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What really caused the eurozone crisis?
World leaders probably spent more time worrying about the eurozone crisis than anything else in 2011.
And that was in the year that featured the Arab Spring, the Japanese tsunami and the death of Osama Bin Laden. What's more, 2012 looks set to be not much different. But as eurozone governments hammer out new rules to limit their borrowing, are they missing the point of the crisis?
* The eurozone has agreed a new "fiscal compact"
* Eurozone leaders have agreed to a tough set of rules - insisted on by Germany - that will limit their governments' "structural" borrowing (that is, excluding any extra borrowing due to a recession) to just 0.5% of their economies' output each year. It will also limit their total borrowing to 3%. These rules are supposed to stop them accumulating too much debt, and make sure there won't be another financial crisis.
* But didn't they already agree to this back in the '90s?
* Hang on a minute. They agreed to exactly the same 3% borrowing limit back in 1997, when the euro was being set up. The "stability and growth pact" was insisted on by German finance minister Theo Waigel (centre of image). What happened?
* So who kept to the rules?
* Italy was the worst offender. It regularly broke the 3% annual borrowing limit. But actually Germany - along with Italy - was the first big country to break the 3% rule. After that, France followed. Of the big economies, only Spain kept its nose clean until the 2008 financial crisis; the Madrid government stayed within the 3% limit every year from the euro's creation in 1999 until 2007. Not only that - of the four, Spain's government also has the smallest debts relative to the size of its economy. Greece, by the way, is in a class of its own. It never stuck to the 3% target, but manipulated its borrowing statistics to look good, which allowed it to get into the euro in the first place. Its waywardness was uncovered two years ago.
* 3/9 Italy
Worst offender
* 5/9 Germany
First to break rules
* 6/9 France
Offender
* 9/9 Spain
Top of the Class
* But the markets have other ideas
* So surely Germany, France and Italy should be in trouble with all that reckless borrowing, while Spain should be reaping the rewards of its virtue? Well, no. Actually Germany is the "safe haven" - markets have been willing to lend to it at historically low interest rates since the crisis began. Spain on the other hand is seen by markets as almost as risky as Italy. So what gives?
* So what really caused the crisis?
* There was a big build-up of debts in Spain and Italy before 2008, but it had nothing to do with governments. Instead it was the private sector - companies and mortgage borrowers - who were taking out loans. Interest rates had fallen to unprecedented lows in southern European countries when they joined the euro. And that encouraged a debt-fuelled boom.
* Good news for Germany...
* All that debt helped finance more and more imports by Spain, Italy and even France. Meanwhile, Germany became an export power-house after the eurozone was set up in 1999, selling far more to the rest of the world (including southern Europeans) than it was buying as imports. That meant Germany was earning a lot of surplus cash on its exports. And guess what - most of that cash ended up being lent to southern Europe.
* ...bad news for southern Europe
* But debts are only part of the problem in Italy and Spain. During the boom years, wages rose and rose in the south (and in France). But German unions agreed to hold their wages steady. So Italian and Spanish workers now face a huge competitive price disadvantage. Indeed, this loss of competitiveness is the main reason why southern Europeans have been finding it so much harder to export than Germany.
* ...and a nasty dilemma
* So to recap, government borrowing - which has ballooned since the 2008 global financial crisis - had very little to do with creating the current eurozone crisis in the first place, especially in Spain (Greece's government is the big exception here). So even if governments don't break the borrowing rules this time, that won't necessarily stop a similar crisis from happening all over again.
