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HIGHLIGHTS-EU finance ministers’ meeting

Source: Reuters
LUXEMBOURG, June 9 (Reuters) – The following are comments by European Union finance ministers and other officials in connection with their meeting on Tuesday in Luxembourg. For comments from Monday’s talks among euro zone finance ministers, click on [ID:nL7175766] EU MONETARY AFFAIRS COMMISSIONER JOAQUIN ALMUNIA On climate change: “Without a high degree of consensus on how to finance (the fight against) climate change … this strategy will not succeed … our credibility is at stake.” On economy: “Regarding the economic situation and the analysis … the opinions of the Ecofin were very similar … we are still in a very difficult economic situation.” “But at the same time we’re seeing very positive signs … we see that the next quarters will show gradual improvement.” “We are starting to discuss exit strategies. Today we have been paying attention to the elements of these exit strategies, and these discussions will continue.” “Broadly speaking, the measures of the recovery plan are timely, targeted and temporary.” “This means we need to strengthen the coordination of the implementation of those measures and the coordination of the actions required … to start the exit strategy.” CZECH FINANCE MINISTER EDUARD JANOTA On accounting rules: “We do want to engage in a dialogue … with the IASB. The IASB was told we want a level playing field … it is to speed up its work on ISA 39 so a new standard is to be available for closure of accounts in 2009.” On emissions: “There’s been a shift in the position of the European Union. We’re saying clearly the European Union is prepared to do its bit, it’s important to say also that burden-sharing will be based on ability to pay and responsibility for emissions. The European Union is prepared to consider all sorts of financing arrangements, and in the interests of the taxpayer, money has to be spent wisely.” “The EU is prepared to consider all financing arrangements … but we need concrete strategies for a low-carbon future.” On banking sector: “The banking sector remains fragile, and we shall have to deal in the future with the question of impaired assets.” On economy, budgets: “At the moment no further fiscal stimulus is necessary … we agree that the current measures are timely, temporary and targeted.” “We need to make sure these measures are temporary, and we should go back to normal as it were when recovery takes place.” On financial supervision: “We looked in detail at reform of the European supervisory framework.” “We are glad that the Ecofin Council managed to agree on fundamental reform principles, above all that there should be a European systemic risk board … for macro prudential supervision.” “We also agreed on a system of micro prudential supervision, three independent entities.” “We didn’t manage agreement on all powers of the new bodies … but we are not far from reaching a consensus.” “The outstanding questions will be dealt with politically in the European Council.” BRITISH FINANCE MINISTER ALISTAIR DARLING On financial supervision: “The proposal we had in front of us today we were happy to accept in many respects because it talked about having common sense of rules, it talked about us having greater cooperation, making sure that these rules were enforced.” “The thing that concerned us, which we could not live with, was a proposal whereby there might be an agreement reached by regulators at a European level that would have had domestic fiscal consequences for domestic governments. In other words, they might have been able to say to a government ‘you’ve got to do something about a bank’, therefore that government would have had to ask its taxpayers to contribute.” “There is a principle here — that taxation is clearly a matter for member states. It is not a European Union matter. And what we agreed today overall I think is that an awful lot more work is required. But I managed to persuade my colleagues to substantially change the text so that it made clear that in relation to this particular proposal far more work needed to be done but whatever else had happened it should not impinge on the fiscal responsibilities of member states, and that we wanted far more detail as to how the process would work, as to how you might deal with a supervisory problem.” “It (the text) makes the point again and again that the powers will not impinge in any way on member states’ fiscal responsibilities. That is very, very important.” “In terms of process, this is obviously the conclusion of today’s Ecofin meeting. More work needs to be done. It will come back to us. If there is any legislation required … then there is a procedure with the European Parliament and so on.” “We must have greater cooperation between European regulators. We must make sure that we plug the gaps that have become very apparent over the last couple of years. We actually believe we should go further in some respects in dealing with the likes of the Icelandic banks who have branches in the European Union but are actually regulated back in Iceland. And also we think there is still lacking in Europe a resolution procedure by which if a pan-European bank gets into trouble we can try to resolve it.” “In relation to the autonomy of member states to decide on their fiscal position, that to us was a matter of principle. Agreement has been reached on that, we’re happy with it and I think other member states are happy with it as well.” Asked what does he say to critics who say Tuesday’s compromise has weakened the original proposal? “I don’t think it has weakened it.” “On the ECB, what was agreed today was that we would set up a European Fiscal Stability Council. The exact shape and form of that is something we’ve still got to come back to.” On Latvia: “It wasn’t discussed. The present situation in Latvia was simply noted.” On UK economic/political situation: “We have put in place measures in the budget, and before that last November in the pre-budget report, to support the economy, to support people to support businesses. Those measures are now taking effect. And we believe that we will see growth resuming at the turn of the year.” “I think after the election results over the weekend, I think we have to make sure we work hard to rebuild people’s trust to make sure that we can gain the confidence of people in the United Kingdom (and) one of the best ways of doing that is getting on with the job.” “You can be assured that we will continue to do whatever is necessary.” FRENCH ECONOMY MINISTER CHRISTINE LAGARDE On International Accounting Standards Board: “They assured us that they will review rule (IAS) 39 before the end of 2009 in such a way that a definitive rule can be published in November so the banks can use it for their accounts in 2009.” “We will have a revised rule 39 which will put us on a level footing with the American accounting rules … The revised rule 39 will have the relaxation that we wanted.” On financial supervision: “France was satisfied with the changes proposed by the (European) Commission, largely inspired by the de Larosiere report, in particular binding authority for the European supervision authorities.” On banking secrecy: “The text proposed by the (European) Commission was adopted with a few modifications but they do not seem significant to me.” On financial supervision: “We had a long debate with positions that are different on certain points. I think that we reached a compromise on the text which has the support of a large majority of countries on the (European) Commission’s proposal. “A small group of states is worried about the budgetary consequences, particularly the prescriptions that would be made by European authorities — that means the hypothesis where a European authority sets the rules during a crisis and arbitrates a case between two supervisors and where this type of decision has budgetary consequences. “That is a point which clearly bothers several member states. We asked the Commission in its conclusions to ponder this question particularly.”

