Daily Archives: June 8, 2012

The current account deficit of the EU came to 8,800 million

The current account of the European Union (EU) accumulated a deficit of 8,800 million euros between January and March, 28% less than the same period of 2011, according to provisional data released today by Eurostat, the EU statistics office .

This index, which reflects the payments and receipts for external exchanges of goods, services, income and transfers between residents and nonresidents, a deficit of 31,300 million euros in the EU in the first quarter of 2011.

The deficit in the first quarter is equivalent to 0.3% of EU GDP, representing a decline from the fourth quarter of 2011, when a surplus of 13,100 million (0.4% of GDP).

The merchandise balance of the Twenty recorded a deficit of 28,600 million between January and March compared to the negative balance of 47,300 million for the same period last year.

Only in the euro area trade showed a deficit of 8,200 million, compared with a deficit of 21,300 million in the first quarter last year.

The exchange of EU service left a surplus of 25,200 million between January and March, up from 20,400 million last year.

In the countries of the euro, the surplus in services also increased in the first quarter over the same period last year, from 7,900 million to 9,200 million.

These figures are preliminary estimates by Eurostat, which will release later definitive quarterly data and more detailed.

The SPD says to Merkel it will not ratify the pact without growth impulses

The opposition Social Democratic Party Germany (SPD) today warned the Federal Chancellor, Angela Merkel, who will not ratify the EU fiscal pact in the Bundestag, the parliament germane, if not previously agreed growth impulses.

One day after the coalition parties and opposition Merkel’s Social Democrat and Green announced a tentative agreement for ratification of the fiscal pact with a basic consensus for the introduction of taxes on financial transactions, the SPD parliamentary leader, Frank Walter Steinmeier announced new conditions.

“We will not have an agreement until consensuemos all”, said Steinmeier in the public radio station RBB-Inforadio, before which demanded the development in the EU of a program for growth and job creation in countries in crisis euro area.

Still, Steinmeier welcomed the government coalition parties Christian Democrats, (CDU), Bavarian Social Christians (CSU) and Liberals (FDP) – have now finished giving and support the initiative of the EU Commission for the introduction of fees financial transactions.

“This is in any case the right track in one of the points that we are negotiating. In the other we have not yet agreed,” said Steinmeier, who doubted that by June 13 of the coalition parties and the opposition to reach a final agreement.

At that time Merkel has called on the Federal Chancellery to the leaders of all parliamentary parties and groups represented in the Bundestag to resolve differences so far preventing the ratification of the fiscal pact with Germany.

If negotiations progress, the fiscal pact for greater fiscal discipline in the European Union could be passed before the summer by the German parliament while the European Stability Mechanism (MEDE), as desired by the Government of Merkel.

The coalition government is a majority in the Bundestag, the German lower house, but does not reach the necessary two-thirds majority, while in the Bundesrat, the upper house or Land, SPD and Green hold a majority requires the chancellor to negotiate any ratification of their bills.

SPD and Green had determined so far supported the ratification of the fiscal pact to the approval of the tax on financial transactions, as well as measures to promote growth and job creation in the crisis countries of the euro area.