economies.

Second, the program would cause a large drop in the eurozone s aggregate interest payments.

Later, Greece received even more support through the eurozone s bailout funds.

That loss would be borne by eurozone member states in proportion to their share of eurozone GDP, even though the votes are one per country.

To fund these redemptions on behalf of some member states, the ECB would issue bonds in its own name, guaranteed solely by the ECB, but repaid, in full, by the member state.

But they are accountable to citizens at home, in national elections, and they are primarily judged for their domestic performance, not for EU decisions.

Governments promptly obliged with more of the same.

Governments are the key decision makers in the Council.

Singkatnya, Schäuble memilih pembentukan Eurogroup yang resmi (terdiri dari menteri keuangan negara negara Eropa), dipimpin oleh seorang presiden yang memegang hak veto disahkan oleh Kamar Euro (Euro Chamber) yang terdiri dari anggota dewan parlemen dari negara negara anggota Eurozone dengan anggaran nasional.

How could a eurozone supervisor be based outside the eurozone?

Economies in which government provides these public goods perform far better than those in which it does not.

So a key challenge in resolving the eurozone crisis is to reduce the southern countries debt burdens.

Rebalancing the Eurozone

Demokratisasi di Eurozone

THE EURO AREA ECONOMY

THE EVOLUTION OF THE EURO AREA

If a gradual process of disintegration eventually makes a eurozone breakup unavoidable, the path chosen by Germany and the ECB large scale financing for the eurozone periphery would destroy the core central banks balance sheets.

But why are developing country governments dragging their feet?

On many occasions, developed country Governments were the defendants.

Latin American Governments have also promoted NGO involvement.

Eurozone leaders must recognize that spending cuts will do nothing to stabilize the balance sheets of core country banks that are over exposed to peripheral countries sovereign debt.

Unfortunately, one must wonder to what extent these ratings are distorted by the eurozone countries political power.

Providing an additional shield to the peripheral countries is the European Central Bank's plan to begin purchasing sovereign bonds.

London vs. the Eurozone

The Euro Zone s Default Position