One Response to “HIGHLIGHTS-EU finance ministers’ meeting”

  1. Death is not the Answer!

    Abu was born in a cave due to the war between India and Pakistan sparked by Europe to control population and to keep conflict in South Asia . Hours before his birth few shells were dropped by an Indian plain which killed one cow and three camels. The war did not last for long because both nations couldn’t afford any more money to kill each other and all the gold and other jewels were taken from South Asia by the British to Europe with allied nations .

    At the time of Abu birth he didn’t cry, every one thought he will die; the woman who helped his mom to bring him into this world told his father . He held Abu in his hands and start crying that his son will die. After a few minutes Abu started crying and his mom and dad were happy, that tells us suffering is in human nature . It is pleasure for some and suffering for others. And Abu is alive today . There was no hospital nor his father had money to afford. But he was happy that Abu was crying .

    He went outside and sat under the tree, gusty wind, heat and dust was giving taste of Multan .The radio signal was breaking from BBC world news which was the only source for knowledge to know how many people got killed and where. The three major conflicts in the world are the legacy of the British were created in 1947 are Philistine, Kashmir, northern Ireland .
    Few yards away from Abus home there was a cemetery and a Saint used to live there whose name was Human Faith , he came for news and for his food . Abu’s father was happy and gave him some food and one Goat . Abu was about five year old when first time his mother told him about this story, one day when she was arguing with abus father that why he had given the goat to the old man .The animal was the reason of their argument almost every week. Abu played all day long, running around and trying to catch butterflies in the graveyard..

    Time went by quick and Abu happened to be here in America watching morning news because he was laid off from AT&T a few days before the planes struck in the Twin Towers. The tragedy of September 11, 2001 changed his life once again and reminded him old days in Jaam-E-Alom .

    The mental affect of the tragedy was hurting millions of innocent Muslims all over the world and all Americans Muslim had no idea what is going to happen next and who do not support violence .
    Pakistan was all over in the news because it was safe haven for terrorist. Abu was sorry to see that his motherland was providing safe home for those who were consider “dagger Men” or extremist . They feed hearted in to innocent brains to use them for corruption and violence . They seek to magnify their influence and power to affect human brain to create mental illness for unjust culture , group, religion, and fear of loving God (Rab) of humanity to keep them in their unjust faith and path of terror.

