The president of the European parliament has criticised Finland’s decision to try to block the use of the eurozone’s bailout funds to buy back government bonds.
The threat by Finland, which is also supported by the Netherlands, casts fresh doubt over the deal agreed between EU leaders at last week’s crunch summit in Brussels.
“The biggest problem with Europe is that once a decision has been taken, it’s not actually taken, because the next day, someone can veto and block everyone else. That’s the big problem, and means we cannot create a situation where investors have confidence in Europe,’‘ The European Parliament’s President Martin Schulz said.
EU leaders agreed to the deployment of the eurozone’s rescue funds – the EFSF and ESM – in an effort to bring down Spain and Italy’s soaring borrowing costs.