FRANKFURT (MNI) – Eurobills do not offer a way out of the
confidence crisis in Europe, European Central Bank Governing Council
member Jens Weidmann said in an interview with German monthly manager
magazin released on Wednesday.
Weidmann said he had not seen any concrete proposals for eurobills
from the European Commission yet.
“The eurobills described in the media seem to be the next attempt
after eurobonds to promote the comprehensive mutualization of risk
without a decision on such a course being embedded in a consistent
framework of the currency union or compatible with the existing legal
framework,” Weidmann told the magazine.
“Such a strategy is in my view not appropriate for overcoming the
crisis of confidence,” Weidmann asserted.
“Fear of possible contagion cannot and must not make Europe
vulnerable to blackmail,” Weidmann said, adding that Greece’s future
Eurozone membership is in the hands of the country itself.
“Decisive for further developments in Greece is whether the reform
program is implemented. It is the basis for the further granting of
financial aid, and only the reforms put Greece in position to stand
again on its own legs. Nothing has changed about this because of the
election,” Weidmann said.
— Frankfurt newsroom: +49-69-720142; email: frankfurt@marketnews.com
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