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Home arrow newsitems arrow ECB President Draghi to EuroFora : BRICS' developments raise Interesting Questions for €uroZone

ECB President Draghi to EuroFora : BRICS' developments raise Interesting Questions for €uroZone

Written by ACM
Monday, 14 July 2014

 mario_draghi_400

*Strasbourg/EU Parliament/Angelo Marcopolo/- New developments on the BRICS' countries (Russia, China, India, South Africa, Brazil) raise Interesting and Topical Questions for €uroZone, replied in substance ECB's President Mario Draghi, to a relevant Query by "EuroFora",

just before a landmark INTW by Russian President Vladimir Putin to the Press Agency "Itar-Tass",apparently, fully confirms that, (See Infra). .


Significantly, Draghi said that to "EuroFora" at the eve of an exceptionaly Important Heads of State/Governments' Summit of the BRICS due to Start Tomorrow in Fotraleza, (at Brazil's Norhern Coasts to the Atlantic Ocean), almost at the same time as, in parallel, another exceptional EU Member Countries' Heads of State/Governments' Summit is scheduled for the Day After : Wednesday, July 17, in Bussels.

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Meanwhile, ECB's President had already started to participate in New EU Parliament's (as it has recently emerged from the May 2014 EU Elections), 1st full working Plenary Session, this Week in Strasbourg, (14-17 July 2014), where he has just made a Speech and Debated with MEPs at its Economic and Monerary Committee this Monday Evening, in the General Framework of a recently established, quasi-regular "Monetary Dialogue" between the EU Parliament and ECB.


 At first, Mario Draghi smiled kindly and greeted "EuroFora", that he already knew both from his earlier visits to EU Parliament in Strasbourg, but mainly from several ECB's Press Invitations for "EuroFora" to visit the European Bank's Headquarters at nearby Frankfurt, (Comp. f. ex. : ...., etc),  as well as from certain of our working trips to Brussels' EU Summits, (where ECB's President started to be systematically invited to EU's Heads of State/Governments' meetings focused on Economy since December 2011, while, in addition, the €uroArea Treaty, proposed by the Franco-German "motor" on August 16, 2011, in Paris (See relevant "EuroFora"s NewsReport from Elysée Palace, then), decided by the December 2011 and the January 2012 EU Summits in Brussels; and signed by EU Heads of State/Government on March 2012, explicitly provides for a regular presence of ECB's President in all special €uroArea Member States' Summits).

brics


- "What do you think, Mr. President, about the recent developments on the BRICS countries ? Do you believe that they can affect, in one way or another, the €uroZone,  and/or that there might be at least some useful concrete points for Cooperation with them ?", "EuroFora" asked, on this occasion, Draghi, after reminding him the Fact that Russian, Chinese, Brasilian, South African and Indian Heads of State were holding a Summit "Tomorrow".


- ECB's President clearly indicated to "EuroFora" that, indeed, he was well Aware of that imminent BRICS' Summit, and he "knew" about its main points.

 

ecb_president_arriving_towards_agg_400


 + Moreover, Mario Draghi, reacting Positively to "EuroFora"s Query on the BRICS, clearly stressed that, in his opinion, effectively, - "This is a very Good Question, indeed !" for Topical €uroZone issues, as he explicitly acknowledged.


- Therefore, he expressed the view that "I should have been asked such a Question earlier Tonight", i.e. during his above-mentioned Debate with MEPs at EU Parliament's Economic and Monetary Committee on various Topical developments, and Regretted the Fact that, unfortunately, at least for the time being, Noone among the MEPs who were present this Evening in Strasbourg, didn't raise that yet...


