Eurozone/Addendum: Difference between revisions

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==The bail-out clauses==
==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
The consolidated version of the Treaty on European Union
[http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2010:083:0013:0046:EN:PDF] contains the following clauses:


===Article 104b===
===Article 123===
: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.''
(ex Article 101 TEC)<br>
 
1. Overdraft facilities or any other type of credit facility with the European Central Bank or with the central banks of the Member States (hereinafter referred to as ‘national central banks’) in favour of Union institutions, bodies, offices or agencies, central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of Member States shall be prohibited, as shall the purchase directly from them by the European Central Bank or national central banks of debt instruments.
===Article 103a===
===Article 125===
: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>
(ex Article 103 TEC)<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.''
1. The Union 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.


==Growth rate comparison==
==Growth rate comparison==
Line 98: Line 99:
| &nbsp;2.4
| &nbsp;2.4
| &nbsp;0.0
| &nbsp;0.0
|-
! Italy
| &nbsp;1.3
| &nbsp;3.7
| &nbsp;1.8
| &nbsp;0.3
| &nbsp;0.0
| &nbsp;1.5
| &nbsp;0.7
| &nbsp;2.0
| &nbsp;1.3
| -1.3
|-
! Denmark
| &nbsp;2.6
| &nbsp;3.5
| &nbsp;0.7
| &nbsp;0.3
| &nbsp;0.4
| &nbsp;2.3
| &nbsp;2.4
| &nbsp;3.4
| &nbsp;1.6
| -1.1
|-
! UK
| &nbsp;3.5
| &nbsp;3.9
| &nbsp;2.3
| &nbsp;2.1
| &nbsp;2.8
| &nbsp;3.0
| &nbsp;2.2
| &nbsp;2.8
| &nbsp;2.2
| -0.1
|}
|}


Source: Eurostat data at [http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&plugin=1&language=en&pcode=tsieb020]
Source: Eurostat data at [http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&plugin=1&language=en&pcode=tsieb020]
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==Balance of payments comparison==
==Balance of payments comparison==
''(A table of current account balances for Q4 2007, taken from Eurostat data at [http://epp.eurostat.ec.europa.eu/portal/page/portal/balance_of_payments/data/main_tables] is to be inserted here)''
''(A table of current account balances for Q4 2007, taken from Eurostat data at [http://epp.eurostat.ec.europa.eu/portal/page/portal/balance_of_payments/data/main_tables] is to be inserted here)''
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Latest revision as of 16:30, 26 November 2011

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https://en.citizendium.org/wiki/index.php?title=Eurozone/Addendum&printable=yes
This addendum is a continuation of the article Eurozone.

The bail-out clauses

The consolidated version of the Treaty on European Union [1] contains the following clauses:

Article 123

(ex Article 101 TEC)
1. Overdraft facilities or any other type of credit facility with the European Central Bank or with the central banks of the Member States (hereinafter referred to as ‘national central banks’) in favour of Union institutions, bodies, offices or agencies, central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of Member States shall be prohibited, as shall the purchase directly from them by the European Central Bank or national central banks of debt instruments.

Article 125

(ex Article 103 TEC)
1. The Union 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.

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
Portugal  4.1  3.9  2.0  0.7 -0.9  1.6  0.8  1.4  2.4  0.0
Italy  1.3  3.7  1.8  0.3  0.0  1.5  0.7  2.0  1.3 -1.3
Denmark  2.6  3.5  0.7  0.3  0.4  2.3  2.4  3.4  1.6 -1.1
UK  3.5  3.9  2.3  2.1  2.8  3.0  2.2  2.8  2.2 -0.1


Source: Eurostat data at [2]

Balance of payments comparison

(A table of current account balances for Q4 2007, taken from Eurostat data at [3] is to be inserted here)

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