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|Posted on May 11, 2016 at 4:15 PM||comments (26)|
The figures from Germany don't seem to be too consistent, one month they are down, another they are up, as they used to be before, until they set a straight upwards path to Recovery. But once again, they seem to be up and down.
Meantime, the figures from Portugal and Spain and Italy and France seem favourable, suggesting a continuation of the Recovery they have worked so hard to restore, and which seems ready to bear fruit.
Greece seems fully ready to embrace the Recovery for which it has great potential, but they need the impetus, namely they need some funding - not only of the promised bailout which they were promised and which has been awaited eagerly, but also something about the Juncker Plan, which the magnanimous E.U. President favourably suggested would be made available to Greece, to give them a boost in setting up new industries and starting work, to create factories, warehouses, transport and interconnectivity to relay the new products, perhaps set up solar farms to harness the sunshine Greece enjoys, perhaps selling the electricity on to her European partners, perhaps even to countries across the Mediteranean Sea.
But first and foremost, the European Central Bank must ensure something that is missing in the jigsaw of the formation of the Euro. I believe that just like the United States has twelve different notations for the notes, two letters signifying the issuing bank (they have twelve Federal Reserve Banks, you will have noted), similarly the Euro should have such signature, even if they are printed or electronically issued at one central location, they must be in fairness apportioned to each of the nations in the Euro Area who use the Euro and regard it as their Mother Currency. That way, the performance of each of the nations can be judged, whether they are above or below their allocated requirements or not. This would enable a greater degree of fairness be in operation, through open and quantifiable accountability. This would help ensure that no nation feels they are hard done by, as everybody receives they calculated share and should be able to ensure their own economic performance without reference to feeling in need of a bailout, or feeling they are being harshly treated. But funding from the central pool of funds must be considered and made available to all nations (in the group), to suitably stimulate their economies. In a spirit of competition and one-upmanship, it would bring out the best in each nation, to the glory of the constituent whole.
But this system of denoting as in the United States is something that ought to be used. Hopefully the Treaty must have been altered to allow for the printing and electronic distribution of the central pool, controlled so no numbers are duplicated. This will add as a pillar to the integrity of the Euro, and I trust the long term survival of this beloved currency and how it will mature to become a Reserve Currency in a few years. On reflection, it is apparent that the Euro has proved its worth and integrity to be a very useful currency, and it should grow stronger into the future.
I thought I would share these few thoughts with you, dear readers, and I trust the powers that be are listening.
With the programme of purchasing the asset-backed securities or issuing funds for research and development, upgrade of machinery and capital expansion programmes being facilitated by the E.C.B.,
I estimate a full period of further economic Recovery in the Euro Area can become enabled. For that I pray.
Durudarshan H. Dadlani
(c) Copyright 9:14pm GMT London 11th May 2016