Wednesday, October 12, 2011

Soros, Solana and other famous 'conscious European' claim: "The crisis in the euro area needs a solution, now!"

Hungarian-born billionaire George Soros and other 95 European personalities, including Spanish Javier Solana, Pedro Solbes, Ana Palacio Carlos Solchaga or have sent a open letter to Europe in calling for greater fiscal integration to save the euro zone.

It called on governments in the euro zone to reach an agreement establishing a common treasure to raise funds for the region as a whole and to ensure that member states comply with fiscal discipline. In this regard, call for further strengthening of common fiscal surveillance. Finally, ask for a strategy to produce economic growth and convergence among countries, believing that the debt problem can not be solved without economic expansion.

While negotiating a binding agreement in this respect, governments are asked to give an interim power the bailout fund and the European Central Bank to stabilize the situation. This may require a recapitalization of the financial sector and also allow more burdened countries to refinance its debt to practically zero cost through the issuance of letters that can be used as collateral by banks in its refinancing operations the ECB.

"The crisis in the euro area needs a solution now. Current measures fall short or come too late and they are precipitating a global financial relapse. The euro is far from perfect, as demonstrated by this crisis. But the answer is to fix its flaws, not to allow deterioration and perhaps destroy the global financial system, "says the letter.

The signatories are the co-founder of Spanish El País Diego Hidalgo, the former minister Ana Palacio, Jose Perez Fernandes banker, former Deputy Prime Minister Narcis Serra, former Ministers Javier Solana, Pedro Solbes and Carlos Solchaga and ambassador to Brazil Carlos Alonso Zaldivar."

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