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  • #1

    Trichet Says Shocks Aren't Over for Europe's Economy, WSJ Says

    http://www.bloomberg.com/apps/news?p...d=agP7zf9ss_rA

    Trichet Says Shocks Aren't Over for Europe's Economy, WSJ Says

    By Alan Katz

    May 24 (Bloomberg) -- European Central Bank President Jean- Claude Trichet said the shocks to Europe's economy from financial market turmoil and rising food and commodity prices aren't over, the Wall Street Journal reported, citing an interview.

    Europe is facing a protracted period of high inflation rates, the newspaper quoted Trichet as saying. Trichet also said the ECB would deliver price stability in the medium term, the newspaper said.

    The ECB has refrained from following the U.S. Federal Reserve and Bank of England in lowering interest rates to shore up growth after an increase in borrowing costs. While euro-region inflation slowed to 3.3 percent in April from a 16-year high of 3.6 percent in March, it's still above the ECB's 2 percent limit.

    Trichet also called for a single European market for financial services in order to optimize the central bank's policy instruments and to improve the cohesion of European monetary union, the newspaper reported.
    To contact the reporter on this story: Alan Katz in Paris at akatz5@bloomberg.net.
    Pay attention boys and girls, we will have a single world government either by consent or force... Trichet calling for more power, same as Paulson and Ben in the US.
    Tags: None
  • #2
    Re: Trichet Says Shocks Aren't Over for Europe's Economy, WSJ Says

    Originally posted by Sapiens View Post
    http://www.bloomberg.com/apps/news?p...d=agP7zf9ss_rA



    Pay attention boys and girls, we will have a single world government either by consent or force... Trichet calling for more power, same as Paulson and Ben in the US.
    Don't think so my friend. A few may want it but it isn't going to happen.

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    • #3
      Re: Trichet Says Shocks Aren't Over for Europe's Economy, WSJ Says

      Originally posted by RickBishop View Post
      Don't think so my friend. A few may want it but it isn't going to happen.
      I hope you are right Rick.

      But I have my doubts also This is the resulting extra layer of government the sovereign nations of Europe decided they needed; constructed over several decades:


    • The European Parliament
    • The Council of the European Union
    • The European Commission
    • The Court of Justice
    • The Court of Auditors
    • The European Economic and Social Committee
    • The Committee of the Regions
    • The European Central Bank
    • The European Investment Bank



      Ostensibly the root of all this was to ensure they never went at each other's throats again after instigating two world wars in less than 30 years (not to mention the terminal embarrassment of having to call the Americans in to fix the mess). However, the memories of war are fading fast and the bureaucrats in Brussels are doing what those sorts of people do everywhere...expand and preserve their empires.



    • Ask most any EU member nation citizen what they think about the usefulness or effectiveness of the European Parliament or the European Commission and the result is inevitably a shrug. Ask them if those institutions [and the rapidly multliplying number of other affiliates] should be abolished and you'll not usually get an affirmative answer.

      In this uncertain post 9/11 era, it is actually troubling [as an outsider] to watch how much the citizens of the USA have gravitated to the idea that more government is the answer to their anxieties. The Republican administration and George "I lost my veto pen" Bush has skillfully played to those fears. Even the so called "change" candidate, pedalling hope for a brighter future, is clear that such hope must come from more Federal Government programs, on top of all those entitlements already in place.
    Last edited by GRG55; May 25, 2008, 10:52 PM.

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    • #4
      Re: Trichet Says Shocks Aren't Over for Europe's Economy, WSJ Says

      Originally posted by GRG55 View Post
      Ask most any EU member nation citizen what they think about the usefulness or effectiveness of the European Parliament or the European Commission and the result is inevitably a shrug. Ask them if those institutions [and the rapidly multliplying number of other affiliates] should be abolished and you'll not usually get an affirmative answer.



