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Treasury in sentence

183 examples of Treasury in a sentence

Why Eurobonds are Un-AmericanBRUSSELS – The emerging consensus in Europe nowadays is that only “debt mutualization” in the form of Eurobonds can resolve the euro crisis, with advocates frequently citing the early United States, when Alexander Hamilton, President George Washington’s treasury secretary, successfully pressed the new federal government to assume the Revolutionary War debts of America’s states.
They know that the alternative is not a return to centralism, but secession by the three Kurdish-majority provinces of Dahuk, Arbil, and As Sulaymaniyah to form an independent Kurdistan, with its own treasury, army (the Pesh Merga), and oil production around Kirkuk – the second-largest reserves in Iraq.
Macron’s more ambitious idea is to take a big leap toward a eurozone fiscal union, with a common treasury and a single finance minister.
The euro had a common central bank but no common treasury.
The consequences of the lack of a common treasury first became apparent after the bankruptcy of Lehman Brothers in 2008, when governments, in order to prevent financial markets from collapsing, had to guarantee that no other systemically important financial institution would be allowed to fail.
The lack of a common treasury is now in the process of being remedied, first by a rescue package for Greece, then by creating a temporary emergency facility, and – the financial authorities being a little bit pregnant – eventually by establishing some permanent institution.
Besides the lack of a common treasury, the euro suffers from other shortcomings, which the authorities do not seem to have fully understood.
But “as the euro area evolves towards a genuine EMU,” they explain, “decisions will increasingly need to be made collectively,” perhaps through a eurozone treasury.
Inefficiencies were masked by generous subsidies from the national treasury, and a combination of vested interests – socialist ideologues, bureaucratic managers, trade unions, and monopolies – kept it beyond political criticism.
Given the need to mobilize idle resources in the short run in order to maintain productive potential in the long run, a larger national debt would be, as Alexander Hamilton, the first US treasury secretary, put it, a national blessing.
Since then, US governments have channeled massive subsidies through the treasury, defense, and energy departments, as well as the National Science Foundation and other institutions, to fund innovation.
Above a certain limit, China’s stockpiles of US treasury bonds imply welfare losses, not to mention the capital losses that the country almost certainly will suffer.
One of the euro’s main problems since its introduction in 1999 has been that almost every national treasury flouted the monetary union’s fiscal rules.
Today, Greece’s government cannot borrow at all, and Ireland must pay high interest rates, while France’s treasury might soon have to pay more, and Germany may be able to borrow even more cheaply.
So let us consider two of the leading candidates, Lawrence Summers, a former US treasury secretary, and current Fed Vice Chair Janet Yellen.
There may be some temporary positive impact on demand, or higher interest rates could offset the entire fiscal push – rates on the benchmark 10-year Treasury bond are up significantly from a month ago (from 3.21% to 4.16%), when the discussion of tax cuts began in earnest.
German Chancellor Angela Merkel, after congratulating Macron, made clear that she will consider no fiscal-policy changes – a stance that precludes a common eurozone treasury.
I have proposed a plan that would allow Italy and Spain to refinance their debt by issuing treasury bills at around 1%.
My proposal is to use the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM) to insure the European Central Bank against the solvency risk on any newly issued Italian or Spanish treasury bills that it may buy from commercial banks.
And he has promised to work tirelessly to convince Germany that Europe must speedily create a proper banking union, common unemployment insurance, a debt-restructuring mechanism for countries like Greece and Portugal, a proper federal treasury, Eurobonds (operating like US Treasuries), and a federal parliament that legitimizes the federal treasury’s authority.
This month, the Copenhagen Consensus Center releases the Guide to Giving (www.copenhagenconsensus.com) so that those of us without a government treasury or charitable foundation at our disposal can also consider how to use the experts’ lessons.
An import tariff, in particular, would tend to depress the world prices of imported commodities, while raising their tariff-inclusive prices – with the home treasury reaping the difference in tariff revenues.
From the moment the DPJ took power in 2009, Kan was tacitly slated to be Hatoyama’s successor, given that he was concurrently Hatoyama’s deputy prime minister and treasury minister.
As they absorb their losses on US treasury and agency securities, capital flows toward the US will diminish.
The EU has a common currency and the ECB, but it does not have a common fiscal policy or treasury.
This time, the revelation was that J.P. Morgan & Co. had provided special access to initial public offerings for prominent public figures, including a former treasury secretary and future Supreme Court justice.
And, though the US economy is recovering from the global financial crisis, America’s treasury and reputation has been dealt a severe blow.
After all, many argue, China continues to buy US treasury bonds and now shoulders the largest amount of US debt, thus financing whatever the Americans are doing, from the wars in Iraq and Afghanistan to health-care reform at home.
One extends from the German government, through the European Commission and the ECB, down to the Italian presidency, treasury, and central bank.
Institutional and legal changes, including the establishment of some kind of eurozone parliament and treasury, will also be needed, in order to provide legitimacy to the endeavor.
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