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:
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Now is ‘right time’ for Catalonia independence vote, says Mas | euronews, world news
- 3Vatican rocked by another paedophilia scandal | euronews, world news
- 4Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 5British Muslims’ message to ISIL: Not in my name! | euronews, world news
- 6Revealed: Europe’s capital cities where it’s hardest to be a foreigner | euronews, world news
- 7Sweden becomes first European nation to recognise Palestine | euronews, world news
- 8European Union News | euronews: latest breaking news and headlines about European Union
- 9How nasheeds became the soundtrack of jihad | euronews, world news
- 10International tv news | euronews: European and International tv news bulletin
- 11Iceland volcano ‘pollutes Paris’ | euronews, world news
- 12Ebola: Six new suspected cases in Spain | euronews, world news
- 13Learning through “serious games” | euronews, learning world
- 14All you need to know about the Ebola virus | euronews, world news
- 15International breaking news | euronews online world breaking news in video
- 16US says ISIL makes $1 million-a-day selling oil – even to enemies | euronews, world news
- 17US delivers technical aid to Ukraine but warns over security | euronews, world news
- 18euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 19Global warming to ‘cause 250,000 extra deaths a year’ | euronews, world news
- 20Mike Tyson: ‘You learn humbleness when you get older in life’ | euronews, the global conversation