++ This fact practicaly Hinders me to give a Full and substantial Reply Now to such an Interesting Question, since I have to leave the Parliament the Fastest possible, for other meetings, Draghi apparently regretted, speaking to "EuroFora" during this same Evening that New EU Commission's President-designate, former long-time Prime Minister of Luxembourg, and €uroGroup's Chairman, Jean-Claude Juncker, was reportedly gathering around him, elsewhere in Strasbourg, several Top EU Personalities, in order to prepare a Crucial Debate and Vote, Tomorrow at EU Parliament's Plenary, on his Election as New EU Commission's President for the Next 5 Years of the period 2014-2019, as well as to hold Consultations for the entire Next EU Commission's composition and individual Members' choices...


- However, Draghi appeared, as usual, fond of pertinent Comparisons between €uroZone's 18 Member Countries, and various Other Actors at the International level. (As, f.ex., on the Relation that he found, in his view, between those Countries who have a High Unemployment of Young People, and those where Youngsters "Lack the Skills demanded by the Labor Market", as he said earlier Tonight, pointing mainly at OCDE's findings).

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+ Even more Interesting Comparisons could certainly be made by Mario Draghi also concerning the Topical Observations that he made ToNight at EU Parliament, about the Positive and the "Negative" aspects of a "Too Long" prolongement of a Total Lack of Inflation, f.ex. reportedly now at €uroZone, in relation with the lack of sufficient Growth, and the respective Situation which exists now, in this regard, inside the BRICSn (f.ex. China, but also Russia, etc).


Moreover, "EuroFora"s Topical Question on the BRICS' developments in relation to "€uroZone" seems to really present a notable interest for President Draghi personaly, given also the notorious Fact that he is a Top Economist who emerged from the "Goldman Sachs" Financial services' Multinational Giant, who is,  by an astonishing Coincidence, the ... Creator of the very Word "BRICS", and a main initial Theorist of the Economic Power that the BRICS' Countries, and particularly China, among them, is reportedly due to acquire at the Horizon of 2050, compared to the USA, EU and Japan, etc, as a Famous "Goldman Sachs"' premonitory Graph has already Warned, based on the estimated GDP Growth of each :  

10_largesr_economis_of_the_world_at_a_2050_horizon_goldman_sachs_graph_400 

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Launched as early as already since 2001, the Goldman Sachs' experts' acronym "BRIC" (which became "BRICS" after the recent Addition also of South Africa, who hosted the previous, 2013 BRICS' Summit), was initially supposed to symbolize a Swift of "Global Economic Power", from the "G7" mainly Western-style, established "Bigger" Countries of the World, towards some Other, Emerging Giants from the formerly "Developing" World.


Meanwhile, indeed, the BRICS had had their 1st Summit held in Russia, at Yekaterinburg, back on 2009, and are Now due to start their 6th Summit of Heads of State for 2014, tomorrow in Brazil, at the Atlantic Ocean ressort of Fortaleza, where Russian President Putin will meet with Chinese President Xi, Brasilian President Rousseff, together with their Indian and South African counterparts; PM. Modi and President Zuma.


In fact, the Fast-Growing Economic and Financial Mass, as well as wide Trade areas, found at the BRICS Countries, had already incited, f.ex. the former French President Nicolas Sarkozy, when he had chaired the G8 and the G20, back on 2011, (Comp. "EuroFora"s NewsReports from the May 2011 G8 Summit at Deauville, and the November 2011 G20 Summit atstartCannes : . .....), to make a serious  Attempt to Convince China a.o. to Start Negociating a kind of Collective Contribution to a New kind of Regulation of the World's Monetary Order.


Already, BRICS' stance in real practice should normaly have been behind the fact that the €uro had reportedly succeeded to circulate and be used at approximatively the Half of the World's riches, almost at 50% - 50% with USA's Dollar, as ECB services declared recently at nearby Frankfurt.

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>>> All out of a sudden, just a few Hours after "EuroFora" evoke with ECB's President such Topical issues of relations between €uroZone and the BRICS, given several converging recent developments, it was anounced that Russian President Vladimir Putin, have an exceptionaly important Exclusive INTW to the Itar-Tass Press Agency, where he declares his Political Will to Boost the BRICS' "Role" in the World and "Raise" it  at a "New Level" :

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- In particular, the overall Idea is explicitly placed under the Banner of a strive towards "a Multi-Polar World", as Putin stresses from the outset, using a Terminology which would certainly please also his Chinese counterpart, the President Xi Jiping, and others among the BRICS Leaders....


