Friday, April 30, 2010

European Union?-4

Then there is the power that the European Central bank (ECB) should get like the fed to bail out heavily indebted European countries if they are to get out of debt. The ECB should take the lead in dealing with essentially a European problem but first in order to do that, the above mentioned amount of funding should be in place right away. And each year depending on the requirements of the European Countries, the fund should be increased by 50 to 100 Billion Euros so that in times of crisis like these, the so called “proud” Europeans should not have to look at the IMF or the World Bank to bail them out.

Then the other policies matters like the retirement age should be moved up to 67 years with the pensions phased out. I know it is too much to ask especially since every country and culture is different in Europe. But if they truly want to be “European” and “Christian” continent then they should start taking measures in terms of Europe and not individual countries. Instead of ever increasing taxes, the amount of spending should be cut to the bear bottom, since it is a given that the aging of Europe has begun and there will not be enough young folks to care for the demands of the older people who would need health and other benefits. Now is the best time to tackle all this political and economic issues otherwise these crisis are not going to vanish with short term remedies.

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