    • This used to be true in the starting days of the EU. Nowadays the various EU legislative powers have far more influence. The trend sure is to the total unification of the EU. I expect national parlaments to be rudimentary institutions by 2020 (following current trendlines). The Dutch and French voted against a EU constitution. As a result they just renamed it. Contents remained the same and a few minor things were changed before it was put into effect.






    • As for world government the US has set this trend in motion by restricting civil liberties motivated by a mostly imaginitive terrorist cause. The EU is following this trend as it gives governments far more power and governments always love power. The main problem with EU government is that it is too far removed from the average EU citizen. EU citicens don't follow EU politics and espect their countrymen (national politicians) to do the job for them. The result is that EU legislation is put in effect everyday without the EU citizen even knowing about it. This is worrysome. The Press is to blame for a part because they don't cover EU parlament as much as national parlaments while the true legislative powers are to be found in Brussels today.




    • The result of all this is that just as in the US now also in the EU democracy is becoming more like window dressing. In the US capital is the real boss and in the EU the bureaucracy (together with capital). Western World Government is becoming more of a reality every day and this government is far removed from the democratic ideals written down in the various constitutions. Every day man's powers to influence his environment is dwindling every day.
      Last edited by Olduvai; May 26, 2008, 03:08 AM.

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      • #5
        Re: Trichet Says Shocks Aren't Over for Europe's Economy, WSJ Says

        Sounds as though you are I are largely in agreement. For example my comment about bureaucrats expanding their empires and power would seem to be supported by your observation that:

        Originally posted by Olduvai View Post
        ...The Dutch and French voted against a EU constitution. As a result they just renamed it. Contents remained the same and a few minor things were changed before it was put into effect...
        Can you think of a better example of the elites "knowing what's best for our proletariat citizens"?



        It's great to get first hand views from people right on the scene like you (mine above were crafted from travelling on the continent and living part time in UK in recent years).

        I have a couple of questions:

        How will this happen...

        Originally posted by Olduvai View Post
        ...I expect national parlaments to be rudimentary institutions by 2020 (following current trendlines)..
        ...if this keeps happening?

        Originally posted by Olduvai View Post
        ...The main problem with EU government is that it is too far removed from the average EU citizen. EU citicens don't follow EU politics and espect their countrymen (national politicians) to do the job for them. The result is that EU legislation is put in effect everyday without the EU citizen even knowing about it..
        If EU citizens expect their national politicians to do the job for them, won't they continue to put more value on national institutions over EU institutions?

        Second: If a poll was taken today do you think EU citizens would generally support Brussels, or vote for abolishing the whole thing? Or would this vary greatly by nation?

        Comment

        • #6
          Re: Trichet Says Shocks Aren't Over for Europe's Economy, WSJ Says

          Originally posted by GRG55 View Post
          If EU citizens expect their national politicians to do the job for them, won't they continue to put more value on national institutions over EU institutions?

          Second: If a poll was taken today do you think EU citizens would generally support Brussels, or vote for abolishing the whole thing? Or would this vary greatly by nation?
          Each EU country has a parliament consisting of various parties. These parties are also represented in EU parliament. So a parliamenterian can work national for a few years and when the ground gets hot move to Brussels.
          Meanwhile real power is translated from and by national parliaments to EU parliament. Newspapers and TV cover national parliaments but the real important stuff is going (mostly unnoticed) on in Brussels.
          People still think they're ruled by their respective parliament but are in effect not. People in the EU are mostly unaware of these workings.
          People may value their national institutions highly but each national government knows that ever more power is being transported to Brussels.

          If a poll was taken most people would vote for the EU.
          That is until they would become aware that influencing this behemoth is nigh to impossible.
          But even then most know that EU competition in an ever more globalised world can only be won (sometimes) if they band together.
          Each country individually is too small to compete with the large economic blocks that have emerged over the past years.
          So they don't have a choice really. Either band together and thrive (relatively) or keep going on on your own and go under.

