Financial reforms urgently waiting for the European economy

Greece has caused the recent financial crisis to draw attention to the differences in the pace of growth observed between the European Union, which necessitated the call for a radical structural reforms on the basis of the European economy in order to avoid the occurrence of any future crises of the Member States.

Was confirmed in that regard the European Commission is the executive organ of the European Union economic growth in the euro area draws many challenges and obstacles, particularly the expansion of unemployment for up to 10% and 9.6% in the countries of the European Union.

The Commission in its official report that the financial and economic crisis plaguing a number of Alni Union countries, which requires him to do deep reforms.

The call by UNHCR to undertake significant reforms on the basis of the euro zone economy at a time when the European institutions, sparked heated debate on the feasibility of establishing a so-called European economic government.

Germany is opposed to the first economic power in Europe this trend, backed by France and the European countries of the South.

In the view of several European countries that the performance of the German economy based on exports, without focusing on domestic demand detriment of the European economy with modest performance, which faces fierce competition by the German exports in particular.

And invited the European Commission in its report in the Saudi Press Agency "SPA" All of Germany and the Netherlands specifically to stimulate the internal market and encourage the demand rather than to focus only on exports to foreign markets.

Crisis Greece

Unlike the negative impacts of the global crisis on the European economy was fiscal mess facing Greece is currently a pressure on the European currency as the return of the crisis to the arrival of the percentage of deficit in the budget for Greece to 12.7% of GDP, which is more than four times the limit allowed by EU agreements with increased debt to Athens to 300 billion euros.

And the crisis that necessitated the application of Greece strict austerity measures aimed at providing about 4.8 billion euros to support plans to reduce the budget deficit to be within 8.7% as a percentage of GDP of Greece.

The European Commission expressed its support for the new procedures announced by the Greek government, noting that Greece is moving on the right track now about to reach the target rates of reduction of the budget deficit during the current year.

However, the crisis necessitated the intervention of Greece Mali, where European Union leaders expressed their approval to approve the financial plan funded by the euro-zone countries and the International Monetary Fund to save the Greek economy which is facing a severe financial crisis.

Said Jose Manuel Barroso, President of the European Commission "I think this a good decision at this time to face a special problem with one of the Member States of the Union, taking into account the consequences of this problem on the stability of our economy and monetary unity."

The rescue plan in the participation of Greece, the International Monetary Fund to secure part of the loans they need in Greece holds the European countries to provide loans on a bilateral level.

The questions focused on the size of contributions from the International Fund and loans provided by Member States, ranging from Greece is a need for the reimbursement of debts within the months of April and May between 25 and 27 billion euros