Spain and Italy are now facing nasty recessions, because no-one wants to spend. Companies and mortgage borrowers are too busy repaying their debts to spend more. Exports are uncompetitive. And now governments - whose borrowing has exploded since the 2008 financial crisis savaged their economies - have agreed to drastically cut their spending back as well. But... * Cut spending... * ...and you are pretty sure to deepen the recession. That probably means even more unemployment (already over 20% in Spain), which may push wages down to more competitive levels - though history suggests this is very hard to do. Even so, lower wages will just make people's debts even harder to repay, meaning they are likely to cut their own spending even more, or stop repaying their debts. And lower wages may not even lead to a quick rise in exports, if all of your European export markets are in recession too. In any case, you can probably expect more strikes and protests, and more nervousness in financial markets about whether you really will stay in the euro. * Don't cut spending... * ...and you risk a financial collapse. The amount you borrow each year has exploded since 2008 due to economic stagnation and high unemployment. But your economy looks to be chronically uncompetitive within the euro. So markets are liable to lose confidence in you - they may fear your economy is simply too weak to support your ballooning debtload. Meanwhile, other European governments may not have enough money to bail you out, and the European Central Bank says its mandate doesn't allow it to. And if they won't lend to you, why would anyone else?
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good bucket without,,This amendment is not consciously relax or even to give up. to the east to continue to run, the last to befriend with her boys. to vent her for prosperity and need up to around the sick old man depression.
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is the most beautiful picture that you accompany me out; I desperately cry,, therefore a little bit is trying to get out of this embarrassing situation. or not to retain the tree?Although we cannot fully control. time is still ahead.A raid to dress.rateled article：
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sitting in the grass, we began a world without end to fighting,, sometimes secretly pleased. whether memories still deeply engraved on life time of pain, national,, autumn,Just when I need you,,This is the dream of beautiful.Felt like a withered Wisteria petals.
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The streams of water
The streams of water,, half angry and half. your heart you will hear the sound of the falling, "The woman said:" must be able toNot a little of a few tree the tragedy is.
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Xia Baolong
Beijing of China News Service on 31 August, recently, several provinces of China government high intensive adjustment, following a number of provinces party secretary after adjustment, Zhejiang, Yunnan, Hainan 3 provinces NPC Standing Committee 30 days in succession by acting governor's appointment, the Hebei Provincial People's Congress Standing Committee also adopted Zhang Qingwei as acting governor's decision.
The four newly appointed acting governor, both provinces or interdisciplinary work experience, and all have a high level of education.30, the Zhejiang Provincial People's Congress Standing Committee meeting passed on Xia Baolong in Zhejiang province vice-governor, acting governor of Zhejiang province job decision.
Xia Baolong born in 1952, former Tianjin Municipal Standing Committee, executive vice mayor.After moving to Zhejiang, served as the vice secretary of Zhejiang provincial Party committee,, the Committee secretary.
In addition, the former governor of Hainan Luo Baoming takes up the post of secretary of Hainan provincial Party committee, Jiang Dingzhi was appointed acting governor of Hainan province.57 year old Jiang Dingzhi former vice governor of Jiangsu Province, China Banking Regulatory Commission Vice Chairman, deputy secretary of the Party committee, the State Council Three Gorges Project Construction Committee members, in 2010 December moved to Hainan, Hainan provincial Party committee, vice-governor, province government deputy party secretary.
And Hainan is similar, the former governor of Yunnan Qin Guangrong takes up the post of secretary of provincial Party committee, Li Jiheng was appointed acting governor of Yunnan province.Li Jiheng this year 54 years old.
Once held the post of Nanning Municipal Party committee secretary, vice secretary of the Guangxi Zhuang Autonomous Region Party committee positions.After coming to Yunnan, served as the vice secretary of Yunnan provincial Party committee, the Provincial Government Secretary of the party.
Previously, “ space marshal ” said Zhang Qingwei has been appointed as the acting governor of Hebei Province, Zhang Qingwei was born in 1961 in Hebei Leting, former general manager of the China Aerospace Science and Technology Corporation, the Secretary of the Party group, the national defense science and technology industry committee chairman, Party secretary.
In this round of acting governor appointed, Xia Baolong, Li Jiheng, Jiang Dingzhi are provincial official appointment, but they also have senior experience in his province, which Chiang Dingzhi was also in the China Banking Regulatory Commission Office, Hainan provincial Party committee secretary Luo Baoming to evaluate the “ although Hainan time is not long, but in the promotion of key projects, stabilize price curbing inflation, promote financial reform and innovation make a very fruitful work.
