Main focus of Thursday, March 25, 2010

Greek crisis overshadows EU summit

The dispute over financial aid for Greece will play a key role at the EU summit which starts today, Thursday, in Brussels. The press sees the very future of the Eurozone at stake and calls for greater flexibility and sustainable growth for the EU.

Eurozone is at stake

The EU summit could be decisive for the fate of the Eurozone, writes the business daily Les Echos, commenting that much hinges on Germany's attitude: "Even if it sounds somewhat dramatic, it is not forbidden to think that the functioning and the very future of the Eurozone are at stake. ... In truth the crisis has quickly revealed the home-made deficiencies of the Eurozone. The member states have failed to sufficiently coordinate their economic policies and have consequently been unable to find common ground. Must we wait until the storm breaks over other countries like Spain, which could mean the end of the euro? Under such circumstances the crucial question is ... whether Germany is ready to go on leading the euro venture and whether its partners are ready to convince it ... that this is indispensable." (25/03/2010)

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More from the press review on the subject » International Relations, » Fiscal Policy, » Economic Policy, » Germany, » Europe
All available articles from » Dominique Seux

EU must be more flexible

The time has come to restructure the European Union, writes the daily Die Presse, arguing that both loans and sanction options are needed: "The EU and above all its euro are the products of a fair-weather phase during which common policy was shaped by the belief in constant growth and stability. But now it's raining everywhere. Roofs to provide shelter were never built. If today's EU summit in Brussels sees no other recourse but to put together an aid package for Athens, then this will also break with a taboo. For such a decision would reveal that European integration, the joint treaties, rest on shaky foundations. ... The problem has two dimensions. A current one: it has become necessary to provide Greece with loans or guarantees to prevent rising interest rates for the country and damage to the euro. And it has a structural dimension: the European Union must be restructured. If the EU wants to be in a position to help itself in future it needs options similar to the International Monetary Fund." (25/03/2010)

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More from the press review on the subject » EU Policy, » Financial Markets, » Greece, » Portugal, » Europe
All available articles from » Wolfgang Böhm

More commitment for success

Commenting on the meeting of EU heads of state and government in Brussels the daily Dagens Nyheter calls for less words and more deeds to accelerate growth in the EU: "The EU must finally be endowed with a common patent system, make headway in the service sector and remove barriers to the circulation of goods. How wonderful it would be if the Union managed to unify Europe's railway network, levy a uniform tax on carbon dioxide and strengthen research in Europe. This would all have a positive impact on growth, employment and green investment. The EU Commission should also be given more power to control and monitor what happens in member states. … There is great unexploited potential for sustainable growth and employment in the EU. We need action now so that Europe can get back on track." (25/03/2010)

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More from the press review on the subject » International Relations, » EU Policy, » Economic Policy, » Europe

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