1. EUROPEAN ECONOMY :
What do
the European
leaders think ?
Annelies Jonckheere

2. Economy hits wall
• Help stabilize the Euro
• Restore growth ( EU )
• Golden rules
• Convergence
 Wall Street : disappointed

3. Eurostat
• 2nd quarter
 Sharp slowdown in economic growth

4. Eurostat
• Export driven economy
in Germany (Merkel)
• Stability fund
• Merkel & Sarkozy is sufficient (Sarkozy)
are optimistic :
• Tax on financial
transactions (Sarkozy)
• No issuing euro bonds
(Merkel & Sarkozy)

5. Latest EU summit
• 13th crisis management summit in 21 months
• Plenty of stumbling blocks
• Steps in the right direction:
 EFSF
 They won’t print money

6. Bond markets
• Market confidence  Good bailout plan
• France  AAA rating
• A high yield on country’s bonds
 investors not confident

7. Euro stability is more
important than Greece
• George Papandreou :
unilateral announcement
referendum
 market wobbled
• Political consensus needed
in Greece( Sarkozy )
• No more European bailout
stay in the Eurozone

8. Solution
• Change the psychologic situation
• Confidence in the single currency

9. Thank you
for your
attention
Annelies Jonckheere

10. Sources
• CNN Money – 16 september 2011
“ European leaders call for action as economy hits wall”
• Moneyweek – 24 october 2011
“ The latest EU summit won’t save the eurozone”
• The Guardian – 3 november 2011
“ Euro stability more important than Greece,
says Angela Merkel”