Greece was only able to join the euro through deception and the currency bloc’s leaders have been “too polite” ever since to deploy adequate sanctions that could have averted the region’s debt crisis, former European Central Bank Chief Economist Otmar Issing said.
Former European Central Bank Chief Economist Otmar Issing said the ECB shouldn’t give in to calls of temporarily allowing higher inflation to ease countries’ reform efforts, Handelsblatt newspaper reported.
Otmar Issing, the European Central Bank’s former chief economist, described the idea that European Union member-states should pool their currency reserves as “shocking,” the Frankfurter Allgemeine Zeitung reported, citing a guest commentary.
The major battle in the fight for the survival of the euro will be fought on Spanish soil. Greece, Ireland and soon Portugal should be regarded as skirmishes. But Spain is different, in terms of scale and solvency.