The Eurozone is f***ed, but at least US and Japan are more f***ed

Posted on | July 8, 2011 | No Comments

The president of the European Council Herman Van Rompuy used his remarks after the meeting with the Prime Minister of Slovakia, Iveta Radicova, to announce that the economy of the Eurozone is not in a crisis – at least not compared to the USA and Japan.

- Overall public debt levels are lower (yes, lower!) than the USA or Japan. Economic growth has returned to the Eurozone as a whole more rapidly than expected and new jobs are being created, he said according to the paper of remarks that he published just after the meeting (You can read it yourself here).

He admitted that there are three countries in the Eurozone suffering of debt crisis, and particularly the situation in Greece is vulnerable.

But he underlined that is was not a thread to the Eurozone in general.

- What we are facing is not a crisis of the euro. The euro is a strong and stable currency. Since it was launched, inflation in the euro area has remained low and stable. The balance of trade of the Eurozone is in broad equilibrium.

And finally he appointed the interest of Slovakia in this matter. This is not a local problem for Greece and the two other countries fighting with debt, but it’s a general problem that EU needs to be united around solving.

- Because we are part of a monetary union, which is beneficial for all euro area countries, it is important that we all act in a united way. This is not about Greece alone, it is about safeguarding the financial stability of the eurozone as a whole. This is also in the direct and acute interest of Slovakia, he said.

Category: Economy, EUgonzo

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