The G8 Conference :"Jobs and Growth."
David President Obama spoke of an emerging consensus that European countries must focus on jobs and growth.The leaders of France, Germany, the US, the UK, Italy, Japan, Canada and Russia met at Camp David in the US state of Maryland.
Source : https://www.marocafrik.com/english/The-G8-Conferen...
President Francois Hollande at his first international conference found that America agreed with him on the necessity of going for growth and reducing austerity. Chancellor Angela Merkel was less enthusiastic she and Britain's David Cameron are still emphasising the need for budget and fiscal regulation .However with Sarkozy gone the balance has shifted in favour of growth against austerity.
The G8 communique called for an increased emphasis on promoting growth alongside fiscal responsibliity and that they wanted Greece to remain inside the Eurozone. President obama said that a renewed recession in Europe could threaten America's own economic recovery . He also noted that America's economic recovery was differnt from Europe and other leaders acknowleged thatthe sulutions would vary from country to country.
European banks however remain severly damaged and vulnerable to the economic crisis, many remain exposed to Greek financial risk and it is by no means sure that Greece will stay in the euro. Spanish banks have been downgraded by Moodys and it is more expensive for Spain to sell bonds. Portugal and Italy remain very vulnerable and all European countries apart from Germany have high unemployment rates.
A reviving European economy would be a big boost for North Africa but there is still a long way to go. A former British Chancellor Kenneth Clarke who is now Justice Minister said that the European banking system was "in tatters" and that the UK was heavily exposed to problems in the Eurozone.
After the devstation of the Second World War The USA in an extraordinary act of generosity instituted the Marshall Plan to restore Europe to economic viability. That is not going to happen again.
There is a need for a new financial system which can generate and utilise funds to sustain growth. There is a failure of confidence in many banks and financial institutions that debts will be repaid which is similar to the Great Depression in the 1920's and 30's. There is a need for a new order and international governance so that economies can function again and create jobs and wealth for their populations.
The G8 communique called for an increased emphasis on promoting growth alongside fiscal responsibliity and that they wanted Greece to remain inside the Eurozone. President obama said that a renewed recession in Europe could threaten America's own economic recovery . He also noted that America's economic recovery was differnt from Europe and other leaders acknowleged thatthe sulutions would vary from country to country.
European banks however remain severly damaged and vulnerable to the economic crisis, many remain exposed to Greek financial risk and it is by no means sure that Greece will stay in the euro. Spanish banks have been downgraded by Moodys and it is more expensive for Spain to sell bonds. Portugal and Italy remain very vulnerable and all European countries apart from Germany have high unemployment rates.
A reviving European economy would be a big boost for North Africa but there is still a long way to go. A former British Chancellor Kenneth Clarke who is now Justice Minister said that the European banking system was "in tatters" and that the UK was heavily exposed to problems in the Eurozone.
After the devstation of the Second World War The USA in an extraordinary act of generosity instituted the Marshall Plan to restore Europe to economic viability. That is not going to happen again.
There is a need for a new financial system which can generate and utilise funds to sustain growth. There is a failure of confidence in many banks and financial institutions that debts will be repaid which is similar to the Great Depression in the 1920's and 30's. There is a need for a new order and international governance so that economies can function again and create jobs and wealth for their populations.
Source : https://www.marocafrik.com/english/The-G8-Conferen...