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Banking crisis

This is my blog about the banking crisis.

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Last news part 2

The purchasing of power will decline even more than expected. Calculations showed that the Nibud, the National Institute for Budget Information.

Gross wages rise slightly this year, but no one will net out ahead, according Nibud. A decrease in purchasing power of 1 to 2 percent is no exception.

This means that some households tens to over 100 per month less to spend.

Purchasing power has been falling more than expected because the premium for health insurance has risen faster (plus 6 percent) than expected.
In addition, the gross wages not with the previously expected 2 percent, but only 1.75 percent increase, according to Nibud. Also, inflation is slightly higher.

A working couple with two children and a combined income of 60,000 euro, have 29 euros per month in 2012 less to spend.
A traditional family with one earner, two children and an income of 35,000 euros must take into account a drop in purchasing power of around 56 euros.
Unlike previous plans to keep parents with three or more children the child budget.

Provide assistance in a single under the new calculations per 14 months of purchasing power in euros. On average, people on benefits is 1.2 to 2.5 percent decline. But in some cases many more.
Because under the new rules in allocating assistance also looked at the income of adult children living at home.
This may mean that the benefit is lost. Moreover, resident adult children no longer entitled to their own welfare.

[ 13:38 ] [ 20/1/2012 ] [ 0 Comments ] [ Post Comment ] [ Link ]

Last news part1

The International Monetary Fund (IMF) has the forecast for global economic growth for 2012 further reduced. According to the IMF, the global recovery threatened by the tensions in the euro area and global growth will decline to 3.3 percent of the 4 percent previously estimated. The Eurozone as a whole will shrink by 0.5 percent, while in September, a growth of 1.1 percent was expected.

Especially Italy and Spain will suffer a decline because of the austerity measures in those countries and banks that the credit limit. The Italian economy will shrink by 2.2 percent while economic growth in Spain will decline by 1.7 percent.

China

In Britain, a slight increase of 0.6 percent is expected, while the United States and China the two largest world economies where growth is expected. In the U.S., the economy will grow at a robust 1.8 percent, while growth in China is increasing by 8.2 percent.

The organization is the biggest challenge the Eurozone crisis and growth.
The ECB recommends that a more accommodative monetary policy is to conduct a credit crunch occur.

[ 17:27 ] [ 17/1/2012 ] [ 0 Comments ] [ Post Comment ] [ Link ]

Euro crisis

When in 2009 the European economy slowly picked up, a new crisis arose in Greece: the euro crisis. During 2010, confidence in the euro or euros because several countries appear to face large deficits in their budgets and huge national debts. Especially countries in southern Europe and Ireland have major financial problems. By drastically cutting back, and in some cases with financial support from outside, try these countries to balance their books to bring order and confidence in the euro to recover.

Emergency Fund Eurozone

In 2010 a temporary emergency fund to provide both euro area countries with financial difficulties to assist and ensure stability of the euro. This temporary fund (European Financial Stability Facility) will run until 2013. A permanent emergency fund to prevent countries from mid-2013 with financial problems weaken the euro. The assistance under the new arrangements may only be used if it is indispensable for the stability of the euro area. All necessary assistance is linked to strict conditions.

[ 12:23 ] [ 15/1/2012 ] [ 0 Comments ] [ Post Comment ] [ Link ]

The bank tax

The bank tax

Since the outbreak of the financial crisis in 2007, there is growing global support for the taxation of banks. Using this "bank tax" during the crisis, banks can repay government obtained. Furthermore, such a measure would ensure that a future crisis governments, but the banks themselves may provide any necessary capital injections. Moreover, such a tax the global financial system more stable and less prone to aggressive investment strategies to make.

There is much debate surrounding the introduction of a bank fee. Besides the pros and cons, there is the question at which level the tax should be applied. Within the EU, France, Hungary, Austria, Portugal, the United Kingdom and Sweden have already introduced tax individually. During his annual "state of the union" on September 28, 2011 urged President Barroso of the European Commission to introduce the bank tax on a European level.

