News and Reviews European Economic Zone

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News and Economic Review Europe (UK)

 

Sterling Outlook Still Fragile

Thursday, December 1, 2011

 

Sterling rose on the New York session, follow the trail rise in EUR / USD, after the success of the Spanish bond auction. Nevertheless, the rally sterling remains vulnerable due to gloomy economic data today, especially after the show contraction of the manufacturing sector for two consecutive months.

 

There is a relief after the Spanish managed to collect funds according maximum target although the cost of borrowing soared to its highest level in 14 years. "The dollar weakened after the ongoing auction of Spanish bonds, and these provide power for sterling to strengthen," said Michael Derks, strategic interviewed by Reuters.

 

Today PMI data confirm the continued contraction of the UK manufacturing sector which would worsen fears over the threat of recession stalking the economy. UK economic outlook remains grim and analysts warn the rally in sterling may not be sustained mainly by widespread concerns over global economic growth and protracted debt crisis of the euro-zone. "The economic outlook is not good English, and demand for the dollar is still strong. Can still continue strengthening dollar against many other major currencies," said Derks.

[mynameisandhy]

News and European Economic Review (Switzerland)

 

USD / CHF: Dollar Swiss Soar, Resistance 0.9212

Friday, December 2, 2011

 

In trading, Thursday (01/12/2011), the opening price at 0.9128 USDCHF. The movement of this currency pair reversal naturally rises, begins weakening the basic level and then rebound to level 0.9068 0.9189 peak. Closing price at 0.9155, marked by a bullish harami candle.

 

At the end of today's Asian session, the currency pair is likely to rise is limited to an area of ​​0.9212 - 0.9234/0.9275 and furthest 0.9312/338 - 0.9358/395. If there is limited potential to decrease the area 0.9080 - 0.9058/9037 and furthest 0.8996/0.8975 - 0.8950/39. Expansion of resistance was in 0.9358,0.9395,0.9428, 0.9600,0.9862 and extension support in 0.8975,0.8950 / 39,0.8920,0.8892 / 86,0.8870 / 57,0.8821,0.8792,0.8758 / 46,0.8741 / 25,0.8699, 0.8671.

 

Furthermore, today's market participants focus on Swiss economic data 'Retail Sales y / y' (15:15 GMT) and the United States 'Non-Farm Employment Change', 'Unemployment Rate' (20:30 pm) that will be released today.

 

If this currency pair made ​​it through resistance at 0.9212 level will likely be potential targets to the next resistance level at 0.9234 and 0.9275 furthest ranges - 0.9329/38. And if on the contrary made ​​it through support at the 0.9105 level would likely potential target towards the next support level at 0.9080 and the furthest 0.9058 - 0.8996.

[mynameisandhy]

News and Economic Review Europe (Estonia)

 

Industrial production Estonia rose again

Friday, December 2, 2011

 

Industrial production of Estonia increased despite the increase in these times tend to be slower than before, especially in October last, according to data released by Statistics Estonia.

 

Industrial production increased 2.4 percent on an annual periodic basis in October, the increase was much reduced from the previous month which achieved growth of 6.3 percent in September. Meanwhile, in August, the growth rate reached 28.8 percent.

 

While the production sector of manufacturing industry, rose 5 percent per year, while mining production drove 2.6 percent. Also added, there was an annual decline of 15.4 percent in the output of energy products for a month.

 

Meanwhile, on the basis of the monthly period, industrial production rose 2.9 percent that has been adjusted in October, recovered from the 10.2 percent decline the previous month.

[mynameisandhy]

News and Review of European Economic

 

Chancellor Merkel: We will be the European Pact Amendment!

Friday, December 2, 2011

 

As expected, Chancellor of Germany today gave a statement related to the development of the European situation. Angela Merkel claimed that Germany and France agreed to form a fiscal integration among euro-zone members.

