Word: gros
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...those words have been notably lacking in any concrete policy to back them up, particularly with the crisis moving so rapidly. "Uncoordinated rescue operations, far from restoring confidence, are further fueling fears among savers and investors," said Daniel Gros, director of the Center for European Studies in Brussels. Such actions are pushing Europe "toward a full-fledged banking crisis," he said, with the "likelihood of a serious economic downturn [looming] ever larger...
...Chairman Ben Bernanke to craft a systemic response to what has turned into a systemic crisis. In the 27-nation European Union, by comparison, there is no single bank regulator and no mechanisms by which to craft a comprehensive solution that crosses national borders. The result is what Daniel Gros of the Centre for European Policy Studies calls the "balkanization" of European banking, with national authorities struggling on their own - or, at best, with one or two neighbors, as in the case of Fortis - to put together piecemeal local solutions. Gros and many others want a more comprehensive, pan-European...
...protocols" would involve no changes to the treaty's text, and therefore little or no need for other governments to ratify the document. "Once re-ratification has been completed in the 26, it would be entirely appropriate for the Irish government to call for a second referendum," says Daniel Gros, Director of the Centre for European Policy Studies (CEPS). But he warned that stakes would be much higher. "This referendum would be about a different question: does Ireland wish to join the 26 with the Lisbon Treaty in force? At this point, another 'no' would effectively mean that Ireland would...
...Governments will be desperate to avoid making a similar mistake," says Daniel Gros, the director of the Center for European Policy Studies. That's why British Prime Minister Gordon Brown insists that the treaty be ratified by the British Parliament, not a popular referendum. Opinion polls show that E.U.'s most euro-sceptic nation would reject the treaty as convincingly as French and Dutch voters...
...Should the new Lisbon treaty get rejected, "The E.U. would muddle through without it," Gros says. "But the new treaty definitely makes the workings of the E.U. much more manageable...