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.
- 1We will not be moved! Resistance to China’s urban spread [PHOTOS]
- 2British probe into child sex abuse reveals 1400 suspects
- 3Netanyahu supports call for a two-state solution with Palestinians
- 4ISIL controls more than half of Syria after seizing Palmyra
- 5EU refusal to accept migrant quotas ‘unacceptable’
- 1Snowden, Assange and Manning statues unveiled in Berlin | euronews, world news
- 2Chomsky says US is world’s biggest terrorist | euronews, the global conversation
- 3euronews live TV - News | euronews : the latest international news as video on demand
- 4Anti-ISIL demonstrations turn violent in Ethiopia | euronews, no comment
- 5Nepal: ‘equally big earthquakes coming in eastern regions,’ expert tells euronews | euronews, world news
- 6It’s a girl: Britain’s Duchess of Cambridge gives birth in London | euronews, world news
- 7How Nepal earthquake devastated Kathmandu’s UNESCO heritage | euronews, world news
- 8Chernobyl Children: what makes Ukrainians born in 1986 different? | euronews, world news
- 9International breaking news | euronews online world breaking news in video
- 10Exclusive: unrest in FYR Macedonia could hit other Balkan countries warns Serbian PM | euronews, world news
- 11International tv news | euronews: European and International tv news bulletin
- 12Andrea Ferrari: the graphene guru | euronews, science
- 13Portuguese language reform law goes global | euronews, world news
- 14Watch: France’s Jean-Marie Le Pen clashes with UKIP MEP Woolfe | euronews, world news
- 15Energy-generating clothes and smart lights join the Internet of Things | euronews, hi-tech
- 16How young translators are helping knit European culture together | euronews, generation y
- 17EU membership remains Serbia’s priority, says PM Aleksandar Vucic | euronews, the global conversation
- 18Spain: the viral soldiers fighting in Madrid and Barcelona mayoral races | euronews, world news
- 19Portuguese researchers discover the secret of Mind Control | euronews, futuris
- 20How World War II shaped modern Poland | euronews, world news