EU prepares for future summit

EU prepares a key to the future summit of the euro and to calm markets

Budgetary discipline should be fixed and established mechanisms for joint debt issuance.

The European Council President, Herman Van Rompuy, designed to make the bailout fund with more capabilities and financial resources.

José Luis Rodriguez Zapatero attends his last European Council.

The leaders of the European Union on Wednesday preparing a decisive summit for the future of the euro , which is expected to agree a set of short-term measures to calm the tension in the markets and other long to seal the budgetary discipline and pave the way emissions of common debt.

Twenty-seven are still studying the document sent to them on Tuesday the European Council President, Herman Van Rompuy , with a long list of ideas , including providing the permanent bailout fund (MEDE) with new capabilities and more financial resources.

David Cameron will not accept changes to the treaties without safeguarding the City 's community leader also suggested that the European Stability Mechanism (MEDE), which entered into force will be brought forward to 2012, can participate directly in the recapitalization of banks and also has the characteristics of a lending institution.

The latter would allow unlimited access to the European Central Bank (ECB) and act as a true firewall on the debt crisis , a demand raised by France but had always been rejected by Germany.

Another short-term measures proposed by Van Rompuy is to increase IMF resources through bilateral loans that can help troubled euro countries.

In other respects, Van Rompuy proposed to the Twenty shield the fiscal discipline of the euro countries through various forms of exchange agreements (some of them immediate and easy approval and other long-term and long ratification).

The aim is that the commitment of the countries of the euro fiscal discipline open the door "long term" to the creation of a "joint debt" (Eurobonds, called otherwise).

However, this step only come after a stepwise procedure and on the basis of strict criteria for budgetary discipline and economic competitiveness, according to various sources have been explained and diplomatic community.

Heads of State and Government of the Twenty initiate discussions with an informal working dinner on Thursday, beginning at 18.30 GMT.

The summit will formally begin on Friday morning and will run throughout the day.

Approaching postures

Despite the importance of the meeting, EU sources expect moved that the meeting ends without major delays due to previous contacts have enabled Van Rompuy bring positions in many of the points.

The British Prime Minister David Cameron , arrived in Brussels after having warned that not accept changes to the treaties without safeguards to protect the interests of his country, especially the City , the City of London and an economic engine in the UK.

This will be the last European Council President in office of the Spanish Government, José Luis Rodríguez Zapatero , who leaves office in two weeks after nearly eight years as Executive and a number of community summits to his credit.

Italian Government approves the adjustment plan to save 24,000 million euros

Men should contribute 42 years to get his pension and 41 women.

One measure of the plan includes the freezing of pensions that are higher than 960 euros.

According to Monti, the measures are particularly "incisive about tax evasion."

The prime minister has announced compensation waived his remuneration executive leader and Minister of Economy.

The EC welcomes the Italian setting but warns that further reforms will be needed.

The Council of Ministers of the Italian government headed by Mario Monti approved on Sunday the first executive budget adjustment of technocrats and that this Monday will be explained in the Parliament of Italy , government sources.

The approval of the package of economic measures and financial, which aims to save 24,000 million euros, was scheduled for Monday , but decided to advance the Council of Ministers, which has lasted over three hours, after Monti presented the plan to unions , business, social partners and political parties.

Monti, who appeared at a press conference, said his government has " a short term "and" a firm commitment to help Italy out of a grave crisis, a crisis and an economic malaise and Italian society that threatens to destroy what was built by four generations of Italians. "

Italian public debt is the fault of the Italians, who have not given importance to the future of the nation's children

He said that "the great Italian public debt is not the fault of Europeans, is the fault of the Italians in the past have given importance to the future of the nation's children. "

According to Monti, "we have been aware of the need to create the conditions for growth in Italy," to bring under control the deficit and public debt, and "we have also given a very particular weight to equity. "

He said "we have also had to distribute sacrifices and have been careful to distribute them. You will see that our measures are particularly incisive in terms of tax evasion. "

The European excomisario added: "The plurality of sacrifices we want to be seen as a reawakening of the economy Italian, Italian society. "

He added that the labor reform will be addressed the coming weeks: "We have not looked at the labor market, but it will be a definitive step" to give greater weight to merit and competition and greater openness.

As for the costs of policy and steering gear, said, "we adopted a criterion of transparency at the level of international best practice and we decided inspire our asset declarations on the principle of not declaring only what we are asked public office now, but declare our entire heritage. "

Sacrifices and supports equal

Monti said that retributive compensation resignation as prime minister and minister of economy, but retains the income as a senator.

He also referred to the modification of the provinces and said the provincial boards will be abolished and that the provincial councils will have only 10 members.

The prime minister, who wants the decree is called Salva-Italy , announced that it will support the proposal of a tax on financial transactions in the European institutions, a point that Italy had so far had an opposite position.

He said there will be "sacrifice", but also actions in support of enterprises and liberalization in the interests of consumers and competition , while the fight against tax evasion and government priority will exclude the option of resorting to amnesties.

The Minister of Labour, moved

For its part, the Italian Minister of Labour, Elsa Fornero, boarded one of the most contentious issues, the modification of the pension system , with the increase in 42 years for men and 41 for women in the minimum years of contributions in order to receive pension "early" without resorting to quotas.

In the private sector, retirement is for women aged 62 years and for men at age 66 in 2012, with a penalty of 3% for those who are withdrawn, while the total equalization will age 66 years in 2018, he added.

After the minister concluded his speech excited, Monti said the plan calls for freeze pensions in excess of 960 euros per month and maintains the review of minimum pensions in line with inflation.

Japan sets up a fund of 69,300 million euros

Japanese Finance Minister, Yoshihiko Noda, announced the creation of an annual fund of $ 100,000 million (about 69,300 million euros) to counter the yen's strength through private initiative.

In a press conference, the Finance Minister invited Japanese companies to exchange yen for foreign currency and encouraged to make mergers and acquisitions abroad, with the help of this fund to leverage the strength of the yen.

Noda warned that the Government will monitor and control speculative operations with currency, while not ruled out the involvement of the executive, that "will to action" if necessary to weaken the yen on Friday after Wall Street reached in record high against the dollar.

At the close of the U.S. market, the dollar reached 75.95 yen a share, its highest level since World War II, while on Wednesday in Tokyo trading at the opening of the bag in the high band of 76 yen.

Japan has already intervened on 4 August, in the currency market to curb the rise of the yen with a payment record that exceeded four trillion yen (over 36,300 million euros) and the effects to lower currency will dissipate few days.

In the last year, Japan has intervened three times in the foreign exchange market to depreciate the yen, whose ascent hurts Japanese exporters by reducing their competitiveness and reduce their profits abroad when repatriated.