          The only countries within the EU that haven't joined are Norway and Switserland. This was only possible because of Norway's fossil wealth and Swiss 's financial save haven facillities. Now that the first cracks in Swiss 's financial fortress are appearing more voices are being heard to join the EU because they know very well that during a major world recession they would be in big trouble weathering it on their own. Norway will join as soon as the oil stops flowing.
          Last edited by Olduvai; May 27, 2008, 02:34 PM.

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          • #7
            Re: Trichet Says Shocks Aren't Over for Europe's Economy, WSJ Says

            Originally posted by Olduvai View Post
            Each EU country has a parliament consisting of various parties. These parties are also represented in EU parliament. So a parliamenterian can work national for a few years and when the ground gets hot move to Brussels.
            Meanwhile real power is translated from and by national parliaments to EU parliament. Newspapers and TV cover national parliaments but the real important stuff is going (mostly unnoticed) on in Brussels.
            People still think they're ruled by their respective parliament but are in effect not. People in the EU are mostly unaware of these workings.
            People may value their national institutions highly but each national government knows that ever more power is being transported to Brussels.

            If a poll was taken most people would vote for the EU.
            That is until they would become aware that influencing this behemoth is nigh to impossible.
            But even then most know that EU competition in an ever more globalised world can only be won (sometimes) if they band together.
            Each country individually is too small to compete with the large economic blocks that have emerged over the past years.
            So they don't have a choice really. Either band together and thrive (relatively) or keep going on on your own and go under.

            The only countries within the EU that haven't joined are Norway and Switserland. This was only possible because of Norway's fossil wealth and Swiss 's financial save haven facillities. Now that the first cracks in Swiss 's financial fortress are appearing more voices are being heard to join the EU because they know very well that during a major world recession they would be in big trouble weathering it on their own. Norway will join as soon as the oil stops flowing.
            Interesting that what you key on above are elements of an economic collaboration or union, including potential motives for Norway and Switzerland to join. But what started as the EEC, become the EC and now the EU, has moved well beyond an economic union. Defense and military matters, security, human rights, and other extensions to the original economic bloc continue to creep in. Which just brings us full circle to the start of our dialogue regarding the behaviour of public bureaucrats and politicians.

            Comment

            • #8
              Re: Trichet Says Shocks Aren't Over for Europe's Economy, WSJ Says

              A lot of the unaccountability in the EU is due to the tug-of-war between national power centers and Brussels. Currently EU executive decisions are made by the Council of Ministers, which consists of ministers from the national governments. These ministers are elected (and held accountable) at national level, but at EU level the media struggles (or doesn't try) to hold them accountable for anything. Unpopular decisions can be blamed on the nasty EU, avoiding the question of exactly who voted for them. I think in the past the votes of individual ministers in the Council were not always revealed.

              The obvious solution is to move more executive power to the directly-elected European Parliament. But that means removing power from national ministers and so there has been a lot of resistance. Nevertheless the powersof the EP are slowly increasing, treaty by treaty.

              The other great bugbear of the anti-EU media is the European Commission. This is essentially a body of technocrats whose responsibility is to propose legislation which is then voted by the Council of Ministers. The commission does not have executive power itself. The Commissioners (heads of departments) are appointed by the national governments and all of the national governments also have their own bureaucratic bodies in Brussels to lobby the Commission.

              I don't agree that this is an unnecessary drift towards too much government and too much power in the hands of bureaucratics. The fundamental rationale for the EU is that individual European nations became too small to influence world affairs after WWII, and have decided to pool some of their soverignty in an attempt to regain influence. That seems to me a very logical and probably correct judgement of self interest. The antics in Brussels are just the natural power-jockeying that goes on once the decision to create new structures is made.

              Comment

              • #9
                Re: Trichet Says Shocks Aren't Over for Europe's Economy, WSJ Says

                Originally posted by RickBishop View Post
                Don't think so my friend. A few may want it but it isn't going to happen.



                End of Nations - EU Takeover & the Lisbon Treaty

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