THE FACES.

THE FACES. Where exactly lie a ring… Should I try to jump into? Or just stick with what I “know” and do best? ‘Looking for job’, treat the ‘impossible’ challenges, jumble up in other “people” business, so I can expect that “this year” to be blamed with serious meddling’s, or take care and rise a bit level? If so, my dear policy-makers and CV-brokers, should I be obliged to “agree in tasking everything what I have been asking”? Like the fourth level of Barbican of Ashia Lancaster or Hospital Warden of cocaine Miller and Sampaio? Just because the Gulhnara, Zarhima, Zuhra and Rushnara are living in Tallinn? If you expecting (and sucking) from me the services and physical help, I’m not obliged to give you any suggestions. For which sick of FOUR BOOKS I must saying YES only because I am unsure how to say NO? For the sick of my Marida Marguerite?

European Economics Preview: BoE Set To Hold Key Rate. Monday May 10, 2010 01:41:00 EDT. (RTTNews) - Interest rate decision from the Bank of England along with trade data from Germany and industrial production statistics from France are due on Monday, headlining a busy day for European economic news. At 2:00 am ET, Germany's Federal Statistical Office is scheduled to release trade data for March. The country's trade surplus is forecast to rise to EUR 14.5 billion from EUR 12.6 billion. The current account surplus is seen at EUR 14 billion, up from EUR 9.1 billion in the previous month. At 2:45 am ET, the French statistical office INSEE is slated to release industrial production data for March. Industrial output is tipped to rise 0.2% on a monthly basis. Consumer price inflation figures for April are due from the Czech Statistical Office at 3:00 am ET. The consumer price index is seen rising by 0.3% on a monthly basis and by 1.1% on an annual basis. In the meantime, preliminary trade data for March is due from Hungarian statistical office. The country's trade surplus is forecast to rise to EUR 450 million from EUR 373.3 million in February. Industrial production data for March is due from the Turkish Statistical Institute simultaneously. Industrial production had fallen 18.1% annually in February. At 3:30 am ET, the Statistics Denmark is slated to release consumer price inflation data for April. The annualinflation rate stood at 2.2% in March. Industrial production data for March is due from the Italian statistical office. Industrial output is forecast to rise 0.8% on a monthly basis. Elsewhere, the Statistics Norway is slated to release inflation data for April. The consumer price index is tipped to rise by 2.9% on a yearly basis but fall by 0.2% on a monthly basis. At 4:30 am ET, Sentix research group is expected to release investor confidence data for May. The index stood at 2.5 in April. Finally at 7:00 am ET, the Bank of England is set to announce its interest rate decision. The central bank is widely expected to hold its key rate at 0.50% and maintain its GBP 200 billion asset purchase scheme.

Council conclusions. ECONOMIC and FINANCIAL AFFAIRS Council. Extraordinary meeting. Brussels, 9/10 May 2010. The Council adopted the following conclusions: "The Council and the Member States have decided today on a comprehensive package of measures to preserve financial stability in Europe, including a European Financial Stabilisation mechanism with a total volume of up to € 500 billion. In the wake of the crisis in Greece, the situation in financial markets is fragile and there was a risk of contagion which we needed to address. We have therefore taken the final steps of the support package for Greece, the establishment of a European stabilisation mechanism and a strong commitment to accelerated fiscal consolidation, where warranted. First, following the successful conclusion of procedures in euro area Member States and the meeting of euro area Heads of State or Government, the way has been cleared for the implementation of the support package for Greece. The Commission has signed today, on behalf of the euro area Member States, the loan agreement with Greece and the first disbursement will proceed, as planned, before 19 May. The Council strongly supports the ambitious and realistic consolidation and reform programme of the Greek government. Second, the Council is strongly committed to ensure fiscal sustainability and enhanced economic growth in all Member States and therefore agrees that plans for fiscal consolidation and structural reforms will be accelerated, where warranted. We therefore welcome and strongly support the commitment of Portugal and Spain to take significant additional consolidation measures in 2010 and 2011 and present them to the 18 May ECOFIN Council. The adequacy of such measures will be assessed by the Commission in June in the context of the excessive deficit procedure. The Council also welcomes the commitment to announce by the 18 May ECOFIN Council structural reform measures aimed at enhancing growth performance and thus indirectly fiscal sustainability henceforth. Third, we have decided to establish a European stabilisation mechanism. The mechanism is based on Art. 122.2 of the Treaty and an intergovernmental agreement of euro area Member States. Its activation is subject to strong conditionality, in the context of a joint EU/IMF support, and will be on terms and conditions similar to the IMF. Art 122.2 of the Treaty foresees financial support for Member States in difficulties caused by exceptional circumstances beyond Member States’ control. We are facing such exceptional circumstance today and the mechanism will stay in place as long as needed to safeguard financial stability. A volume of up to € 60 billion is foreseen and activation is subject to strong conditionality, in the context of a joint EU/IMF support, and will be on terms and conditions similar to the IMF. The mechanism will operate without prejudice to the existing facility providing medium term financial assistance for non euro area Member States' balance of payments. In addition, euro area Member States stand ready to complement such resources through a Special Purpose Vehicle that is guaranteed on a pro rata basis by participating Member States in a coordinated manner and that will expire after three years, respecting their national constitutional requirements, up to a volume of € 440 billion. The IMF will participate in financing arrangements and is expected to provide at least half as much as the EU contribution through its usual facilities in
line with the recent European programmes. At the same time, the EU will urgently start working on the necessary reforms to complement the existing framework to ensure fiscal sustainability in the euro area, notably based on the Commission Communication to be adopted on 12 May 2010. We underline the importance that we attach to strengthening fiscal discipline and establishing a permanent crisis resolution framework. We underlined the need to make rapid progress on financial market regulation and supervision, in particular with regard to derivative markets and the role of rating agencies. Furthermore, we need to continue to work on other initiatives, such as the stability fee, which aim at ensuring that the financial sector shall in future bear its share of burden in case of a crisis, also exploring the possibility of a global transaction tax. We also agreed to speed up work on crisis management and resolution. We also reiterate the support of the euro area Member States to the ECB in its action to ensure the stability to the euro area. "

