Thu, Feb 09 2012

Clive Leviev-Sawyer

Editorial: Euro messages

Fri, Mar 19 2010 09:58 CET byClive Leviev-Sawyer 2330 Views
Considerable heed should be paid to the statement by German chancellor Angela Merkel that there should be a mechanism to expel a country from the euro zone.
Citing Greece, Merkel said that repeat offenders should be kicked out of the common European currency.

Merkel’s message was a good one, lest the scheme worked out by euro zone finance ministers be interpreted as a precedent clearing the ground for safety nets for crises yet to come.

It is, in fact, more likely that the fallback option created by the finance ministers was intended more as a helpful message to the markets, rather than a willingness to stock up on lifebelts.

Bulgaria, aspiring to join the euro zone, would be well advised to receive and understand Merkel’s message; especially given the currently deepening deficit, the Government in Sofia would do well to remember that the euro zone operates according to a set of rules based on real numbers, not political decisions, and that in future, the consequences of not keeping to those rules may become dire.

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