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The German strategy, by contrast, is to insist on tighter, centralised controls of budgets and fiscal policies and then to move towards a pooling of liabilities for banks and debt once the new system is operational and seen to be working.
Creditor states later had to force private bondholders to take losses on Greek debt, and are now surreptitiously writing off official debt.The Finns, the Dutch and the Germans want to shift the euro zone away from the idea of greater pooling of liabilities, advocated by Euro-federalists.
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Barack Obama was expected to press Merkel, in Mexico on Monday night on the issue of eurobonds – the pooling of liability for single currency countries' debt.
Instead, the euro zone would have to start moving towards greater pooling of sovereignty and sharing of liabilities.Six months on, the European summit (December 13th-14th) that was supposed to decide how to move towards a greater degree of fiscal federalism has just ended with a demonstration of how far European leaders have retreated from such notions.
This year UBS rolled out to its 7,000 advisors a platform that draws on both behavioral finance and liability-driven investing the technique pension-fund managers use to match pools of money with liabilities due at different dates.
And we added up our liabilities and there were a lot of liabilities".
"There are all kinds of liabilities.
It is just an adjustment of liabilities.
But before pooling liabilities Germany wants to pool control of economic policies.
Pooling of risk.
Pooling of savings.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com