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The European Central Bank is on the verge of finally getting proper help from politicians to fight the regions economic battles, even if it stays alone on the front line for now.To get more news about WikiFX, you can visit wikifx news official website.
The proposal by German and French leaders for a 500 billion-euro ($546 billion) aid package to help the European Union shake off the coronavirus pandemic is seen by analysts as a significant step toward a stronger common fiscal policy, complementing the euros monetary foundations.
Note: Chart compares Bloomberg Economics estimates of nominal income losses associated with lock-downs in 1H20 with discretionary support offered by governments and the cushion provided by the automatic stabilizers in each country
Thats something ECB President Christine Lagarde and her predecessors have long craved. For starters, the central bank should have to step in less often to prevent debt crises. It should also be less exposed to legal battles that have cast a shadow over its bond-buying programs, and it could even get help hitting its inflation goal.
"The ECB has been doing the heavy lifting of supporting the entire euro-zone economy," said Andrew Bosomworth, managing director and head of portfolio management in Germany at Pacific Investment Management Co. "Now for the first time we would have the equivalent of a fiscal counterpart."
Lagarde wont get backup right away. The Franco-German plan must be supported by all 27 EU members, and disputes over whether aid should be grants or loans are already simmering. Even if agreed, money would only arrive next year.
Its also well short of the full fiscal cost of the pandemic, which the ECB puts at between 1 trillion and 1.5 trillion euros, and Bloomberg Economics says could be 2.5 trillion euros in a worst-case scenario.
What Bloombergs Economists Say
"There is at least some willingness to meaningfully share the costs of the crisis with those countries most badly-affected. What we do not yet know is how broad that support is or how deep it would run if the crisis escalated. Even so, its a step in the right direction and should be a source of comfort for the ECB."
-Jamie Rush, Maeva Cousin and David Powell. Read their EURO-AREA INSIGHT
Before the proposal, most economists expected the ECB to bolster its 750 billion-euro pandemic bond-buying program to soak up debt issuance, perhaps as soon as the June 4 meeting, and theres little sign those predictions are changing.
"The Franco-German deal is very encouraging, but even if it is agreed without dilution, the ECB is likely to remain in ‘preventive easing' mode," said Banque Pictet & Cies Frederik Ducrozet. "This is no time to claim victory."
Yet Italian bond yields did sink on the news, and Lagarde -- who praised the deal as a "testament to the spirit of solidarity and responsibility" -- has reason to be optimistic. Her institution is embroiled in financial, legal and economic battles, and the plan can help with all three.
While the ECBs job is to ensure price stability, its pandemic emergency program also addresses a more urgent need -- stabilizing markets. That means buying vast quantities of Italian government bonds, whose yields were surging because investors fear the indebted country, one of the worst-hit by the virus, would struggle to pay for its fiscal response.
The recovery plan "might make the ECB‘s job easier because it helps to improve market sentiment toward countries like Italy," said Nick Kounis, an economist at ABN Amro. "If it's successful, the ECB will have to worry less about dealing with fragmentation across the euro area and focus more on conventional tasks of monetary policy like inflation."
The EU fund would be backed by countries based on economic size, and issue aid according to need. In effect, heavyweights like Germany would support struggling neighbors such as Italy, though conditions are still to be negotiated.
In an interview published after the proposal, the ECB chief encouraged politicians to combine grants with very long-term loans -- at least 10 years and perhaps 30 years -- at low interest rates.
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Let's name the signs of an essay that make it clear that it is not, for example, an essay, an article, or a grademiners review.
A small volume. The author writes succinctly, the reader quickly runs through the written eyes.
Free structure (composition). In its pure form, works of this genre do not have a strict structure. Allowed to begin immediately with an argument, then move on to the statement of the problem. Or to draw a conclusion in the beginning, and talk about the reasons to leave "for the sweet.
At school, for the convenience of examiners and the writers themselves, it is suggested to adhere to a certain structure of the essay. It is as follows: statement of the problem - arguments (1st, 2nd, 3rd) - conclusion.
Presence of the problem. Despite the fact that the plan of writing an essay has a free composition, the writer's thought should unfold around one problem stated at the beginning of the text. All the arguments voiced in the main part are obliged to illustrate it and smoothly lead the reader to the solution. The conclusion should be explicitly or implicitly voiced.
Individual style. No matter what kind of essay you write: historical or philosophical - an obligatory feature of it should be a bright and rich language, an original style. Such a tradition has its roots in journalism.
Individual style
The author of a newspaper article risks being forgotten immediately after reading it, so the journalist tries to make his speech memorable. Each experienced newspaperman has a signature technique, a "zest".
When writing an essay, it is important to "include" personal charm and make your text lively, not like others.
Imagery and aphorism. An essay incorporates the best features of artistic and journalistic styles. Both are characterized by imagery and metaphor. On the verge of these two styles most often aphorisms, new non-standard expressions (neologisms), curious language game are born.
To use all this is not only possible but necessary! True, such a luxury is not so easy to afford if you write an essay in English. But in foreign languages too, there are plenty of figurative expressions that embellish the speech.
Closeness to colloquial speech. Do not "dry up" the text. Scientific turns, multi-part sentences, clericalisms, stamps are contraindicated to such a genre as an essay.
The simpler the language of narration, the shorter sentences, the easier the content is perceived. True, this does not mean that the bar should be lowered to the level of slang, jargon, and profanity.
Related resources:
HOW TO OVERCOME THE "FEAR OF A BLANK PAGE" WHEN WRITING AN ESSAY
How to overcome the "fear of a blank page" when writing an essay
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