Germany’s Chancellor Angela Merkel has dismissed suggestions that Greece burdened with debts may leave the EU. “Asked whether Greece should leave the EU does not exist,” Merkel said after meeting with Prime Minister of Greece George Papandreou. Debt of 300 billion and budget deficit of 12.7 percent of GDP made Greece “weak link” of the euro area and Germany has the largest economy in the community. Berlin has repeatedly refuting suggestions that it intends to “save” proved to be in Greece Financial Crisis, recalls agency Reuters. Merkel urged Greeks to “bear with” give effect to the new anti-crisis measures, and to understand that the residence of Athens in the euro area is very important. “All we are faced with economic crisis, we are in a complex situation and therefore understand what forces need to be implemented all measures taken to emerge from the crisis”, said Chancellor of Germany. In the popular press release about the meeting between Papandreou and Merkel says both countries will develop partnership relations on many issues and together we will resist the challenges facing the EU. Greece is in debt and financial crisis, which forced the government to take serious measures for savings. Greece says it does not need economic and political support from the EU.
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The deficit in trade between the EU-27 and the rest of the world reached 105.5 billion in 2009, while a year earlier – in 2008 amounted to 258.4 billion, showing a pre-data statistical office Eurostat. As regards the euro zone trade balance was positive amounting to 22.3 billion euros, against a deficit of 54.7 billion for 2008. In December 2009 the EU has 2,5 Bn deficit in trade with third countries. Over the same period last year there was a decline in the deficit from 8,8 billion. The previous November, the trade balance was again negative, amounting to 6,8 billion euros, 24.4 billion compared to November 2008. Eurostat data for the period January – November 2009 showed a significant reduction in the deficit in trade in energy resources – from 350.7 billion euros in 11 months of 2008 to 212.1 billion in 2009. Reduced surplus in trade in machinery and equipment (from 138.9 billion to 99 billion euros). As regards trade with chemical products, however, there is growth in the surplus with 5,4 billion euro to 74.1 billion euros in total.
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The problem of global climate change will not be solved without the leadership and responsibility in China, “said Swedish Prime Minister Fredrik Reinfeldt as the rotating EU presidency. “We can not solve the climate challenge facing humanity, except for China to take a leadership position and to assume responsibility,” Reinfeldt said of the summit between the EU and China. Rotating EU presidency stressed that global efforts, “not sufficient” and “must do more,”. During a joint press conference, Chinese Premier Wen Jiabao said that China’s promise to slow the growth of greenhouse gases is a significant contribution to global efforts. “China attaches great importance to the forthcoming conference in Copenhagen. I will visit her to represent China, “he said.” China wants to work to focus the conference in the right direction, “added Out, speaking for the expected conference 7-18 December, aimed at achieving a new agreement on climate changes, Darik said.
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The regulatory authorities of the European Union today imposed a fine of companies Akzo, Ciba, Elf Aquitaine and seven others totaling 173 million euro. Penalty measure is to negotiate the prices of their manufactured additives for plastics. The fine, which was announced by EU Competition Commissioner Neelie Kroes, is required for cartel activities and price fixing in the market for such products. Activities of companies, which is punishable by fines today, is performed during the period 1987 – 2000 year. The European Commission has begun an investigation of unannounced inspections in 2003. Ciba was fined 68.4 million EUR, Akzo will have to pay 40.6 million EUR, Elementis- 32.57 million EUR and Elf Aquitaine – 28.6 million EUR. The companies fined due to cartel business are fined because of deals made in cartel agreement and monopolizing the prices for business. Really this action of European commission is one of the hardest done in Western Europe for such violation, but according to the words of European Commission each try for cartel agreements will be fined and investigated according to the law.
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The Romanians will have income comparable to the average income in the European Union at the earliest after 40 years. This is indicated by the analysis of rating agency Moody’s, wrote newspaper Adevarul quoted by Focus Agency. “We will have a relatively long period until the benefits are closer to their average level in the EU. This process will continue for a long time, probably about 40 years, “says a report of the agency. In addition, Moody’s believe that the Romanian economy will continue to record growth after the crisis, but at a slower pace than recorded in the period before the recession. Last year, income in Romania amounted to an average 46% of their average level in the EU, which is calculated by comparing the purchasing power – the main indicator of development, says Eurostat.
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The business and consumer confidence in 16 states of the Eurozone is better for 5th consecutive month. Notes strong upswing in activity in the services sector. Business and consumer confidence in 16 states of the Eurozone is better for 5th consecutive month. Notes strong upswing in activity in the services sector. Business climate index for the Eurozone rose in August to -2.21 points for the rising expectations of -2.48 to -2.71 points after points in July. The index of consumer confidence in the Eurozone in August rose to -22 points in the rising expectations of -21 points to -23 points after July. he index of economic confidence in euro zone in August rose to 80.6 points in expectations for a rise to 78 points after 76.0 points in July. The index of confidence in the services sector in the Eurozone in August rose to -11 points after -18 points for July. The expectations of the market were to rise slightly to -17 points.
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On a business forum in Barcelona, European Commission President Jose Manuel Barroso predicted that the world will be the same after pass this economic crisis. Barroso said that Europe will start to come out of the crisis in 2010 He said the continent should be made much effort to overcome the serious situation. Barroso for most of Europe’s main concern is unemployment. This is the main drama of European society. Barroso added that the European Union will show flexibility in terms of limit of 3 percent of GDP, which must not pass the budget deficits of member states of the Union.
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The Consumer prices in the euro accelerated its decline to record a new bottom in July. Final data for inflation in the Eurozone in July showed a decrease of 0.7% monthly basis. and 0.7 percent annually. with expectations for a fall of 0.6% monthly and 0.6% on an annual basis after rising by respectively 0.2% and declined by 0.1 percent in June. Final core inflation (excluding prices of food and energy) in the Eurozone in July decreased by 0.6 percent on a monthly basis. and increased by 1.3 percent annually in the expectations for a fall of 0.5 percent on a monthly bases and increase of 1.3 percent annually.
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The current account deficit of Romania registered one of the biggest adjustments to the figures in its history, falling by 73.3 percent in the first half of 2009 compared to same period in 2008, reaching a value of 2.375 billion euros, says e-edition Ziare.com, cited by Focus Agency. Key role in the decline of the current account deficit is the deficit of trade balance, amounting to 2.96 billion euros or 67.2 percent lower than the first half of 2008, shows data of the National Bank of Romania.
The current account deficit was financed eaten by foreign direct investment amounted to 2.894 billion euros. At June 30, 2009 external debt in the medium and long term reached 57.237 billion, an increase of 11.7 percent compared to December 31, 2008.
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Producer prices in the euro area in June rose by 0.3 percent on a monthly basis, but signed decrease of 6.6% over the same period last year This is a record fall of 1996. way. Market expectations were for prices to rise 0.2 percent on a monthly basis and a decline of 6.6 years. The Decline in prices is largely due to less demand for goods in the Eurozone, which is located in the most severe economic recession of the Second World War onwards. By Eurostat said that the main driver of the decline in producer prices is decreased by 15 percent annual price of energy products, especially for more costly oil and gas.
Prices of durable goods rose by 1.5 percent of yearly base.
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