    It was long due for all rich greedy nations to realize and get involved, not just for commercial reasons for basic education and freedom to monitor and organize free elections in countries where nature needed to be changed .The most important issue was to monitor education system in all nations without any exception to improve human nature from barbarian way of life to meet international standard. If we look back in history it is true that Islamic system was tried as one of the most powerful and successful social system but it crippled after principal leaders of this system took ownership of Islam and became king of some kingdoms.

    Most of us know Pakistani education system is the legacy of the British. It was adopted without any change due to newborn nation in 1947. Although the system was not at all suitable to meet the need and requirements Pakistan had no choice because country was struggling to improve it’s others problems. Pakistan was created on majority of Muslim populated areas but mostly teachers were either Hindu or Sikh .

    Due to their migration, Pakistan was hard hit because shortage of qualified teacher it was difficult for new nation to pay much attention on education . At that time all Pakistani leaders were struggling hard to sustain freedom from enemies. Many Muslim teachers who migrated from India joined their brothers and accepted the challenge to face difficult task. Other side India already had stable system and many qualified teachers who start working on system to improve and change structure of intermediate and primary stage of education which produced an army of engineers ,doctors , scientists and experts in all major fields .

    Quaid-e-Azams dream for a strong Pakistan became a hope seeking struggling nation of Islam after his death. Many corrupt leaders and the army lost East Pakistan in 1971 just for their personal interest. In 80’s the Pakistani education structure was destroyed but system continued which converted schools in to madrasa and jihad for better Pakistan turn into jihad for Shia , Sunni ,Punjabi, Mahajir, Money, Sex, West, East., America, Europe and so on which produced hatred and bloodshed .

    Education becomes business for rich people and corporations and private schools start poking up which cause higher schools fees and 25% of population in small cities and villages start sending their innocent kid to madrasa or Urdu medium school some of them funded by our Arabs Muslim brothers to permute Islam in Islamic country to make one more Kingdom.

    A large number of failures in government run public schools some time more then 70% was not at all happy ending for parents and poor families waste of money, time and energy 25% of these kids never return due to financial problems or lack of their parent interest. Today every one is talking about Pakistan not because we invent some new technology just because we were host and breading ground for few terrorist who used my mother land to kill innocent human to promote wrong image of Islam and Pakistan .

    The important issues have been ignored by all business and political leaders because of lack of basic knowledge and social justice . The small business is the backbone of any nation regardless of the size and population of country. Small business keep main street busy and provide thousand of local jobs and insurance business for nation which is the most important part of banking and security for any nation. Big business are control by one group that caused the economical crisis on flat earth. The enforcement of tax law in order to achieve goal and monitor quality of investment , Invite foreign investor and provide safety and security regardless of their color and religious back ground for small business .Communication technology can reduce coordination cost and improve industrialization and market access. Keeping basic education system under state or federal umbrella will control cost of education for poor families.

    Innocent uneducated Pakistani citizen were used for the war on terror before against RSS which had nothing to do with Pakistan and now they are terrorist themselves by the same material God of money and Guns who used them before. The question is who is next India, Iran, Israel, Pakistan, Korea, China or Saudi Arabia . What the name will be “War on Population” or “War on Poor” War on Hindus “ War on Jews. It is time to declare America with allied nations, IMF, World bank and with the NATO the creators ( Materiel Gods ) and overseer of the universe and kill all God (Rab) loving people.

    It is time for the radical might with the usual smile of embarrassment from the media for colorful people to kill Supreme Being (God) with allied nations to change realty of killing thousand of innocent families in the name of freedom and democracy . It is scares to think that the relationships among people and organizations based on dictatorship ideology of Devil .We believe that it is time to divert the ship of the American depressed democracy in the direction of saving lives to save mother nature.

    The advance stage of social justice brings best civil government for the people of diverse society if justice is based on equity. The basic distraction of democracy is keeping different attitude from ethnic minorities such as human faith except from those who are merry toward Christianity to show colors. The whitish circle of tactic for power by taking lives is wrong. The only institute that can change the mental stage of the patriotic citizen of media for mass distraction is the ruler of the universe (God ).

