EU fumbling leaves euro zone seeking credibility

Marcin Grajewski and Erik Kirschbaum, Reuters, 29.04.2010

Quote

Link to original article


The European Union's inability to take quick, firm decisions has exacerbated Greece's debt crisis and increased the risk of contagion to other euro zone countries such as Portugal.

Four months of talks and summits have only just brought the EU to a point where it can release emergency funds to Athens – a degree of indecision that financial markets have exploited and which now threatens Lisbon and possibly others. [...]

"If you look back at the last weeks or months, you have to say there has been a lack of clear leadership," said Janis Emmanouilidis, a senior analyst at the European Policy Center. "That is exactly what markets want. They are able to exploit those insecurities and uncertainties." [...]

As well as highlighting the EU's cumbersome decision-making, the crisis has exposed the lack of foresight that went into the creation of the euro and the process of economic and monetary union that underpins it, analysts say. [...]

"What the current situation shows is that they didn't have the mechanisms for bad weather conditions," said Emmanouilidis.

The fact that euro zone leaders had not thought of that before, or that they weren't able to agree on crisis mechanisms at an earlier stage, underlines the lack of a clear vision, he said.

"The Greek crisis is a credibility crisis and now the euro crisis is a credibility crisis. Whatever you do, whatever you say, you will be doubted, and that makes it so difficult." [...]

For the entire article see here.


Latest media contributions

Η συμφωνία των Πρεσπών και η «υποχώρηση» του Βερολίνου
Quotes, Kathimerini (GR), 29.10.2019

Wahl in Polen: Klarer Sieg für PiS
Quotes, Frankfurter Rundschau, 14.10.2019

Große Koalition in Brüssel?
Quotes, WDR 5 – Politikum, 07.10.2019

Vestager in Doppelrolle: Trump dürfte sein Feindbild weiter pflegen können
Quotes, Handelsblatt, 12.09.2019

Nowa szefowa KE krytykowana za nazwę teki komisarza ds. migracji
Quotes, Polskie Radio, 12.09.2019

So verlaufen die Konfliktlinien in der neuen EU-Kommission
Quotes, Handelsblatt, 11.09.2019

Ekspert: nowa KE jest zrównoważona pod względem płci i geografii
Quotes, Forsal (PL), 11.09.2019

Von der Leyens Fleißaufgabe
Quotes, tagesschau.de, 10.09.2019

Margrethe Vestager, de EU-powervrouw die door Silicon Valley gevreesd wordt
Quotes, De Morgen (BE), 09.09.2019

Κατευθείαν στα βαθιά η φον ντερ Λάιεν
Quotes, Kathimerini (GR), 21.07.2019


Media