As EU leaders emerged from their marathon negotiations on resolving their nations’ multi-faceted financial crisis, all proclaimed victory while speaking in ways designed to be well-received in their own countries.
Too sensitive to be aired extensively in public, a potentially crucial element in this week’s “make-or-break” negotiations on the eurozone’s debt crisis is a possible buy-in by the International Monetary Fund.
An open letter co-signed by Bertrand Collomb, chairman emeritus of the French multinational, Lafarge, who is a board member of the European Institute.
The letter calls on the leaders of the eurozone to move now -- to create a common treasury for the 17-nation group together with common supervision, regulation and deposit insurance. This fiscal convergence needs to be accompanied by a strategy that includes growth as the only way to surmount the debt problem, it states.
As Jean-Claude Trichet gave his final news conference before stepping down as president of the European Central Bank, speculation focused on the likely stance of his successor – Italian central banker Mario Draghi – amid the euro-turmoil.
© COPYRIGHT THE EUROPEAN INSTITUTE 2009
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