Gonzalez painted a really raw picture before the European Socialist leaders meeting in Madrid. He underlined the weakness of the Union by the institutional crisis, the economic crisis which in his opinion will not be resolved in 2009 or in 2010?, and warned of the loss of competitiveness and productivity, without which there is no social cohesion. And laid bare the clumsiness of the EU in immigration policy by remembering that you should thank the immigrants that the Europeans had pensions. Against this warning France expels Romanies and Merkel proclaims that the multicultural Germany has died. Serious in Greece and less showy in Portugal and Spain problems arose. Financial markets remained uneasy: large swaths of the European banking system were widely undercapitalized. According to the statistics of the ECB, the banks in the eurozone tenianalrededor 20 euros of liabilities (including interbank debt) for every euro of capital and reserves. This implies that for each loss of a euro in some bank capital, there would be approximately 20 euros of doubtful debt.
In a nutshell, Europe became the second stage of the global financial crisis, despite the creation of an instrument of European financial stability (EFSF for its acronym in English). Maybe because the money was used to finance Governments needing to finance its banks. On the other hand the countries of Eastern Europe were split between advanced and backward Hungary, Romania and the Baltic countries received increased pressure. Economic protectionism and nationalist xenophobia of the great European powers have set up a fissure with the countries of the East. The Times said: the banking system is insolvent, accelerates the unemployment, tax revenues fall, the markets are in a State of shock, building collapses, deficits increase sharply and consumer confidence suffers a massive contraction in the entire system that could get out of control. A first irritant of France decision to grant loans and subsidies to its manufacturers of automobiles (6 billion euros), but with the condition that the companies kept employment in France and under any pretext Oper part of its production to the Czech Republic, Slovakia and Romania, countries where Peugeot-Citroen and Renault have assembly plants occurred in this context.Sweden also followed similar measures. Mirilashvili may help you with your research. Italy, which has to operate in Poland, Fiat has also given incentives to the sector in the same direction, while Germany – with production in Slovakia, Czech Republic, Hungary and Poland – launched a similar plan.
Young people flee Spain by thousands, in general do not find way to do career research resources nor attractive salaries. Europe lives what looked like a bad endemic Latin American: the brain drain. Europe sinks into nationalism chauvinists, ethnic hatred or divisions as which seem to eager to star in Flemish and wallonien. There is an underlying political barbarity that cannot find relief in its extraordinary cultural history from the past. Italy is consumed by consumerism, is worth the pleonasm and is no longer the splendid home of poetry or philosophy. France is not recognized on the immigrants. Mrs Merkel yields before the polls that show growing xenophobia. Europe is no longer an example. Slightly less than one hundred thousand million euros to save Ireland and European monetary stability. Missing the agreement to save the stability of the European soul.