Baku, Fineko/abc.az. The motherland of the system of counter-cyclic macroeconomic regulation that has been found so attractive by the Central Bank of Azerbaijan, Spain, is preparing to announce state default.

According to the European media, together with Greece and Portugal, Spain made a trio of European zone members who ate on the brink of default.

Although investors still hope that in case the situation worsens the European Commission or the International Monetary Fund can interfere, Greece, Spain and Portugal have ripened for their expulsion from the European currency union because of non-conformity to its requirements following growth of deficit in their national budgets. As a result, the process of disintegration has started in euro zone.

“Earlier all the states of euro zone were more or less equal and now serious divergencies are observed. On the one hand, we see Spain, Portugal and Greece and on the other hand, Germany,” says IMF chief economist Olivier Blanchard.

The European Central Bank (ЕЦБ) simply cannot level the situation to avoid collapse of the currency union. According to Centre for European Policies’ head Daniel Gross, in the next few years ECB’s entire monetary policy will focus on maintenance of growth of large European economies.

“ECB will make accent on large economies while small states will be left without attention,” he considers.

In this connection new members of the European Union, such as Baltic or Balkans states, will hardly get into the euro currency union in the medium-term prospect.

06.02.2010 10:49