At the end of October 2011 summit, where an agreement was reached on the approach of the European debt crisis, has decided to legislate for a tax on financial transactions

[ 17:12 ] [ 12/1/2012 ] [ 0 Comments ] [ Post Comment ] [ Link ]

European financial guardians

These are the European Systemic risks (ESRB) and the European System of Financial Supervisors (ESFS) has become. These two new regulators took over the duties of three existing advisory bodies, namely the Committee of European Banking Supervisors (CEBS), Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and Committee of European Securities Regulators (CESR).

The tasks of the ESRB and ESFS consists of:

•    proposing technical standards, paying attention to the principles of better regulation;

•    Resolving disagreements between national supervisors if warranted by law to cooperate or to agree;

•    Contributing to a good technical implementation of common rules (including through peer reviews);

•    Exercising direct supervision with regard to credit rating by the European Securities and Markets;

•    Fulfilling a coordinating role in emergency situations.

The above measures stemmed from the idea that improved financial supervision of the European economy from the consequences of a future economic crisis.

The number of supervisors was in September 2010 expanded by a further three supervisory authorities, namely the European Banking Authority (EBA), the European Securities and Markets (ESMA) and the European Insurance and Occupational Pensions (EIOPA). These three financial supervisors by January 1, 2011 went to work.

[ 14:52 ] [ 7/1/2012 ] [ 0 Comments ] [ Post Comment ] [ Link ]

European supervision tightened

In mid-2009 the European Commission submitted a proposal for European legislation for increased monitoring of banks in Europe. The most important point in this proposal was the creation of a European System of Financial Supervisors. European System of Financial Supervisors aims to enhance cooperation between financial authorities in the European Union more smoothly.

Under pressure from the European Parliament, the finance ministers of EU countries on July 13, 2010 also approved the establishment of European regulators. These regulators monitor financial institutions and if necessary take action against banks and insurance companies. These regulators intervene when national regulators disagree with each other on a cross-border bank or insurer.

[ 13:16 ] [ 3/1/2012 ] [ 0 Comments ] [ Post Comment ] [ Link ]

Economic crisis in international perspective

On November 15, 2008 a summit was held in Washington, the twenty most powerful economies place. During the encounter participating countries discussed how the global economic crisis could be tackled effectively. This process yielded six points forward.

•    The IMF had a central role in strengthening the international financial system

•    There had to be stricter international supervision of compliance with financial laws and tax

•    Tax havens were taboo and accounting standards should be harmonize

•    There was an international code of conduct that affect the current 'culture of greed "would counteract

•    There was more and more supervisors in the global banking sector

•    It had to prevent protectionist countries that take measures to protect their own industry

The countries were not to have a joint plan for tax incentives.

In April 2009 the G20 was together in London. During this meeting it was decided to triple the IMF resources. Dominique Strauss-Kahn former head of the IMF, so that the IMF would be back on the map. In addition, 180 billion for new commercial appropriations.

In June 2010, the European Parliament reached an agreement on the 2011 curbing bonuses for bankers and imposing stricter capital requirements on banks.

[ 12:32 ] [ 30/12/2011 ] [ 0 Comments ] [ Post Comment ] [ Link ]

Economic recovery

Late November 2008 the European Commission decided to launch a European Economic Recovery Program. By a capital injection of 200 billion euros the European economy had a positive boost. By including more tax measures, road construction and expansion of the European Internet facilities, the Commission hoped the demand for goods and services increasing. This way the chance of a prolonged recession was reduced. Each Member State was expected to at least 1.5 percent of its gross domestic product, economic incentives stabbing.

Also, a large portion of the budget for 2010 to consolidate the European economy is back on their feet. Job creation and competitiveness of the European Union in the arena were thereto important.

EU Budget Rules

European fiscal rules, which include a deficit of up to three percent of gross domestic product is allowed, were maintained. However, the Commission wanted to flexibly apply this rule. In violation of the three-percent standard, Member States must ensure as soon as possible to get below this limit.

