Under the lens-audio_slides-08-16-11-eurobond

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Global Macro Tipping Points August 16th, 2011 IT’S EITHER A EUROBOND or the EU is Kaput!

Transcript of Under the lens-audio_slides-08-16-11-eurobond

Page 1: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

IT’S EITHER A EUROBOND or the EU is Kaput!

Page 2: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 3: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 4: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 5: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 6: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 7: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 8: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 9: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 10: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 11: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 12: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 13: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 14: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 15: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Statement by the President of the ECB1. The Governing Council of the European Central Bank (ECB) welcomes the announcements made by the governments of Italy and Spain concerning new measures and reforms in the areas of fiscal and structural policies. The Governing Council considersa decisive and swift implementation by both governments as essential in order to substantially enhance the competitiveness and flexibility of their economies, and to rapidly reduce public deficits. 2. The Governing Council underlines the importance of the commitment of all Heads of State or Government to adhere strictly to the agreed fiscal targets, as reaffirmed at the euro area summit of 21 July 2011. A key element is also the enhancement ofthe growth potential of the economy. 3. The Governing Council considers essential the prompt implementation of all the decisions taken at the euro area summit. Inthis perspective, the Governing Council welcomes the joint commitment expressed by Germany and France today. 4. The Governing Council attaches decisive importance to the declaration of the Heads of State or Government of the euro areain the inflexible determination to fully honor their own individual sovereign signature as a key element in ensuring financial stability in the euro area as a whole..

5. It equally considers fundamental that governments stand ready to activate the European Financial Stability Facility (EFSF) in the secondary market, on the basis of an ECB analysis recognizing the existence of exceptional financial market circumstances and risks to financial stability, once the EFSF is operational. 6. It is on the basis of the above assessments that the ECB will actively implement its Securities Markets Program. This program has been designed to help restoring a better transmission of our monetary policy decisions – taking account of dysfunctional market segments – and therefore to ensure price stability in the euro area

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Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 17: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 18: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 19: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 20: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

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Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

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Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 23: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 24: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 25: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 26: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 27: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 28: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 29: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!

Page 30: Under the lens-audio_slides-08-16-11-eurobond

Global Macro Tipping PointsAugust 16th, 2011

A EUROBOND or the EU is Kaput!