The latest news from the Eurozone concerning their attempts to try and control the debt crisis involves the ECB (European Central Bank) lending money to the IMF (International Monetary Fund) and then the IMF lending that money to the troubled nation states.

1. Have We Found An End To The Financial Crisis?
The latest news from the Eurozone concerning their attempts to try and control the debt
crisis involves the ECB (European Central Bank) lending money to the IMF (International
Monetary Fund) and then the IMF lending that money to the troubled nation states. This
whole charade is due to the fact that enshrined in a European Union treaty is a ban on the
ECB purchasing national government bonds from the participating countries in primary
auctions. The reason for the ban was specifically why some Eurozone governments are now
pressing to have the treaty overturned. In affect the ECB would be paying for Eurozone
Governments’ profligate spending and their running of large current account deficits where
the revenues gained from taxes and investments was less than the amount they were
spending on public services and projects.
There is a very clear divide across Europe between those who back ECB intervention and
those who are against it. Angela Merkel, the German Chancellor, and leader of the Christian
Democratic Union party who are the largest party in the German Bundestag, has set her stall
against allowing the ECB to buy government bonds as this will in all intents and purposes be
the same as ‘printing money’ or ‘quantitative easing’ as it has been named in the U.S. and
the U.K.
‘Quantitative Easing’ is the process by which central banks purchase government bonds with
newly created electronic money in order to keep interest rates low and to stop interest
rates on mortgages and loans to start rising. The darker side of Quantitative Easing is that it
also allows governments to carry on and keep running large current account deficits and to
keep paying for the deficits by creating new money. The creation of new money stokes
inflation by increasing the amount of money chasing the same number of goods and allows
irresponsible governments to keep running current account deficits. A secondary symptom
of printing money is that debt held in that currency becomes cheaper and is therefore easier
to pay off, both for governments and for individuals. Continued depreciation in a currency
could make it impossible for governments to sell debt denominated in their home currency
and this could increase the depreciation of the currency further and government may have

2. to sell their own currency and buy overseas currency to pay the debt back. This was also a
feature of the Weimar Republic hyperinflation.
The other side of the argument within the Eurozone consists of most other countries.
France, Italy, Spain, Portugal, Ireland, Greece, etc, all would like the ECB to step in and
confirm that they are willing to make unlimited purchases of national governments debt.
Have We Got The Right People In Charge?
This is primarily what the financial markets would like as well. The financial markets are
filled with investment professionals who hold economics, accounting and other finance
degrees. Individuals who hold these qualifications are almost uniquely qualified to counter
the current storm as they have studied previous crises and understand the movement of
capital around the world. Economists understand the need to balance the economy and
Accountants' provide the services of balancing a company's books. If you are interested in
becoming an Economist or an Accountant, it would be worth studying an online accounting
degree.
If you are interested in becoming a part of the financial services industry it may be worth
looking in to online accounting degrees. Either a Bachelor of Accounting or, if you have
previous qualifications, a Master of Accounting degree would serve as a perfect entry
qualification for the industry.