European figures have been commemorating the 20th anniversary of the signing of the Maastricht Treaty, which led to the creation of the euro, in spite of many questions stemming from it with a bearing on the current debt crisis and the situation in Greece.
A former advisor to the German government attending the event in Brussels suggested there had been unfortunate oversights.
Joachim Bitterlich said: “We need to do something about sovereign debt. For years we underestimated debt’s role in the crisis. More jobs and growth are necessary for the eurozone economy and we need to consider this.”
The main criteria of European Monetary Union governed inflation rates, annual allowable government deficits, debts, exchange rates and long-term interest rates. This was to keep prices stable in the eurozone even as it grew. But today’s realities have raised doubts about the criteria.
Bitterlich said: “The weakness of Maastricht is due to the well-known debate between France and Germany about economic governance.”
France eventually called for a “clearly identified economic government” for the eurozone, but Germany opposed the proposals.
Copyright © 2014 euronewsMore about:
- 1‘Allahu Akbar’ lone wolf attacker shot dead by French police
- 2Who is the EU’s worst at spending Brussels’ billions?
- 3ISIL fighters ‘flee’ Iraq’s Sinjar as Peshmerga troops ‘make gains’
- 4New laws to ‘wipe out’ militants after Pakistan school massacre
- 5New Romanian President Klaus Iohannis vows to tackle corruption
- 1Rosetta team is euronews’ people of 2014
- 2Pakistanis protest against Taliban as army intensifies offensive in north-west
- 3‘Allahu Akbar’ lone wolf attacker shot dead by French police
- 4Australia: two hostages and gunman dead after police storm Sydney siege café
- 5ISIL fighters ‘flee’ Iraq’s Sinjar as Peshmerga troops ‘make gains’
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Watch: Passengers ‘push-start’ frozen plane in Siberia | euronews, world news
- 3Le Pen: I admire ‘cool head’ Putin’s resistance to West’s new Cold War | euronews, interview
- 4McCain blasts Europe’s approach to Ukraine conflict ‘a joke’ | euronews, the global conversation
- 5Which countries in Europe cause the most air pollution damage? | euronews, world news
- 6Moldova pro-EU parties take narrow lead in elections | euronews, world news
- 7Grenoble: Europe’s first ad-free city | euronews, world news
- 8NATO joins search for ‘Russian submarine’ off Scottish coast | euronews, world news
- 9European Union News | euronews: latest breaking news and headlines about European Union
- 10Ukraine reports accident at Zaporizhzhya nuclear power plant | euronews, world news
- 11Crude awakening: Romania’s Black Sea oil and gas finds fuel Europe’s energy hopes | euronews, reporter
- 12The American Century comes to an end as China becomes the world’s largest economy | euronews, economy
- 13International breaking news | euronews online world breaking news in video
- 14Belgium’s former queen Fabiola dies at 86 | euronews, world news
- 15Germans demand honour for Turkish woman beaten to death | euronews, world news
- 16Chechen ‘death’ unit fighting with rebels in eastern Ukraine | euronews, world news
- 17Portugal: Ex-PM José Socrates held in corruption probe | euronews, world news
- 18Pakistan Taliban ‘kill over 100’ in Peshawar school attack | euronews, world news
- 19Israeli warplanes hit targets in Syria | euronews, world news
- 20Raids across Turkey target media outlets linked to Erdogan foe Fethullah Gulen | euronews, world news