 

"We're not talking about fiscal unity, but have entered the concrete steps," said Merkel. Both countries have repeatedly called for amendments to EU treaties in a variety of events. That way, executives can design area fiscal rules are applied equally to all members. The new pact will require all states to review the components of the national budget as well as follow the rules. In it also will be included sanctions for violating the government's fiscal discipline.

 

Merkel will meet President Nicolas Sarkozy on Monday (05/11) to describe the plans of both countries. After that, the blueprint the resolution will be discussed at the next European meeting December 9 in Brussels. "We are ready to go to Brussels for the European treaty change," said Merkel. Germany and France do not want a crisis such as this to happen again in the future.

[mynameisandhy]

News and Economic Review Europe (Germany)

 

Consider the German government Nationalization of Commerzbank

Monday, December 5, 2011

 

European stock markets rose sharply amid reports that Germany is considering nationalizing the two largest banking institutions in Germany, Commerzbank. Previously the bank reported that they need additional capital of about 5 billion Euros.

 

According to the German government's comments, if the second-biggest German bank is not getting enough capital until next year, the Berlin bank rescue fund will be used to pick up some shares of Commerzbank.

 

Executive Commerzbank Martin Blessing said the bank's Board of Commissioners, that some other steps could be taken to achieve the goal without government assistance, but the success rate will depend on the progress of European sovereign debt crisis.

[mynameisandhy]

News and European Economic Review (Switzerland)

 

Urges Swiss Franc U.S. Dollar, Awaiting Report Production Sector

Monday, December 5, 2011

 

Census Bureau today (05-12) is scheduled to announce the latest developments in the production sector of the United States.

 

The poll results indicate the presence of a number of economists forecast that the indicator Factory Orders m / m can be decreased to -0.2% of the value in the previous period is 0.3%.

 

The value of running pair USD / CHF was observed in the range of 0.9209.

 

The possibility exists that shows an early decline in performance is sustained by the growing interest of investors in the forex market to rival the U.S. dollar is holding the Swiss Franc, so that the currency pair moves higher on USD / CHF.

[mynameisandhy]

News and Review of European Economic

 

Europe Will Get Short-Term Solution

Monday, December 5, 2011

 

Growing expectations that the European summit this week will finally issue a road map that could end the debt crisis of the European zone. Seeing the last developments, it is true that the euro zone will get a short term solution, but how far the success rate of these solutions is uncertain.

 

The problem is the proposal put forward by Sarkozy sebearnya Merkel is not a unitary fiscal integration in Europe but forcibly imposed fiscal discipline in Europe. Actually there are many member states are less pleased with the implementation of this policy, for example, in France itself, Sarkozy was attacked by the opposition Socialist Francois Hollande about austerity pact to be signed by Sarkozy. In addition, Ireland was less likely to require a referendum that approved by the people, while the Netherlands is also not agree on a proposal that gives the power to Brussels to control the budget at the national level.

 

On the other hand, the proposal met with him but if there is no alternative at all is collapsing. While from the viewpoint of market participants, the ECB is still an opportunity to respond to more aggressive action and solve problems. After the ECB signaled that they'd be more aggressive if there is a change in the overall fiscal Europe, investors anticipate changes in the pact that would become the foundation of the ECB to act further.

[mynameisandhy]

News and Review of European Economic

 

Germans Data Push Euro Performance

Tuesday, December 6, 2011

 

The euro could move higher to hit a new daily peak at 1.3428 after the release of German data better than expected. The euro had earlier been hit by a warning pemeringakt agency S & P ratings which has placed 15 of the 17 euro zone countries in surveillance.

 

Demand in the German manufacturing sector recorded a sharp rise in October, which succeeded beyond expectations and showed toughness euro zone's largest economy in the face of the worsening debt crisis in the European region. German factory orders increased by 5.2% following a surge in overseas orders, according to German Economics Ministry reported on Tuesday.

 

From the technical side, Stoyan Mihaylov from Deltastock.com argues that the "penetration above the 1.3410 intraday potentially trigger a rally towards 1.3548 and 1.3670 next. Support may be found at 1.3333, 1.3258 and 1.3145."

