Groupe de Francfort

Both Lucas Papademos, the new Greek prime minister, and Mario Monti, the expected Italian premier, are comforting and familiar figures to euro-zone officials. Mr. Papademos served for years at the European Central Bank and Mr. Monti is a former European commissioner. Their appointments should provide a measure of calm to restive markets. But perhaps only a measure. Of chief concern to potential investors in bonds of troubled euro-zone countries is the extent to which the countries' stronger peers will back them up. Many investors and analysts have called for a bailout fund with a capacity of a few trillion euros, or for a massive program of government-debt purchasing by the European Central Bank. Despite months of debate, little progress has been made in assembling the larger bailout fund. And ECB officials have repeatedly made clear they don't intend to embark on bond-buying on a massive scale. The bailout fund has been particularly slow going. The 440 billion ($605 billion) fund has perhaps 250 billion to 300 billion remaining after its commitments to Ireland and Portugal and its expected commitment to Greece. European leaders have said they hope to leverage that sum to around 1 trillion, essentially by using it as the basis to attract outside capital. There is, so far, little attraction. In an interview with a small group of reporters last week, Klaus Regling, the bailout fund's chief executive, said political uncertainty had damped outside investors' appetites. He said that the 1 trillion sum might be possible but that the fund wouldn't assemble such an amountor even necessarily commitments for the full amountthis year. Instead, he said, efforts would be focused on turning a severalpage description of proposed leverage options into a much longer prospectus for investors. Europe is in a quandary: The euro zone's major players have insisted that they won't put any more money into the fund themselves. But Mr. Regling's comments suggest that outside investors won't, either, until they know more precisely what their money might be used for. Europe is run by a largely unelected political elite according to their own aims and agenda, plus The Bilderg Group, the ECB. the IMF, the illuminati, Timothy Geithner, the Federal Reserve Bank, members of the Trilateral Commission- look it all up- Christine

Lagarde is a very good example- now she's taken to warning us we're in for a hard time. Are we really to be taken for fools? It seems to me that Sarkozy and Merkel are only too aware that life at the top of domestic politics is very limited (as was Barroso). Be a shaker and mover on the EU scene and you'll get a job for life, where no one votes you in and no body can vote you out. The dangerous thing about that type of system is that somewhere down the line, one of those little apparatchiks beveling away in the background now, will find his way up the ladder unopposed and ... then what ?

Europe's Politburo
A "self-appointed body of powerful individuals prepared to topple national governments if they fail to toe the line" ,the so-called Groupe de Francfort came together last month at a party for the retiring chief of the European Central Bank, Jean-Claude Trichet. They met four times at the margins of the G20 summit - and marked themselves out by sporting GdF lapel badges. But who are the "Groupe de Francfort"?

Angela Merkel
57, Germany Position: German Chancellor since November 2005, re-elected in 2009 for another four years. Democratically elected? Yes. Qualifications: Elected to Bundestag in 1990, minister twice. President of the European Council and lead the G8 in 2007. Now the de facto leader of the EU. It is time for a breakthrough to a new Europe. A community that says, 'Regardless of what happens in the rest of the world, it can never again change its ground rules, that simply cant survive. Im convinced of this. Because the world is changing so much, we must be prepared to answer the challenges. That will mean more Europe, not less Europe. Friends say: Europe's Iron Lady Foes say: "La Boche" (Nicolas Sarkozy)

Nicolas Sarkozy
56, France Position: President of the French Republic since May 2007, serving a five-year term

Democratically elected? Yes Qualifications: Mayor of Neuilly-sur-Seine, Minister of Budget, Minister of Finance and Interior Minister. EU president during the 2008 financial crisis, pushing for G20 summits and financial regulation in the eurozone. Sent the first fighter jets to back Libyan rebels. The consequences of a failure of the euro would be so cataclysmic that we could not possibly entertain the idea. We couldn't even play with the idea of entertaining the idea... Mrs. Merkel and I will never, never allow the euro to fail. Never will we allow the euro to be destroyed... The euro is Europe. Germany and France have known three barbaric wars. Now Europe is the most stable continent in the world. Friends say: "The best man in the world" - Sameh Mahmoud, Libyan rebel fighter. Foes say: "The King of bling bling" - the French press, for his love of exotic holidays and Rolex watches.

