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Verhofstadt rejects Merkel's false choice between competitiveness and Eurobonds


16 Dec 2010


Euro & Finance

Reacting to comments from German Chancellor, Angela Merkel, today that Europe needs more convergence in economic policy and competitiveness rather than a market in Eurobonds, Guy Verhofstadt responded:

"It is not a question of either, or. Europe and the Eurozone clearly need both. Merkel is being extremely unhelpful in blocking discussion on a form of Eurobonds which will bring stability to the markets and to Europe's peripheral economies currently undergoing severe liquidity problems. Serious crises call for serious solutions. We need definitive answers, not another temporary stop gap."

"Eurobonds will not necessarily lead to higher interest rates on German bonds if we make a distinction between Maastricht debt (below 60% of GDP) and national debt (anything in excess of 60%) where the latter already benefits from high credit ratings. Rather they will represent an incentive for fiscal discipline and better and more stable refinancing."

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