Europe gets €720bn rescue package. In Brussels and in Frankfurt. Published: May 9 2010 10:21 | Last updated: May 10 2010 07:46. Global financial authorities launched an audacious package of measures in the early hours of Monday morning – including €720bn of government-backed loan guarantees and a commitment to buy European sovereign bonds – to combat escalating financial market tensions triggered by worldwide fears over public finances. As part of a co-ordinated response to the growing uncertainty sparked by the Greek debt crisis, the European Central Bank announced it would intervene in government bond markets and join the US Federal Reserve and other main central banks inreactivating extra US dollar liquidity facilities. The emergency funding facility agreed between European Union and the International Monetary Fund was worth as much as €720bn ($930bn, £625bn) in loan guarantees and credits to stabilise the eurozone. The stabilisation scheme agreed by EU finance ministers and top officials after 12 hours of talks in Brussels consists of government-backed loan guarantees and bilateral loans worth up to €440bn ($568bn) provided by eurozone members; a further €60bn supported by all EU members through expansion of an existing balance of payments facility; and up to €220bn provided by the IMF. Initial reaction to news of the package in Asia trading Monday morning was favourable, with the euro gaining almost 2 per cent against the US dollar and 3 per cent against the yen. In Japan, the Nikkei average rose 1.3 per cent and Hong Kong’s Hang Seng advanced 1.2 per cent to 20,154.07. European markets were also expected to open strongly on Monday. "This is shock and awe part II and in 3-D, with a much bigger budget and a more impressive array of special effects," said Marco Annunziata, chief economist at Unicredit. The ECB's decision to buy government and private assets to ease market tensions marked a dramatic backdown by the Frankfurt-based institution. It had previously opposed measures which blurred the boundary between fiscal and monetary policy. No limits were set on the level of purchases but the ECB said the objective was to “address the malfunctioning of securities” rather than to help governments. The purchases would be “sterilised” with the extra liquidity reabsorbed to prevent inflation risks. The ECB will also reintroduce unlimited offers of three- and six-month liquidity.
The EU decided to increase by €60bn its existing balance of payments facility that it used in 2008 to help Latvia, Hungary and Romania, three non-eurozone countries. The facility would be increased to €110bn with the European Commission raising money on the markets using the EU’s €141bn-a-year budget as collateral. It would be extended to cover all 16 eurozone members. Any assistance would carry conditions set by the IMF. Christine Lagarde, French finance minister, said the response from international authorities was "consolidated, coherent and determined". Alistair Darling, British chancellor, agreed the UK would take part in the enlarged balance of payments facility after securing legal guarantees that it would not become liable for the debts of eurozone countries. It will not take part in the €440bn loan guarantee scheme. Loans for a stricken member will be raised through a special purpose vehicle backed by eurozone government guarantees, in response to demands from Germany. The facility will be organised on an intergovernmental basis among eurozone members although Sweden and Poland have volunteered to take part. The facility will last three years. The additional €60bn balance of payments facility will be available immediately but the credit guarantees will require parliamentary approval in most countries.