Euro
Sooner or later a new crisis frame Europe. When it happens, it is unlikely that the euro will survive, warns an expert group.
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In a new report coming the group of experts with a strong warning to the european leaders. If the euro is to survive the next crisis, it must be seized immediately. It’s no use to wait and just hope for the best.
- the Next crisis comes. It can be about six weeks, six months or six years. We don’t know. But we must prepare ourselves, ” says Henrik Enderlein, professor of political economy at the Hertie School of Governance in Berlin.
A new shock can come at any time, he warns.
- Therefore we want to give the government a wake-up call and say that to push the problems in front of them is not the correct way to prepare, ” says Enderlein to the NTB.
Pragmatic approach
Enderlein has led the work with the report, together with Italy’s former prime minister Enrico Relieved. With him on the team, they have had former WTO chief Pascal Lamy and several other prominent economists. It is the two tankesmiene Jacques Delors institute and the Bertelsmann foundation, which is behind the initiative.
When the authors presented the report in Brussels recently, they presented themselves jokingly as a gang of aging føderalister.
- But we believe this is a very pragmatic report, said Enderlein.
He admits that if it is something it is not is the mood today in Europe, then it is more federalism. Therefore, the group of experts instead start with some small, simple steps that can strengthen the euro without giving more power to the EU institutions in Brussels.
first aid kit
These simple measures call the group a “first aid kit” for the euro to make sure the survive the next crisis.
The most important thing the grip is a strengthening of the eurosonens krisefond ESM with 200 billion euros, corresponding to 1.800 billion. The sum should be guaranteed by Eu member states and should be able to be inserted quickly if there is a new crisis.
In addition, the expert group that the EUROPEAN union must begin to practice budsjettreglene in the eurozone, stricter and take new steps to ensure the banking sector better.
According to the Relieved the situation has now calmed down after the financial crisis and the subsequent debt crisis in the eurozone. Precisely why this should be a good time to start work on. The problem, he believes, is that european leaders seem to have decided to let the matter wait until later.
- I fear that it will not happen some things before the election in Germany next year, ” says Take to the NTB.
Fear collapse
The former prime minister says that he sees more dark clouds on the horizon. The situation is still very difficult in Greece. The banking sector is under pressure in several countries.
- It would be wrong to say that the situation is clarified and under control, ” says Relieved.
the Last time was that The european central bank (ECB) stepped in and saved the euro. But it is too risky to rely on that the ECB will do this one again, believe Enderlein.
According to him is the really big danger that people become convinced that a country will exit the eurozone. It happens, they will clear your accounts and move your savings to other countries that seem safer.
It can get the entire banking systems to collapse, says Enderlein.
the Danger is real that the eurozone may cease to operate, and that we can see that the states go bankerott and the banks collapse, he warns.
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