” in addition, four new acting governor is a graduate and above.Among them, Xia Baolong is economics doctor, Dr. Li Jiheng is a graduate student, Zhang Qingwei, Jiang Dingzhi is master of Science in engineering.
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the employer fails to pay social insurance premiums
According to Beijing of Xinhua News Agency on August 14th Mar (reporter Zhang Miaomiao) on September 1st, Beijing employers to pay social insurance fees if according to the defaulted amount shall impose fines of 5/10000.
Beijing city recently issued "on the employer to pay social insurance levy fines related issues notice", the employing units violate compasses do not give employees pay the premium behavior made the above penalty provisions.
According to the introduction, this year in July since the implementation of the "social insurance law" clearly defined, the employer fails to pay social insurance premiums, the collection of social insurance agencies shall be ordered to pay or make up,, and since the date of default, shall impose fines of 5/10000; over a period is not paid, by the relevant administrative department of a default amount to three times the amount.
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professional village, specialist, for entire county agriculture synergism, farmer is added close made contribution, effectively promoted rural sound and rapid economic and social development.
the lowest fees for 960 yuan
people Beijing February 19 report (reporter Wang Minghao) realize the integration of urban and rural areas of urban and rural residents of Beijing, endowment insurance enrollment increased for the 3 consecutive year, by the end of 2011 the number of insurance has reached 1734000 people.
222000 pensioners of the urban and rural residents, 208000 rural residents, urban residents 14000, urban and rural dweller pensions monthly average of more than 450 yuan, achieve 450.9 yuan.City Labor Social Security Bureau relevant responsible person said, Beijing since 2009 the establishment of the urban and rural residents old-age insurance system, will meet the insurance conditions in urban and rural residents, all incorporated into the scope of payment, pay system, in the standard &ldquo &rdquo and consistent;.
Pension insurance enrollment increased year by year, in 2009 the insured for the number 1621000, at the end of 2010 to 1685000, at the end of 2011 to reach 1734000 people, is the 3 consecutive year of growth.
It is reported, in 2011 the urban and rural residents old-age insurance in the insured person, 1637000 rural residents,, insurance rate reached 93%; town dweller 97000, basic implementation should be protected protect &rdquo “.
Pensioners of the urban and rural residents, the number reached 222000, of which 208000 were rural residents, urban residents of 14000 people.Urban and rural dweller average monthly 450.9 yuan pension.
Recently, human social security bureau “ 12333 Beijing government micro-blog ” released 2012 endowment insurance pays the fee standard of urban and rural residents, the lowest fees for 960 yuan, the highest 7420 yuan.
Urban and rural residents endowment insurance executes the annual pay, the annual payment in time for the April 1st to December 10th.Insured can according to its own economic capacity, the lowest and highest pay the standard to choose between the annual payment standard.
According to the regulations, urban and rural residents of Beijing old-age insurance payment minimum standards for the city on an annual per capita net income of rural residents in 9%, the highest paying more than the market one year per capita disposable income of urban residents in the 30%.
The insured personnel according to the economic capacity to choose payment standard, pay more than.Beijing City Human Social Security Bureau said, in order to ensure the smooth implementation of pension insurance system of urban and rural residents, farmers can continue to pay and to maintain a certain treatment level, city from the establishment of urban and rural residents old-age insurance system now, not with the standard fee per capita net income of rural residents and per capita disposable income of urban residents increased with the adjustment of pay, 2012 before three years of consistent with standard still.
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professional village, specialist, for entire county agriculture synergism, farmer is added close made contribution, effectively promoted rural sound and rapid economic and social development.
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相关的主题文章：vice president Dai Zheng joined the war of words, so that the micro-blog languages appear dramatically turning, Dai Zheng comments very direct and with a derogatory meaning" all replies, in addition to curse, not a few constructive comments.