[mynameisandhy]

News and Review of European Economic

 

S & P warning Crush European Market Sentiment

Tuesday, December 6, 2011

 

European stock markets began trading Tuesday from negative territory following the warning from ratings agency S & P regarding the potential cuts credit rating of most members of the European Union, which eroded the optimism previously triggered by an agreement between Sarkozy and Merkel to implement the policy of tight budgets in the block.

 

Eurostoxx 50 indexes tracked continues to fluctuate between positive and negative areas, while the German DAX index and France's CAC move to weaken with each loss of 1.05% and 0.3%. In the UK, the FTSE index lost 0.2% in the first 2 hours of trading.

 

In a very surprising announcement market, Standard & Poor's decided to put the credit rating 15 of the 17 euro zone countries in surveillance, following a decline in credit conditions in the region. This agency is also projecting negative growth for some countries such as Spain, Portugal, Ireland or Greece, who are at risk of burdening the entire European Union.

[mynameisandhy]

News and Review of European Economic

 

European bond Induced S & P Action

Tuesday, December 6, 2011

 

European bond yields jumped back as the effect of the warning rating agency S & P overnight.

 

Credit rating was sentenced to 15 countries in a negative observation. Only two states are sterile from the observation S & P, namely Cyprus and Greece. Both countries already in the list of negative recommendations, while Greece has even received the title of high-risk rating CC or default.

 

Yield 10-year Italian bond rose 20 basis points to 6.05%. While the yield on 10-year Spanish bonds rose 4 basis points to 5.17% and France rose 6 basis points to 3.19%. The observed yields on German bonds rose 2 basis points to 2.23%.

 

Meanwhile, Europe's main stock index also appeared to slow due to action of the S & P. European Stoxx Index fell 0.3% to 242.1. While the German index, DAX 30, fell to 0.8% to 6,057.1. In France, the CAC index slumped 0.2% to 3,194.4, followed by Britain's FTSE, which slid 0.1% to 5,563.2. So far, the performance of European stocks helped by optimism resolution still ahead of the upcoming summit meeting December 9.

[mynameisandhy]

News and Economic Review Europe (France)

 

France Promises Solid On the eve of the European Agreement

Wednesday, December 7, 2011

 

Quite a contrast with German officials earlier comments, that the European Pact change agreement will be difficult to achieve, the French Minister said that the leaders of France and Germany will not leave before the European summit achieved a strong agreement to prevent debt crises more protracted.

 

U.S. Treasury Secretary, Timothy Geithner who was visiting France to convey the message from Washington that the damage to the debt crisis will spread to the U.S. economy, and fully supports the French-German plan to give a penalty in the European member states that exceed the deficit target and provide a permanent rescue package.

 

Board of Governors of the ECB will hold its monetary policy meeting next Thursday the day before the European summit, which is expected to cut interest rates to 1% from the previous 1.25%. President, ECB Mario Draghi who had met with Geithner yesterday in Frankfurt has given a signal that the euro-zone fiscal discipline will become the foundation for the ECB to act more aggressively.

 

Separately, Director of S & P reiterated that if the ammunition for the eurozone bailout does not add up to at least 900 billion euros then the agency can quickly cut the credit rating of some European countries.

 

Reuters poll a while, there are 11 of the 13 economists surveyed expect that France would lose the AAA credit rating within three months.

[mynameisandhy]

News and Economic Review Europe (Germany)

 

Germans reject joint bailout, European stocks fell

Wednesday, December 7, 2011

 

European markets slumped after Germany refused to rescue the European region funds merger at this time and permanent and expressed pessimism over the results of the EU summit this week.

 

Metro AG, Germany's biggest retailer, fell. Airline stocks fell after the International Air Transport Association estimates that 49 percent decline in industry profits in 2012. Randgold Resources Ltd. are leading gold mining company stocks. Verbund AG, Austria's largest utility, rose 3.6 percent after Morgan Stanley raised its recommendation on the stock.

