The President of the Republic, Cavaco Silva, warned yesterday the Portuguese and foreign entrepreneurs to the need for more transparency in financial markets and the improvement of its regulation.
'I think a good reason for everything that occurred recently in the international financial system, is linked to a lack of transparency of different financial vehicles', Cavaco Silva stressed at the opening of the Council for Globalization, in Sintra, where they were present the largest national bankers.
To combat the international financial crisis, the Portuguese Head of State held an important 'coordination' not only between EU Member States and with developing countries, particularly China, India and Brazil. 'We need coordination between Member States to achieve face, with some success, this situation. Such coordination can not be confined to developed countries, must include emerging countries', defended.
The President considered, however, that "one can not look only for the appearance of banks and the crisis of the financial system." 'Look is also to the goals of medium and long term, as is the problem of decarbonisation of the planet, and what should be done to encourage renewable energy', warned Cavaco, who also highlighted the presence of the Government in the Council.
BUDGETS TO THE CRISIS
The European Commission President Barroso said yesterday in Sintra, that the European response to the crisis must be "resolute and ambitious" and that the instruments should include "fiscal stimulus through." 'It will be a stimulus controlled and temporary, but we need a fiscal stimulus to counter the negative effects of financial crisis and allow Europe to resume growth and jobs', defended. The former Portuguese prime minister was invited by the president-elect of the United States, Barack Obama, to go to Washington after taking office in Jan. 20.
DIVERGENCE WITH DEFICIT
The Finance Minister, Teixeira dos Santos, admitted yesterday that there could be a worsening of the Portuguese budget deficit under the European plan to combat the crisis that will be announced next week by the European Commission. One hypothesis completely ruled out, hours later, the Prime Minister, José Sócrates. 'What I can say is that this year's budget deficit will be 2.2 percent, Portugal will be one of the few countries in Europe that maintains its budget deficit ", said Socrates. Teixeira dos Santos had already claimed that 'did not get the sense Portugal side. "
NOTES
EUROPEAN PLAN
The European Union introduced a package of measures to restore the European economy next Wednesday. José Sócrates welcomed the plan, saying that it supports the strengthening of public investment.
Slippage
Economists Teodora Cardoso, Miguel Frasquilho and Alberto de Castro argued yesterday that due to the current juncture, the European Commission may soon allow slippages in the budget deficit targets.
'I think a good reason for everything that occurred recently in the international financial system, is linked to a lack of transparency of different financial vehicles', Cavaco Silva stressed at the opening of the Council for Globalization, in Sintra, where they were present the largest national bankers.
To combat the international financial crisis, the Portuguese Head of State held an important 'coordination' not only between EU Member States and with developing countries, particularly China, India and Brazil. 'We need coordination between Member States to achieve face, with some success, this situation. Such coordination can not be confined to developed countries, must include emerging countries', defended.
The President considered, however, that "one can not look only for the appearance of banks and the crisis of the financial system." 'Look is also to the goals of medium and long term, as is the problem of decarbonisation of the planet, and what should be done to encourage renewable energy', warned Cavaco, who also highlighted the presence of the Government in the Council.
BUDGETS TO THE CRISIS
The European Commission President Barroso said yesterday in Sintra, that the European response to the crisis must be "resolute and ambitious" and that the instruments should include "fiscal stimulus through." 'It will be a stimulus controlled and temporary, but we need a fiscal stimulus to counter the negative effects of financial crisis and allow Europe to resume growth and jobs', defended. The former Portuguese prime minister was invited by the president-elect of the United States, Barack Obama, to go to Washington after taking office in Jan. 20.
DIVERGENCE WITH DEFICIT
The Finance Minister, Teixeira dos Santos, admitted yesterday that there could be a worsening of the Portuguese budget deficit under the European plan to combat the crisis that will be announced next week by the European Commission. One hypothesis completely ruled out, hours later, the Prime Minister, José Sócrates. 'What I can say is that this year's budget deficit will be 2.2 percent, Portugal will be one of the few countries in Europe that maintains its budget deficit ", said Socrates. Teixeira dos Santos had already claimed that 'did not get the sense Portugal side. "
NOTES
EUROPEAN PLAN
The European Union introduced a package of measures to restore the European economy next Wednesday. José Sócrates welcomed the plan, saying that it supports the strengthening of public investment.
Slippage
Economists Teodora Cardoso, Miguel Frasquilho and Alberto de Castro argued yesterday that due to the current juncture, the European Commission may soon allow slippages in the budget deficit targets.
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