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“The Euro Crisis Is Not Over” Former ECB Chief Economist Urges “Greek Sabbatical From EU”

  • “The Euro Crisis Is Not Over” Former ECB Chief Economist Urges “Greek Sabbatical From EU”
    by Tyler Durden,
    Otmar Issing, former Chief Economist and Member of the Board of the European Central Bank and the German Bundesbank, brings back the specter of Grexit scenarios, demanding a Euro-sabbatical for Greece. reports that, uin an interview with business news magazine WirtschaftswocheIssing warned of a new flare-up of the euro crisis.

    “The euro crisis is not over yet,” said the economist, one of the architects of the Euro.

    Issing called on a policy that would include EU treaties allowing the possibility of temporary withdrawal from the monetary union.

    States like Greece would do well with a Sabbatical outside the monetary union.However, it should be accompanied by massive aid from other countries and a growth-oriented economic policy. And one would have to make re-entry into the euro zone dependent on fundamental reforms, ” Issing said.

    Issing no longer relies on the Stability and Growth Pact, a core element of the economic and monetary union. “I would not have considered the dimension of its dismantling by the governments”.

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August 2, 2017 - Posted by | Economics, GeoPolitics | , , , , , , ,

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