 

Stoxx Europe 600 Index fell 0.9 percent to a level of 239.65 was observed at 02:40 noon in London, after earlier rising as much as 1.2 percent.

 

Index last week recorded the biggest rise since November 2008 after the central bank lowered interest rates on dollar funding and China to reduce the required reserve ratio for banks. The Stoxx 600 slipped 0.3 percent yesterday after Standard & Poor's put the 15-nation euro member ratings for possible downgrade.

 

Germany said it opposes any change in the agreed order in which the bailout funds will be used. Germany survive the current agreement that a permanent European Stability Mechanism will take over from the European Financial Stability Facility at the middle of next year, a German government official who requested anonymity told reporters in Berlin today for closed-door negotiations.

[mynameisandhy]

News and Review of European Economic

 

U.S. dollar demand skyrocketed after six central banks cut interest rates

Wednesday, December 7, 2011

 

Decision of the world's six central banks including the Federal Reserve and the Bank of Japan (BoJ) cut the cost of borrowing U.S. dollars by 50 basis points (bps) coming to fruition.

 

European Central Bank (ECB) notes, in the form of dollar loans by European banks with a tenor of three months jumped almost half of the loans ever awarded.

 

Frankfurt-based bank said the loan will be poured in 34 banks in the euro area worth U.S. $ 50.7 billion. The loan will be liquid tomorrow (8 / 12) with a fixed interest rate 0.59%. This figure is much higher than position 9 November with 1.09% interest is U.S. $ 395 million.

 

The ECB also boosted spending on the five banks with a value of U.S. $ 1.6 billion in operating a weekly routine. The figure rose from U.S. $ 352 million distributed last week. Unfortunately the ECB did not disclose the name of the proposed bank loan.

 

Yesterday, the demand for loans in U.S. dollars are tenured seven days from the Bank of Japan surged to U.S. $ 25 million from U.S. $ 1 million. This data is expected to be a breath of fresh air for Europe's economic growth. Moreover, the European banking liquidity drought.

[mynameisandhy]

News and Economic Review Europe (UK)

 

BoE keep interest rates and purchase programs

Thursday, December 8, 2011

 

Bank of England, as had been expected, keep the key lending rate at a record low and not make changes to the program of quantitative easing on Thursday, after policy makers grappling with the economy back into recession threatening.

 

The nine-member Monetary Policy Committee's central banks keep interest rates at 0.5 percent of the bank, which has been at that level since March 2009.

 

Revitalization of an asset purchase program MPC Bank of England, the core strategy of creating money from quantitative easing, in October. That's when the central bank opened an additional 75 billion-pound purchase of securities, the majority of UK government bonds, or gold.

 

This step produces a number of programs of up to 275 billion pounds, with the purchase of a set to be completed in February. Many economists expect the central bank to pursue QE further in coming months in the current slowdown continues.

 

In a brief statement, the central bank confirms the purchase of assets will spend two months to complete and said the scale of the program "will continue to be assessed."

 

Attention is now directed to the European Central Bank, which is expected to announce a major decline in lending rates by a quarter point to 1 percent. However, the main event, will be at a press conference ECB President Mario Draghi, who is expected to focus on new measures to assist the European banking sector continues to struggle and various indications of the central bank is ready to increase its purchases of government bonds.

[mynameisandhy]

News and Economic Review Europe (Italy)

 

Fitch: Italian Steps Relieve Pressure Short-Term

Thursday, December 8, 2011

 

Plan the implementation of new austerity measures in Italy are thrown PM Mario Monti on this week to relieve pressure on short-term credit rating of 'A +' belonging to the country, according to Fitch Ratings statement on Thursday.

 

Nevertheless, Fitch said that if Italy's credit rating outlook remains negative. This reflects that the country still must do the structural reforms to spur economic growth, and to show that Italy is still able to raise their own funds to pay off debts that will mature next year.

