EU Finance Ministers Address Crisis

Thursday, December 18, 2008

EU estimates tax and spending plans to add 2.4 percent to growth in 2009

Europe's various stimulus plans combined with extra welfare spending and lower tax receipts should boost growth by around 2.4 percent in 2009, the European Commission said late Thursday.
Joaquin Almunia, the EU monetary affairs chief, said the European Commission estimates that the different national spending plans will add up to 0.9 percent to the 27-nation's growth rate. EU governments plan to inject a total of 200 billion euros ($292.32 billion) into their economies in a bid to ward off the gloom from the global crisis.

The EU commission also estimates a 1.5 percent boost to growth from the higher welfare spending and lower tax receipts automatically generated as the economy slows.
"Its a very important contribution to support demand and to try to make up for the reduction of activity in consumption and private investment," Almunia said after a meeting of EU finance ministers in Paris late Thursday.
European Central Bank President Jean Claude Trichet warned governments to be cautious, urging that they respect EU budget rules.
"For some countries we are arriving at levels of debt or absence of economic sustainability that prevent them from doing more than they are now," he said.

The 15 nations that use the euro entered a recession in the second quarter.

Discussions at the meeting hosted by French Finance Minister Christine Lagarde were limited by the absence of some of the EU's heavyweight finance ministers. German Finance Minister Peer Steinbrueck, Britain's Alistair Darling and Luxembourg's Jean-Claude Juncker, who also chairs meetings of euro zone ministers, did not attend.
The head of the International Monetary Fund, Dominique Strauss-Kahn, was present at the meeting, but he didn't attend the press conference as he worked on a rescue package for Latvia, Lagarde said.
Ministers discussed increasing the IMF's budget, and the possibility of establishing an early monitoring system to spot countries heading into difficulty, Lagarde said.

Lagarde also addressed recent currency movements which have seen the U.S. dollar swing wildly against the euro.
The 15-nation euro dropped to $1.4313 in late New York trading from $1.4349 late Wednesday. The euro peaked at $1.4719 in overnight trading, its highest point since late September.
"I have a special concern for the very abrupt volatility that we are observing on this matter and for European exporters in particular its going to be a competitive disadvantage that comes upon extremely suddenly."

[ForexGen Money Manager]

An individual who is responsible for the entire financial portfolio of another individual or another entity. A money manager receives payment in exchange for choosing and monitoring appropriate investments for the client.

Benefits of being a Money Manager with [ForexGen]:

* Providing three different commission sources.
* Weekly commission plan.
* Easy & fast commission withdrawals.
* Fixed percentage of the profits.
* P = k * D “P=Profit, k=Variable Parameter, D=Deposits”

The money manager gets a fixed percentage of the profit previously agreed upon with the client for managing the client funds as a bonus feature.

The most competitive trading conditions:

* 2 pips spread on six currency pairs.
* Providing online trading services without maintenance margin, margin call and no automatic closing of positions below the initial margin on weekdays for accounts with initial equity of up to $1 million US. The margin level have to be recognized Fridays at 23:00 CET and before public holidays.
* Leverages up to 1:200 for accounts up to $1 million US.
* Liquidity and 24/5 availability are the characteristic factors of the Forex market compared with other financial markets.

1 comments:

Blogger said...

Hey Everybody,

Below is a list of the highest ranking FOREX brokers:
1. Most Recommended Forex Broker
2. eToro - $50 minimum deposit.

Here is a list of top forex instruments:
1. ForexTrendy - Recommended Odds Software.
2. EA Builder - Custom Indicators Autotrading.
3. Fast FX Profit - Secret Forex Strategy.

Hopefully these lists are helpful to you...