Inaction by Eurozone’s Finance Ministers gets a thumbs down
‘Membership in a monetary union is an opportunity, but also a heavy burden’ said the German Finance Minister over the weekend. For Greece, the latter part of the sentiment is, if anything, an understatement and, as for an opportunity, Mr Schaeuble must be joking. Greece is not alone in finding that bit hard to swallow. Germany does too! As do the Finns and probably the Dutch, which is exactly why last weekend’s gathering of eurozone Finance Ministers has yet again led nowhere but to more disappointment.
Was anyone really going to listen to Mr Geithner’s call for expanding the European Financial Stability Facility (EFSF) by leveraging off the ECB and for eurozone Finance Ministers to follow the US example of introducing a fiscal stimulus? Did they like being told the way it is, notably that their financial challenges have left a lot to be desired?
Not that they would have wanted to hear it from Mr Trichet either. His sharp but still diplomatic touch bore criticism too when he put it thus; ‘… the problems are not words, the problems are deeds.’ More >