 

Earlier this week Italian Prime, Mario Monti, has outlined a government plan that includes austerity measures worth about € 20 billion ($ 26.7 billion) and the provision of funds amounting to € 10 billion to boost growth. "Overall, the savings package presented Monti indicate if the Italian government is struggling to present a credible program of fiscal consolidation and better than the program that was launched last summer," said Fitch.

[mynameisandhy]

News and Review of European Economic

 

Predicted the ECB announces European banking rescue policy

Thursday, December 8, 2011

 

After lowering its benchmark interest rate by 25 basis points to 1%, the European Central Bank (ECB) predicted would announce further measures to help banks in the euro zone.

 

"Cutting interest rates will not help the government, but will turn the wheel of the European economy almost stopped," said Carsten Brzeski from ING.

 

Some banks are increasingly relying on emergency loans from ECB because of lack of confidence among banks which led to difficulties in obtaining bank liquidity assistance.

 

Stronger banks choose to save their funds at the central bank rather than helping other banks liquidity drought.

 

Last week, the ECB joined the Federal Reserve, the Bank of England (BoE) and the three major central bank to lower borrowing costs in the form of U.S. dollar by 50 bps. That is, the policy became an emergency room for banks to become prisoners.

 

Step six central banks are considered to be very shocking and sparking speculation that one or more major banks in Europe are at the point of destruction because of his inability to get U.S. dollars.

 

Meanwhile, banks in Greece facing redemption massive deposits because customers worried that the country's exit from the euro zone membership.

 

Governor of Central Bank of Greece, Georgios Provolopoulos, the magazine Der Spiegel complained about the withdrawal of banks made it difficult to turn the Greek economy was a dead faint.

 

ECB finally agreed to help the banking gods Affairs provided funding for a fresh face on a large-scale withdrawal. It is actually very risky because it means exposure of the ECB in an unhealthy banking increases.

 

The decision will backfire if the Greeks left for the ECB of the euro zone.

[mynameisandhy]

News and Economic Review Europe (UK)

 

Prevent British EU Treaty

Friday, December 9, 2011

 

Prime Minister David Cameron will face criticism because of the isolation Britain after the express will not approve changes to the EU constitution. British Prime Minister also point out the UK will never adopt the euro as currency. Cameron does not support the proposal put forward by French President Nicolas Sarkozy and German Chancellor Angela Merkel to amend the constitution to make sure Europe is run fiscal discipline.

 

England even use its veto to prevent the occurrence of changes in Europe after failing to reach konstisusi support for European financial services regulation. Cameron requested that English be excluded from European financial regulation as a price for supporting the constitutional amendments. Cameron worried if the UK will have to pass off the financial transaction tax that would be ragged role of London as a global financial center.

 

Meanwhile, sterling weakened against the euro seen in the London session. EUR / GBP 0.8542 is now trading near 0.8544 daily high level

[mynameisandhy]

News and Review of European Economic

 

European Markets Recover From Commencement Over EU summit

Friday, December 9, 2011

 

Shares in major European markets turned positive in the midst of choppy trading on Friday following the achievement of consensus among the majority of regional leaders attending the EU summit, to continue the integration and enforce strict budget rules.

 

German DAX and French CAC is able to turn strengthened with each collecting 0.4% and 0.7%. In the UK, the FTSE moved 0.2% higher in the first 2 hours of trading.

 

EU leaders reached an agreement concerning the application of strict budget rules for the euro zone, despite failing to obtain the support of several countries related to EU treaty change discourse. In a statement, some European officials say if the 17 countries using the euro currency plus 6 nggota other EU countries have expressed willingness to participate in the new inter-state agreement, which includes fiscal discipline. While England with Hungary, Sweden and the Czech Republic still seems reluctant to join in the new treaty.

 

"Progress is happening is minimal and may not really solve the fundamental problem," said Justin Urquhart Stewart, director at Seven Investment Management. "If the position you have posted a rise in the stock, it may be time to realize a profit."

