The economic plan is plausible

People can put their trust in the economic plan presented by the European Commission on Wednesday, writes the Belgian daily De Tijd: "True, the member states will contribute most of the funding for the European rescue package, but does this make the plan any less plausible? No. ... Just as was the case with the financial crisis, Europe's institutions have neither the authority nor the budget to combat the problems directly. But coordination at a European level is indispensable to halt the negative spiral of national reflexes. In these times of crisis the calls of 'our own banks first' or 'our own economy first' threaten to undermine not only the financial system, but also the network of European cooperation that took years to build. Because it is simply taken for granted the greatest advantage the Union has to offer - its strong common currency - goes practically unnoticed. Without the euro and all the economic, budgetary and monetary efforts that were undertaken in its name the financial and economic crisis would have been even worse."

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