European Union still in trouble !

Are we seeing a change in the EU direction? With individual fiscal policies and a budget system allowing countries to borrow above ability to repay when interest rates move up, the Monetary Union is asking for trouble and has done so for years. However the argument that growth rate and productivity are very different in different parts of the Union and therefore undermines a single currency is not necessarily right. In the US growth rate always has varied in different parts of the country without influencing on the dollar.

Trying to fix the problem, initiated by Germany and France, is met by scepticism from countries outside the monetary union with Britain vetoing changes, followed by countries like Sweden, with perhaps the best control of the economy inside the Union countries and Poland, it is bound to be prolonged pain and suffering.

Lead by Germany and France the Monetary Union has only one chance, implement polices equal to all and let the countries outside be a different league.

Third group European union, EFTA is rather quite in the discussions. The Norwegian government will no doubt be supporting the IMF, not out of solidarity but in support of a Europe being its major market. The Swiss reaction is still open.

Interest rates falling again this week. In Denmark by 0.4% to a all time low 0.8% whilst the ECB is down with point 5 to a level of 1%. This will force the Norwegian bank to lower it’s interest rate next week. The question is only how much, because a small adjustment will not help, loosing market shares in the export industry month by month.

So how far is ECB willing to go? All the way down or is Super Mario expecting changes before he hits the bottom? Next week will tell us more and need to tell us more, the clock is ticking for Europe.

Lars Johan Myrtroen, has 40 years experience in international financing and runs his operations from London, England. He established M-broking in the early 80′s and running Stavanger Bank in the Eastern part of Norway. Euro Export Invest AS was established in Oslo in 1998 owning four IT and security companies, with KSD as the leading company holding offices throughout Europe and he has been participating in several start-ups in the US, Philippines, Norway and the UK, among others British Armouring Manufacturing Inc, and Birdstep Technology ASA (Public, Norway). Also major investor in “Norges Energi AS“. He has experience from the bio-metric industry, serving as chairman of BioPrint AS, Norway, and adviser to and Director in GenKey Inc, San Francisco. Acting today as Executive Chairman in EC Capital Management Ltd, trading as Economic Consultants. He enjoys golf and started Grenland Golf Club in Skien Norway in 1980 and served as a Board Member in the Norwegian Golf Association for 4 years.

Posted in Consultancy, Foreign Exchange, Forum, Funding, Green Tech, Marketing, News letter

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