A Quote by Jean-Claude Juncker
You can't have euro bonds without more interconnection among the national budget policies.
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I don't want euro bonds that serve to mutualize the entire debt of the countries in the euro zone. That can only work in the longer-term. I want euro bonds to be used to finance targeted investments in future-oriented growth projects. It isn't the same thing. Let's call them 'project bonds' instead of euro bonds.
This is the joint responsibility of everyone who was involved in the introduction of the euro without understanding the consequences. When the euro was introduced, the regulators allowed banks to buy unlimited amounts of government bonds without setting aside any equity capital. And the European Central Bank discounted all government bonds on equal terms. So commercial banks found it advantageous to accumulate the bonds of the weaker countries to earn a few extra basis points.
I think that France has not made it clear enough recently to our German friends how important it is to introduce euro bonds as a tool against speculation. And how the necessary budget discipline needs to be accompanied by growth.
I'm not trying to be diplomatic. I'm trying to be more nuanced and realistic. I think there has to be a serious examination of the shortcomings of the Euro structure. Euro central institutions, whether it be fiscal policy, monetary policy, financial regulation, are simply not as robust as they are in a currency that has a national government behind it.
Contemporary nations such as Sweden, Norway, and Finland, where women are half of the national legislatures, have more caring policies, less violence, and more environmentally sustainable policies. These are connections we must pay attention to if we are to build a better future for us all.
Central banks need to be able to buy bonds if there are short-term malfunctions of the markets. But buying bonds without differentiation and without limits would be very problematic.
It will not be possible to solve the current crisis with euro bonds.
Barry Bonds in the news. Yesterday Barry Bonds' agent said that Bonds could hit as many as 1,000 home runs. And the agent admitted he's on more drugs than Barry Bonds.
I am very grateful that the Russian budget has a yearly budget for film. And usually this budget goes to "auteur" cinema, which actually needs this support and which indeed contributes to creating "national culture".
Germans tend to forget now that the euro was largely a Franco-German creation. No country has benefited more from the euro than Germany, both politically and economically. Therefore what has happened as a result of the introduction of the euro is largely Germany's its responsibility.
As to the euro zone avant-garde, it must go towards more solidarity and integration: a common budget, a common borrowing capability, and fiscal convergence.
The fact that we're going through a crisis is an opportunity for Europe to be more coordinated and more integrated. We're actually talking about a European Monetary Fund or euro bonds, about guarantees for countries, about economic governance in the European Union. That shows the strength of Europe.
Through art, mysterious bonds of understanding and of knowledge are established among men. They are the bonds of a great Brotherhood. Those who are of the Brotherhood know each other, and time and space cannot separate them.
A budget is not an issue. I mean a budget is used if you need more weeks or more time or more elements, but the creative process is exactly the same. In some instances you become more of a boss when you are doing a small movie. So that is not so relevant. The only thing is that the bigger a movie is in terms of budget, is that there are more people giving opinions.
In today's world, the elites are growing even more comfortable with one another across national lines, yet at the same time, less comfortable with low-income people who share their nationality. How we create those bonds of community that are truly global as well as national is one of our generation's great challenges.
We thank those Senators, both Republican and Democrat, who stood firm against tremendous pressure from the Bush administration, pro-drilling members of Congress and their allies in the oil industry. They recognize that the budget is an inappropriate place to decide controversial national policy matters like America's energy policy. We urge all members of Congress to remain steadfast in their belief that the vast, unspoiled wilderness of America?s Arctic National Wildlife Refuge is more than a line item in the Federal Budget.
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