[mynameisandhy]

News and Economic Review Europe (Germany)

 

German Bundesbank Crop Growth Projections 2012

Friday, December 9, 2011

 

Germany's central bank on Friday cut its forecast for German growth next year, as he warned that if the pressure on the country's economy has been growing over the worsening debt crisis Eurozone.

 

German economic growth expected to slow to 0.6% in 2012, down from 1.8% growth expected in June. While the German growth this year expected to reach 3%, plus the Bundesbank.

 

"Uncertainty over future economic development is still very high for this time," according to a statement the central bank. "The burden is greater that comes from the region's debt crisis has presented the downside risk."

 

Slowdown may hit emerging markets may also be weighing the German economy. As for the medium term, the German Bundesbank that the growth rate can be increased provided that the crisis can be resolved quickly and reforms launched by running well.

[mynameisandhy]

News and Economic Review Europe (Italy)

 

Millions of Italian Workers Ready to Go Down to the Road

Monday, December 12, 2011

 

Millions of workers in Italy today will hold a massive demonstration. The union agreed to oppose cuts in government programs, which they value as an 'injustice'.

 

Large amounts of mass action is the aftermath of the deadlocked talks between Prime Minister Mario Monti and leaders of the three major unions, CGIL, CISL and UIL. Monti has committed to launch the program cuts worth 24 billion euros, as mandated by the Italian government technocrats. This trimming is part of the decree 'Save Italy "that proclaimed the government to save the country from the threat of bankruptcy.

 

Monti targeting to raise more than 10 billion euros. This includes a new property tax, VAT rise 2% in the first half of 2012, increase the retirement age, taxation of luxury goods (such as cruise ships) and efforts to prevent tax evasion.

 

The union government's decision to assess very inhumane. Workers and retirees are forced to bear the brunt of the previous government's negligence. All three organizations threaten further demonstrations if the government does not revise the clauses in the program's trimming. Efficiency of the budget package presented itself ready in front of parliament this week.

[mynameisandhy]

News and Economic Review Europe (UK)

 

Cameron Should Settle UK Coalition

Monday, December 12, 2011

 

Prime Minister David Cameron will get support from party conservatives but faced criticism of its ally the Liberal Democrats when given an explanation for the veto power that is now increasingly isolated Britain from its European Union partners. Cameron has decided not to take part in the constitutional changes to make sure the exercise of EU fiscal rules. Camero will give an explanation for this decision in front of the British parliament at 22:00 pm.

 

Deputy Prime Minister, Nick Clegg, disappointed with the results of the European meeting that will be bad for Britain. Clegg is the Liberal Democrat party leaders are pro-European. Liberal Democrats had previously pledged to support the coalition government until elections in 2015. Although angry with Europe, Clegg saw the coalition government threatened by economic disaster, especially if Britain plunged into recession.

 

Meanwhile, sterling weakened in the London session. GBP / USD has traded away from the level 1.5555 1.5658 daily high

[mynameisandhy]

News and Review of European Economic

 

Moody's will review the European rating

Monday, December 12, 2011

 

Moody's credit ratings will reconsider all EU member states in the first quarter of 2012 due to the actions taken at least Europe to solve the debt crisis. Twenty-six of the 27 EU leaders agreed Tighten the euro-zone budget rules and will provide bilateral loans of up to € 200 billion to the IMF to help overcome the crisis.

 

"The meeting gave only slightly change the policy and does not increase the risk outlook in the euro zone," wrote Moody's weekly report. "Unless the credit market is stable then the credit ratings of all EU member states need to be revisited. Do not change the outlook for European meetings and we will announce the reviews ranked in the first quarter of 2012."

 

"European Meeting disagreement over the need to show more support for members who have weakened fiscal condition," said Moody's. "The longer the debt crisis lasts, the greater the risk of economic conditions that must be faced and it certainly will be a challenge for efforts to cut debt."

