EU steps warily towards tighter economic rules

Quote

Tony Barber, Financial Times, 22.06.2010

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Eurozone governments are moving gingerly towards an enhanced system of economic governance, uncertain how far they ought to limit national sovereignty in the name of saving their monetary union. [...]

EU leaders acknowledged last week that the financial and sovereign debt crises had exposed "clear weaknesses in our economic governance", but agreed only "a first set of orientations" on what steps to take.

Janis Emmanouilidis, an analyst at the European Policy Centre think-tank, said: "EU leaders agreed in principle to strengthen sanctions for countries with excessively high deficits or debt levels. But what form these sanctions will take has yet to be agreed, and it is questionable whether it really is the right way forward." […]

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