Eurozone/Addendum: Difference between revisions
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==The bail-out clauses== | |||
The protocol of the Maastricht Treaty on economic and social cohesion<ref>[http://eur-lex.europa.eu/en/treaties/dat/11992M/htm/11992M.html#0093000017 ''PROTOCOL on economic and social cohesion'', Eurotreaties 1992]</ref> contains the following clauses | |||
===Article 104b=== | |||
:1. The Community shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of any Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project. A Member State shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law or public undertakings of another Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project.'' | |||
===Article 103a=== | |||
:1. Without prejudice to any other procedures provided for in this Treaty, the Council may, acting unanimously on a proposal from the Commission, decide upon the measures appropriate to the economic situation, in particular if severe difficulties arise in the supply of certain products.<br> | |||
:2. Where a Member State is in difficulties or is seriously threatened with severe difficulties caused by exceptional occurrences beyond its control, the Council may, acting unanimously on a proposal from the Commission, grant, under certain conditions, Community financial assistance to the Member State concerned. Where the severe difficulties are caused by natural disasters, the Council shall act by qualified majority. The President of the Council shall inform the European Parliament of the decision taken.'' | |||
==Growth rate comparison== | ==Growth rate comparison== | ||
Revision as of 08:43, 11 December 2010
The bail-out clauses
The protocol of the Maastricht Treaty on economic and social cohesion[1] contains the following clauses
Article 104b
- 1. The Community shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of any Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project. A Member State shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law or public undertakings of another Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project.
Article 103a
- 1. Without prejudice to any other procedures provided for in this Treaty, the Council may, acting unanimously on a proposal from the Commission, decide upon the measures appropriate to the economic situation, in particular if severe difficulties arise in the supply of certain products.
- 2. Where a Member State is in difficulties or is seriously threatened with severe difficulties caused by exceptional occurrences beyond its control, the Council may, acting unanimously on a proposal from the Commission, grant, under certain conditions, Community financial assistance to the Member State concerned. Where the severe difficulties are caused by natural disasters, the Council shall act by qualified majority. The President of the Council shall inform the European Parliament of the decision taken.
Growth rate comparison
Real GDP difference from previous year (per cent)
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 EU 27 3.1 3.9 2.0 1.2 1.3 2.3 2.0 3.2 3.0 0.5 EZ 15 2.9 3.9 1.9 0.9 0.8 0.8 2.2 3.0 2.8 0.4 Ireland 10.9 9.7 5.7 6.5 4.4 4.6 6.0 5.3 5.6 -3.3 Greece 3.4 4.5 4.2 3.4 5.9 4.4 2.3 4.5 4.9 1.3 Spain 4.7 5.0 3.6 2.7 3.1 3.3 3.6 4.0 3.6 0.9
Source: Eurostat data at [1]
Balance of payments comparison
(A table of current account balances for Q4 2007, taken from Eurostat data at [2] is to be inserted here)