 

Meanwhile, the euro weakened in the London session. EUR / USD is now trading 1.3262, 1.3381 daily stay away from high-level

[mynameisandhy]

News and Economic Review Europe (Germany)

 

German ZEW Economic Sentiment Improved in December

Tuesday, December 13, 2011

 

ZEW economic sentiment indicator for Germany rose by 1.4 points in December, marking the end of the nine-month downward trend. The indicator rose to the level of minus 53.8 in December from minus 55.2 in November, according to the Center for European Economic Research in Mannheim-based, or ZEW, on Tuesday afternoon.

 

"Economic Sentiment for Germany seems to have found its lowest point," said ZEW President Wolfgang Franz said in a statement. "Apparently, the financial market experts expect economic activity slowed, but not to plunge during the next six months."

 

Franz also says that the decision taken at the EU summit last week "may have improved expectations of the experts."

 

"In accordance with the consensus on important details, this decision is an important step towards an efficient institutional framework for currency union," said Franz.

[mynameisandhy]

News and Economic Review Europe (UK)

 

UK inflation slows in November

Tuesday, December 13, 2011

 

The annual inflation rate in the UK slowed in November, official data showed on Tuesday afternoon, helped by better harvests and a decrease in gasoline prices.

 

UK Office for National Statistics said the consumer price index rose 4.8% in the 12 months to November, compared with a rise of 5.0% in October. The index rose 0.2% monthly.

 

In the alternative measure, the retail price index, annual inflation rate slowed to 5.2% from 5.4% in October.

 

UK Office for National Statistics said food prices rose by a much slower pace between October and November than a year ago, helped by good harvests for vegetables. Prices for fuel and clothing are also increasing at a slower pace, although the price of alcohol rose by a record pace this year. Price increases by utility companies encourage household bills, he added.

 

Slowing inflation will convince policy makers at the Bank of England, which predicts inflation will slow sharply in 2012 as the influence of temporary factors than price decreases. However, the annual rate is still more than twice the BOE target at 2%.

[mynameisandhy]

News and Review of European Economic

 

Europe UK Veto Rights Question

Tuesday, December 13, 2011

 

Friction between the European and British officials increasingly tapered post-European high-level meeting last week. Britain's decision to veto a plan to amend the European Pact condemnation of the region's political actors.

 

Combined high-ranking European countries are now called for the British rights to the EU budget rules repealed. "If the UK does not appear solidarity, why 26 other countries are not showing something similar to the British?" said Joseph Daul, leader of the European People's Party. The statement that he expressed during the legislative debate in Strasbourg, France, to discuss the economic situation of the blue continent.

 

Daul reminded that the statement is not a 'declaration of resistance' against the British. "Solidarity move in both directions, not just one," said Daul. He saw that the taxpayers' money should be used for a good thing, not to appreciate the selfish and nationalistic attitudes.

 

A similar attitude shown by the leaders of the European Socialist Party, the Liberal Party and the Greens. Prime Minister David Cameron had requested the concession of financial rules as barter for amendment of Europe in Brussels Pact. Liberal Party leader, Guy Verhofstadt called Cameron's decision as a 'blunder' While Rebecca Harms of the attitude of the British Green Party cursed as 'evil ways'.

 

Amidst all the debate, both reformist and conservative parties of Europe, agreed that Britain could not scapegoats. Although the British described as the passenger who grabbed life jackets on the Titanic when the ship carrying European countries are sinking. EU President and the President of the European Commissioner agreed that 27 countries could not reach an agreement as required under the provisions. However, Herman van Rompuy and Jose Manuel Barroso did not see any fundamental difference between the 17 countries using the euro and 10 other European countries. British veto is a dynamic that does not infringe on constitutional law.

 

England was unfortunate attitude of many, given the non-euro nine other members were ready to consider participating in the Euro Pact. "It's not a deal 17 plus, but rather to deal minus 27," said Barroso. Barroso was unanimously wanted the matter of new European regulations, rather than a difference of opinion. There has been no response from state officials and European officials about the discourse of the British veto repeal of any regulation of the European budgetary policy.