A meeting of the World Economic Forum followed the much trumpeted euro stability deal put together by EU ministers. The Forum brings together top business and political leaders and expert professionals to discuss pressing subjects.
Analyst Daniel Gros, with the Centre for European Policy Studies, was not optimistic about developments. He said: ‘‘Basically our leaders have torn up the Maastricht Treaty. The no bailout clause is no longer and the European Central Bank has become a fiscal agent for the weaker countries.”
The alarming state of the euro currency union has cooled would-be members’ enthusiasm, for example non-EU Serbia.
Serbian Deputy Prime Minister Bozidar Djelic, said: “The euro is attractive but the prospect of joining is further away now. So for this decade for Serbia our priority is to strengthen our own currency, the dinar, and to continue the very responsible fiscal policies we have been conducting.’‘
Sceptics speculated over killing the old euro and creating a new one in the long term, if stricter economic discipline is not applied rigorously.
Euronews correspondent Sergio Cantone said: “The arm wrestling between countries, especially those of the European Union, and the market speculators seems for the moment to have been won on points by the EU. However, doubts remain about this modification of the Treaty of Maastricht. It’s not yet known how far this will lead towards a greater integration of economic policies.”