Eurozone offers cooperation

Together with his Eurozone colleagues Austrian Chancellor Werner Faymann has spoken out in defence of the fund to protect the single currency. But in the eyes of the daily Der Standard the measure in fact amounts to cooperation with the financial markets: "The new emergency fund was not conceived to ever be put in action. The mere prospect of European - and through the Monetary Fund international - aid is meant to persuade the financial markets to lend more money to indebted states. This is why the package - contrary to the rhetoric of Faymann and Co. - is not a blow to the speculators but rather an offer of cooperation. The new solidarity between the euro states can only function if the individual countries relinquish control over their budgetary policies, as well as their financial policies. And not only that: Even pay rises will have to be coordinated in future so that competitiveness doesn't develop as disparately as before the introduction of the euro."

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