- "The modern world is indeed multipolar, ....this is objective reality. Any attempts to create a model of international relations where all decisions are made within a single ‘pole’ are ineffective, malfunction regularly, and are ultimately set to fail", warns , indeed the Russian President, at the eve of the 2014 BRICS Summit (Comp. Supra).


- Fortaleza's Summit being "Sustainable Solutions" for an "Inclusive Growth", the 5 Heads of State are due to "consider the most Urgent Issues in Global Politics and the Economy, as well as the BRICS' Development"; Putin added Tonight.


+ In addition to a series of important GeoPolitical Issues such as, f.ex., "Cooperation inside the UNO", opposal to "Individual States' attempts to Impose .. a policy of Displacing "unwanted" regimes and .. "Unilateral" Solutions to Crisis", the "creation of a Mechanism of Regular High‑level consultations between (BRICS') Foreign Ministries on ...Regional Conflicts", etc., as well as "Cooperation in setting Rules .. in the Global Information space", and "Equal Rights for all Countries to Participate in Internet's management", "Analyse the situation in the World's HotSpots" and consider "Measures" to "prevent the Harassment of Countries who don't agree with some Foreign Policy Decisions made by the USA", and are threatened by "Unilateral Sanctions", instead of "promoting a Civilized Dialogue on all points at issue, based on Mutual Respect", (etc), as the Russian President highlighted, the BRICS intend, Today, also to Boost their "Economic Ties", advancing well beyond a growing "mutual Trade" between them, (which already became "over 300 Billions $ in 2013"), in a Huge "Market of almost 3 Billions Consumers", between Countries with "unique Natural Resources, and a substantial technological, financial and industrial potential", in order to "Draft", "at this moment", "on Russia's Initiative", a real "BRICS' Economic Cooperation Strategy" :


 - This includes Measures to face BRICS' "Needs" for a "serious Infrastructure Modernization", mainly thanks to the establishment of a "Development Bank" to support "Cooperation" and "Major Projects", as well as the "creation of a BRICS' Pool of Foreign Currency Reserves", as Putin revealed, which would certainly be of great Interest also to "€uroZone" Countries.


+ But, "First of all", there is BRICS' "Common Intention to Reform the International Monetary and Financial System", (including the IMF), which, "In its present form, is Unjust", by "taking a more active part in the IMF and the World Bank's Decision-Making system" : Since Bretton Woods (1945), the International Monetary System ...depends a lot on the US Dollar, or, to be precise, on the monetary and financial policy of the US Authorities", something tha "the BRICS Countries want to Change", (precisely as also EU Countries had explicitly tried to Start doing f.ex. since the 2011 French G8 - G20 Chairmanship, by former President Nicolas Sarkozy, in close cooperation with German Chancellor Angie Merkel).

amerkel__vputin

=> All this should contribute to enhance also the role of "International Law" and of the "UNO", at the World stage, where the present BRICS' Countries intend to eventually accept some "Strategic Partnerships" also with certain other willing Countries, (as f.ex. Argentina, etc), but without yet opening any process of Full Enlargement beyond the current  "Big 5", unless, perhaps, a  "Gradual Expansion" "in the Future",  Vladimir Putin concluded Today.

 

Meanwhile, as BRICS Countries stand now, they already "account for 21 % of global economic output, and have contributed more than 50% of World economic Growth in the past Decade" (2004-2014), according to the Chinese Press Agency "Xinhua".

brics_5_400 

(../..)


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(NDLR : "DraftNews", as already send to "EuroFora"s Subscribers/Donors, earlier. A more accurate, full Final Version, might be Published asap).

***

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