    We feel that the system of our symbolism of tragedies for blame is paralyzing educators and PhD s who should teach honesty, justice and humanity not “Hate” once we realize that education and modernization is not part of symbolism, sexism or very old religion and racism. Then concept of journalism for a journalist will help by imagining an angle working for God (Rab) to find the truth. It is time to reconcile differences from the spirit of doubt which was the outcome of dispute concerning who did what in the democracy of the12 Olympians in which the supreme power is held by the people.

    The first step is to analyze condition of this universe and save hope seeking struggling human being from poverty, health, culture, religious and political problems by sating example of American standard for basic freedom. It is time for all white nations to change all monuments, freedom towers, memorial beloveds , statues of war heroes who are holding guns and swords by changing weapons with pens and books by realizing that the stone age is gone. It is 21st century now and people should end the hatred and violence and actually act like mature humans .

    The material God kills life to control power the Saint Human Faith God (Rab) give life and love to control power. The day any nation will be able to keep alive a dying Fire Ant we will pray of that nation not humanity. Thus, The “Imminent threat” to our constitution, freedom and power is not from outside it is from disrespect of basic freedom, illegal spying and rule of law.

    The expression of danger is coming from those who are hungry for power in manor of unjust behavior in 21st century . Hundred of innocent Pakistani and other nationals were put into prisons right after the tragedy of 911 . I happened to meet a person who was from Multan Pakistan and was deported just because he was Pakistani a dusk colored human beings who’s religious is Human Faith .

    Mr. Imran Thair’s mother passed away while he was put in jail here in New York ,and his father died after few months . Imran mind is still here in America . He lived 14 years here and now tell everyone how American and Christian hate Muslims and Pakistani.
    The spiritual force that made America and other white nations great and many ancient civilizations before us was the element of love and freedom .

    We believe that it is time to understand philosophy of Pharonistic nature of privileged members of power who used uneducated innocent colorful people for political, medical, religious and for other experience. It is time to change system of war and killing innocent uneducated people who are used by assuming white shark in the fresh water against poor uneducated religious people. Multan Pakistan is my motherland and I would like to advise follower of Satan ( Devil ) to leave Pakistan and South Asia alone and all other poor countries who are weak and helpless .

    Blessing on humanity (Rabi) from Mehdi and Adam the father and the son with Holy Spirit!

    It shame that Jihad is struggle for better life many used this word for their personal interest to permute hatred and terrorism for special interest groups . All political parties used Pakistan as a personal bank account and used young college student to fulfill their personal aim . Last martial law injected religious , culture and language differences which caused major setback for new nation to meet it standard at the national stand point for human right groups and United Nation .

    Real sources of illnesses and evil is misunderstanding basic Islam or Saint Human Faith and primary education for social justice. It’s time to change self love from social love and improve social system in countries where “dagger Men” is changing innocent brains to use them for corruption and violence. It is a tragedy that terrible injustices continue to occur in the 21st century . The real source of the illness is hiding in those dictators, kings,
    Queens, monarchies, army chiefs, organizations, government officials, presidents, vice presidents, political and Religious leaders who are driving humanity into a long struggle and conflicts to keep their wealth and power.

    The waves of fresh air with small particles full of wisdom and oxygen of (Rabi) are in the air it is just matter of time when they touch the brain to change heart. Human Faith is heavenly light of knowledge restriction on sacred light is eclipse on humanity and blasphemy. Human Faith is a religious of God (Rab) of humanity (Rabi). The definition of humanity (Rabi) in our faith is the quality of being humane and respectful for life. The Divine laws of the father and son are the commandment of God (Rab) of Humanity (Rabi). The crime against the Divine nine moral laws is blasphemy and great disrespect of our God (Rab) of humanity (Rabi).

    Human faith teaches not only moral values it can give realistic purpose of achieving complete fulfillment of internal life. Our method of understanding both the universe and life is based on unlimited confidence in individual by teaching respect of nature and life.

    Human faith is Mehdi’s and Adam’s monotheistic faith and knows that God (Rab) is the creator and overseer of the universe at all the time and all matters. It is time to modernize our faith by adopting true faith and educate mankind in accordance with basic principle of life.
    Our vision is to introduce true human religion by mobilizing communities and faiths around the world to improve people’s lives .Our mission is to strength the bond of humanity (Rabi) by introducing heavenly light .


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