[ 20:48 ] [ 27/12/2011 ] [ 0 Comments ] [ Post Comment ] [ Link ]

Tackling the economic crisis

In view of these developments a European response could not stay out. In October 2008 the European Union finance ministers reached an agreement in principle on set up a savings guarantee for an amount of at least 50,000 euros per account holder. Netherlands raised the guarantee even up to 100,000 euros. This was intended to prevent people from their money en masse shots for fear of otherwise losing their savings, like what happened in America.

The jammed financial transactions between banks decided to stimulate the fifteen countries of the Eurozone in the above mentioned agreement in principle also to guarantee loans between banks. They also wanted "healthy" banks if desired financial support through loans, to get more Europeans to give confidence in the economy.

The money was used to allow banks to financially support came from the national governments. For some countries, this economic burden was too heavy. After Iceland ($ 8.1 billion) and Ukraine ($ 16.5 billion) at the end of October 2008 Hungary became the first EU country financial assistance to the economic crisis may be encountered. The International Monetary Fund, the European Union and the World Bank jointly provided a loan of 20 billion euros.

[ 20:37 ] [ 20/12/2011 ] [ 0 Comments ] [ Post Comment ] [ Link ]

The beginning of the economic recession in Europe.

In this part of my blog I will tell you what happened when the economic recession struck in europe.

In November 2008, the economics talked for the first time of a recession in the euro zone. In the fourth quarter of 2008, the European economy shrank by an average of 1.2 percent in the first quarter of 2009, even with 2.8 percent. Especially the new members of the European union had a hard hit by the downturn in the global economy. Slovakia, Latvia and Lithuania showed an economic contraction seen any instance of more than 10 percent. The unemployment rate in the European Union was still increasing.
As in the United States also a number of large banks came in deep trouble in. As a result of fear on the international capital market worldwide banks held the hand on the purse. This meant that banks no longer provided loans, not to consumers and not to each other. Major banks such as UBS and the Dutch ING members had to record losses and government support are held up. The British bank Northern Rock, the Icelandic Landsbanki, the Belgian-Dutch Fortis, the Dutch bank ABN AMRO were nationalized altogether.

[ 17:21 ] [ 16/12/2011 ] [ 0 Comments ] [ Post Comment ] [ Link ]

How it all started! Part 2

This next part of my blog is a continuation of How it all started! Part 1

When the payment for the interest and the repayment of their initial loan came they again didn´t had enough money. So the banks looked at the current value of the houses but the value of the houses went down. So eventually the loaners had a to high mortgages on their house which they couldn’t afford, the banks didn’t get their money from the loaners because they didn’t had any. And from this point the value of the houses are getting lower and lower. The banks had to send the loaners out of their houses because they couldn’t pay it. The banks didn’t had much money because they own so much houses and since the price of all the houses are getting lower and lower the banks are getting poorer. When this all happened all the people in America didn’t trust their money with the banks so they all took their money away from the banks. This is the point when one bank after a other went bankrupt. The economy in America went really bad and they got into a recession. Since the economy in  America went so bad the trade with other countries slowed down. And then the bad economy started in Europe.This image show (left) perecentage of defaulters
(right) Months and years, starting form march - 05 and ending at november - 08

[ 15:37 ] [ 11/12/2011 ] [ 0 Comments ] [ Post Comment ] [ Link ]

How it all started! Part 1

The banking crisis started in the United States of America. All the banks in America gave mortgages for houses to people that couldn't really afford it. So when those loaners had to pay their interest and the repayment of their initial loan, they didn't had enough money for it. So what did the bank do? The bank looked at the value of the house at that time, since the value of the house has gone up the bank gave the loaners a higher mortgages so that they could pay their interest and the repayment of their initial loan. This went good for some months but then the same thing happened. The loaners had not enough money to pay their mortgages because they have been spending almost all of their money on flat screen tv’s and other stuff for in the house. And again the banks looked at the current value of the houses and gave the loaners a higher mortgages. So the loaners got more money, the mortgages are higher and also de interest and the repayment of the initial loan is higher. The loaners were spending all of their money again on PlayStation’s new cars etc.

In my next blog i will finish this story!

[ 20:20 ] [ 6/12/2011 ] [ 0 Comments ] [ Post Comment ] [ Link ]

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