The catastrophe looming over the euro, and over the European Union, is focusing minds dramatically. Germany's Angela Merkel and France's Nicolas Sarkozy are now said to have agreed on a new tool for stability, an inner club of those euro-zone states that agree to accept enforceable fiscal discipline.
Practical difficulties abound, but it could be argued that this is an idea that is long overdue. Indiscipline, after all, is to blame for the debt crisis: the undisciplined spending of reckless governments in Greece, Italy and elsewhere, and the undisciplined lending of big banks, notably in France and Germany.
Indeed the EU as a whole never mustered the self-discipline to stick to the 1997 rules that were meant to prevent exactly this kind of crisis. The Stability and Growth Pact was an attempt to square the circle of 17 governments with 17 different fiscal policies using one currency. Each country promised - emptily - to hold deficits and debt under stipulated thresholds. The Pact failed miserably; Germany was among the first to exceed the covenanted norms, soon most countries followed and fiscal discipline became merely a pious cliché.
Now, as reality reimposes itself, much of Europe clamours for Germany to buy bonds issued by less solvent states, or to allow the European Central Bank (ECB) to do so. Germany, understanding that this would encourage still more irresponsibility while weakening its own balance sheet, refuses; in this Mrs Merkel's spine has been stiffened by fierce domestic resentment of the debtor states.
Accordingly, last week she was calling for a revision of fundamental European treaties so that budget discipline could somehow be enforced from EU headquarters in Brussels. This idea makes some sense, although some would doubt Brussels's ability to coin sound policy. And it would be a long leap towards much tighter European integration that would be anathema to voters and the political class in many countries. At best, treaty revision could take years.
The new approach, of a voluntary agreement by a few financially stable countries, is more promising and may prove to be a useful approach to the crisis. It's a fair point that the last "voluntary" plan was a disaster, but this one would be enforceable in the European Court of Justice.
Even so, this scheme has about it a distinct air of grasping at straws. Decades of indiscipline cannot be put right overnight, or painlessly.
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
if you go
The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
Teaching in coronavirus times
Company%20Profile
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
RESULTS
2pm: Handicap (PA) Dh 40,000 (Dirt) 1,200m
Winner: AF Senad, Nathan Crosse (jockey), Kareem Ramadan (trainer)
2.30pm: Maiden (PA) Dh 40,000 (D) 1,000m
Winner: Ashjaan, Fabrice Veron, Eric Lemartinel.
3pm: Maiden (PA) Dh 40,000 (D) 1,700m
Winner: Amirah, Conner Beasley, Ali Rashid Al Raihe.
3.30pm: Handicap (PA) Dh 40,000 (D) 1,700m
Winner: Jap Al Yaasoob, Szczepan Mazur, Irfan Ellahi.
4pm: Sheikh Mansour bin Zayed Al Nahyan Cup Prestige Handicap (PA) Dh 100,000 (D) 1,200m
Winner: Jawaal, Fernando Jara, Majed Al Jahouri.
4.30pm: Handicap (TB) Dh 40,000 (D) 1,200m
Winner: Manhunter, Ryan Curatolo, Mujeeb Rahman.
How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
The biog
Name: Abeer Al Shahi
Emirate: Sharjah – Khor Fakkan
Education: Master’s degree in special education, preparing for a PhD in philosophy.
Favourite activities: Bungee jumping
Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
MATCH INFO
Red Star Belgrade v Tottenham Hotspur, midnight (Thursday), UAE