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.
- 1Orthodox Jew ‘repeats’ Jerusalem Gay Pride stabbing attack
- 2Ukraine: Civilians killed in shelling amid fragile truce
- 3Migrant crisis becomes hot political issue in Britain and France
- 4Palestinian toddler killed in ‘terrorist’ arson attack, says Israel
- 5Greek PM suggests party referendum to overcome split in Syriza
- 1Greek PM suggests party referendum to overcome split in Syriza
- 2Russia vetoes UN resolution to try suspects in MH17 crash in Ukraine
- 3What’s gone wrong with Rome?
- 4MH370: wreckage found on island ‘almost certainly’ from Boeing 777
- 5Missing MH370 flight : Plane wreckage washed up on Reunion Island is tested
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Russia unveils ‘straight’ flag, internet responds
- 3Seven reasons why Yanis Varoufakis is now a political legend
- 4Greek crisis: ‘Agreement reached’ after marathon talks
- 5International news | euronews, latest international news
- 6Nasa announces the discovery of an earth-like planet
- 7[LIVE UPDATES] Greek debt deadline looms
- 8Is Saudi Arabia outlawing rainbows for being gay?
- 9Pluto: New Horizons space probe provides closest-ever pictures
- 10French actor Gérard Depardieu ‘a threat to Ukraine national security’
- 11Latest News Bulletin
- 12International breaking news | euronews online world breaking news in video
- 13BREAKING: Formal nuclear deal reached with Iran, says diplomat
- 14Greece votes ‘No’ in overwhelming rejection of bailout proposals
- 15Berlusconi linked with a shock return to government – in Russia!
- 16At least 10 dead in explosion in Turkish town close to border with Syria
- 17Greece clinches deal with eurogroup after marathon talks
- 18‘Imposed’ bailout deal must be implemented, says Greek PM
- 19Israel angry as Iran and West talk up nuclear deal
- 20Varoufakis resigns after Greek referendum