Christine Lagarde
55, France. Position: Managing Director of the International Monetary Fund since July, for a five year term. Replaced Dominic Strauss Strauss-Kahn following rape allegations, of which he was later cleared. Democratically elected? No. Qualifications: Lawyer, chair of international law firm Baker and McKenzie, French Minister of Economic Affairs. If we do not act, and act together, we could enter a downward spiral of uncertainty, financial instability, and a collapse in global demand. Ultimately, we could face a lost decade of low growth and high unemployment. Friends say: "Is this the world's sexiest woman?" (The Guardian newspaper.) Foes say: "Farcical" (Oxfam, because of lack of transparency in her IMF selection.)

Mario Draghi
64, Italy Position: President of the European Central Bank since November, for an eight-year term Democratically elected? No.

Qualifications: Economist with a PhD from MIT; lead the privatisation drive from the Italian Treasury and pushed the country into the euro. A vice president of Goldman Sachs, before being named head of Italy's central bank after the incumbant resigned in a corruption scandal. It would be pointless to think that sovereign bond rates can stably be brought down for a protracted period by outside intervention. The first and foremost responsibility lies with national economic policies. Put your public finances in order. Friends say: "Super Mario" (The Italian press) Foes say: "Mama Mia! For Italians, inflation is a way of life, like tomato sauce with spaghetti." (Germany's Bild tabloid, on the idea of Draghi running the ECB.)

Jos Manuel Barroso

55, Portugal Position: President of the European Commission since 2004, re-appointed for five years in 2009 Democratically elected? No Qualifications: Portuguese MP since 1985, Foreign Minister, Prime Minister in 2002-04. Holds 21 honourary degrees. All the European Union members should have the euro as their currency. The idea that we have two unions in Europe means disunion... It was an illusion to think that we could have a common currency and single market with national approaches to economic and budgetary policy. Friends say: "Lots of ability, but no strong convictions on anything, and he's driven not by money, but by power." (Ana Gomes, Portuguese MEP.) Foes say: "An unelected bureaucrat who is overseeing a system that is falling apart." (Douglas Carswell, Tory backbencher).

Herman Van Rompuy

64, Belgium Position: President of the European Council since 2009, serving a 30-month term. Democratically elected? No.

Qualifications: Belgian Senator, 1988-95, Representative 1995-2009. Prime Minister, 2008-09. Keen blogger and haiku writer. Opposed Turkish entry into the EU. We have together to fight the danger of a new Euroscepticism... In every member state, there are people who believe their country can survive alone in the globalised world. It is more than an illusion: it is a lie... The biggest enemy of Europe today is fear. Fear leads to egoism, egoism leads to nationalism, and nationalism leads to war. Friends say: "Furiously intelligent" (An EU diplomat) Foes say: "An overpaid catastrophe" (Nigel Farage, Ukip leader.)

Olli Rehn
49, Finland Position: European Commissioner for Economic and Monetary Affairs since 2010, serving a five year term. Democratically elected? No Qualifications: DPhil, Oxford; European Commissioner for Enlargement 2004-10; economic adviser to the Finnish PM 2003-04. Let me be very blunt on this: It's either the EU institutions, according to our own rules, procedures and democratic accountability, or the market forces that will do the job. For me, as a committed European and a committed democrat, the choices are clear. Friends say: "Purposeful. Serious. Not at all a typical glad-handling politician" (An EC official) Foes say: "Low profile" (The Economist)

Jean-Claude Juncker
56, Luxembourg Position: Chairman of the European Finance Ministers since 2005, reappointed four times Democratically elected: Yes, as PM of Luxembourg Qualifications: Prime Minister of Luxembourg since 1995. Minister of Finance 19892009. Owns a pinball machine. Monetary policy is a serious issue. We should discuss this in secret, in the Eurogroup. I'm ready to be insulted as being insufficiently democratic, but I want to be serious... I am for secret, dark debates.

Friends say: "Highly regarded... he is a deep-dyed fanatical federalist" (The Economist) Foes say: "Master of lies" (Austria's Der Standard) The country that "lost " the wars (WW1 And WW2) is calling the shots, forcing governments of the other European countries by blackmail to obey assisted by its French poodle who is as untrustworthy as ever...what a gloomy picture!

Date: nov. 14.2011

Mircea Halaciuga, Esq. 0040724581078 Financial news - Eastern Europe