The European currency club tries to reconcile the membersDesperate attempts of heads of the states and Ministers of Finance of EU to resolve an acute crisis in which the European currency system stays, last week have appeared unsuccessful. As a result there was a real threat of its split which can lead to creation monetary mini - Europe as a part of Germany, France, Belgium and Luxembourg.
for today there is only one project of an overcoming the crisis offered by Britain, which assumes to establish not strictly fixed rates of currencies, and borders, in which limits they can fluctuate to react to short-term changes of a conjuncture. It is expected that the decision under the project will be accepted at a meeting of leaders of EU in Birmingham on October, 16th.
On Thursday the short armistice between the main participants of the conflict - Britain and Germany - has been broken by the statement of chairman Bundesbanka Geltmuta Shlezingera (Helmut Schlesinger) in which he has made responsible for an exit of pound from the European currency system the English government. It has caused in Englishmen for a long time the forgotten feelings of times of the First World War: some representatives of the government and opposition have acted with angry statements of the protest, and princess Diana who has appeared as a result of currency crisis on the second plan, in a patriotic feeling has refused recently got sports Mercedes-Benz of a latest model.
the beginning was necessary to the European fights by the publication in Handelsblatt interview of Shlezingera where he has declared necessity of revision of a grid of courses of the European currencies from what followed that he considers an existing course of pound overestimated. Exchange speculators have instantly reacted to the statement and began to get rid of pound, as has led at first to sharp falling of its course, and then - to the decision on an exit of Britain from the European currency system. Infringement of balance of exchange rates has led to leaving the system of lyre and has threatened stay in it pesetas. After the statement of Shlezingera the Deutsche Mark exchange rate has gone upwards, and all measures of Bundesbanka (fall of discount rate of percent), undertaken on request of members of EU for protection of other currencies, have not changed this tendency.
last week the Minister of Finance of France Michel Sapen has decided to agree separately with the Ministry of Finance of Germany about joint actions on franc protection. After negotiations of Ministers of Finance and representatives of the central banks of two countries in a German press referring to informed circles there were messages on possibility of association of franc and mark and even creation in EU mini - Europe in head with Germany and with participation of France, Belgium and Luxembourg - the countries, which economy already substantially sorientirovana on the German market.
participants of negotiations have denied assumptions of the press of possibility ex - the German Maastricht and franc and mark merge, however have made the reservation that association in the currency union of the several most developed EU countries can become the first stage on a way to uniform Europe.
the project of the vice-president of the European Commissions of the sir of Leon put forward on Friday Brittena became the unique project in which it is planned to keep uniform European currency system of Maastricht, let and modernised. He suggests to make such changes to the mechanism of an establishment of an exchange rate which will allow national currencies to react more flexibly to short-term fluctuations of a conjuncture without threat of destruction of all system.
the plan prepared by Englishmen, supposes rate fluctuations of currencies within 6 % from the established. As has explained Britten in interview of the Air Forces, it will give the chance to use not at once national reserves for updating of the changed course. According to this scheme, the course can change in this or that party, for example, 30 days, and during this term exchange speculators will not know precisely, what steps will be undertaken by the central bank and the government. Thus, the European currency system will be protected from the shocks connected with exchange gamble.
however already this very day Germany has declared that categorically does not agree with the project of Englishmen. It is expected that the conflict between Britain and Germany under the project becomes one of main points of a meeting of leaders of the EU countries in Birmingham.
the INTERNATIONAL DEPARTMENT