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Guy Verhofstadt: How to save the euro

Date

02 Dec 2010

In a major article published today on the ALDE website, Guy Verhofstadt, Liberal and Democrat group leader in the European Parliament outlines a comprehensive strategy for addressing the fundamental weaknesses of the eurozone which are inhibiting a decisive end to current nervousness in the market place that is spreading across a number of peripheral eurozone economies and undermining the stability and viability of the Single Currency in the longer term.

It is almost a year since the crisis concerning the euro first flared up in Greece when its projected budget deficit exploded from 3.7% to 13.7%. Most Eurozone countries have by now announced extremely tough austerity measures in an attempt to rein in public debt. Furthermore, since May 2010 a financial rescue mechanism, the “European Financial Stability Facility” (EFSF), worth some €440 billion has been set up with discussions ongoing on how to prolong it beyond the initial 3 year period foreseen. An agreement was reached to tighten up the Stability Pact, with tougher sanctions being introduced for budgetary sinners but which fell short of what some deemed necessary.

Yet the crisis continues and spreads. Why is this happening? What is going wrong? What does Europe need to do to halt the contagion ?

Guy Verhofstadt lays out his assessment of the causes of the current crisis and a series of policy proposals to remedy them.

See www.alde.eu
The article is also published on the website of "Notre Europe" - http://www.notre-europe.eu/

For more information, please contact / Pour de plus amples informations, veuillez contacter:
Corlett Neil - Tel: +32 2 284 20 77 Mob: +32 478 78 22 84
Web: http://www.alde.eu

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