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Saving the Euro Bumblebee - bizzy Blog
Saving the Euro Bumblebee 03 Aug 2012
As the effects of the Eurozone crisis begin to show in the rest of the world economy, European leaders have expressed their determination to stand by the Euro.
Action is expected from the European Central Bank, and its president Mario Draghi, who in a speech at the British Business Embassy Global Investment Conference, timed to coincide with the London 2012 Olympics, likened the Euro to a bumblebee, which had difficulty flying and needed to ‘graduate into a real bee’.
Mario Draghi, the president of the European Central Bank, speaking at the British Business Embassy Global Investment Conference, timed to coincide with the London 2012 Olympics.
World Economies Affected by Eurozone Crisis
The Eurozone crisis has caused growth to slow in many economies across the world.
“And the first thing that came to mind was something that people said many years ago and then stopped saying it: The euro is like a bumblebee. This is a mystery of nature because it shouldn’t fly but instead it does. So the euro was a bumblebee that flew very well for several years. And now – and I think people ask “how come?” – probably there was something in the atmosphere, in the air, that made the bumblebee fly. Now something must have changed in the air, and we know what after the financial crisis. The bumblebee would have to graduate into a real bee. And that’s what it’s doing."
As markets waited to see what measures the ECB would take, and whether these would include bond buying, to which Germany is opposed, Mr Draghi pledged that “the European Central Bank will draw up a mechanism in the coming weeks to make outright purchases to stabilise stressed euro zone borrowing costs”. This disappointed traders and investors who expected immediate action, but some analysts were more positive.
British Prime Minister David Cameron admitted that the Government needs to do more to rescue the economy and emphasised the expected £13 billion of benefits to business and the economy of the London Olympics. Speaking at the ‘British Business Embassy’ Global Investment Conference, timed to coincide with the Olympics, he defended the UK’s economic policies, saying that government had acted decisively to restore confidence in its public finances.
The Bank of England, which has also come under pressure to do more to stimulate the economy, decided no change was necessary to interest rates or to the £50 billion quantitative easing programme which was announced in the previous month.
Mario Draghi spoke of the Euro being like a bumblebee, which must graduate into being a real bee. Some time, planning, consultation, agreement and effort will be needed before that can become a reality.
In the same way, if you have a product or business venture which appears to be failing, according to proponents of the ‘Lean Startup’ methodology, it may be a good idea which needs reworking to make it a success.
Honey Bee or Bumblebee?
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