Coeure commends Greece on euro commitment, adds more reforms needed

7 February 2017
749 Views

Greeks remain committed to the euro despite the sacrifices that have been demanded of them, European Central Bank executive board member Benoit Coeure told Le Parisien.

“Even with the sacrifices that have been demanded of the Greek people, they have never expressed a wish to leave the euro,” he told Severine Cazes and Boris Cassel in an interview published on Tuesday.

“I don’t think that Greece should not have been included in the euro,” he said responding to a question about whether the country would have been better off outside the single currency.

Greece’s problems, Coeure said, are not related to its euro membership, but to “administrative shortcomings, very weak social protection, problematic tax collection and a highly specialized economy.”

“The euro exposes a country’s strengths and weaknesses,” the French economist added. “Greece needs to overhaul its administrative and political structures to be able to prosper in the euro. The Greeks are still facing this predicament, but they have to be commended for the major reforms that they have undertaken.”

Asked to assess the Maastricht Treaty, the foundation of the European Union and later of the single currency, signed 25 years ago, the ECB executive said “the euro is clearly a success.”

The single currency, Coeure said, “has created a strong bond between European citizens. We can only influence world affairs if we are united. The single currency allows medium-sized countries like France to speak as an equal to the United States or China. The euro does not constitute a loss of sovereignty, it is a lever of sovereignty.”

Coeure also appeared optimistic about the future of the single currency, despite growing skepticism in countries like Italy and France.

“Yes, of course, the euro has a future,” he said. “But the euro area has to undertake reforms. More coordination between governments, more reforms at national level, more solidarity and perhaps a kind of common euro area budget are necessary.”

You may be interested

“Constructive meeting” between Biden – Erdogan
DEFENCE
shares22 views
DEFENCE
shares22 views

“Constructive meeting” between Biden – Erdogan

Panos - Jun 15, 2021

On the sidelines of the NATO Summit in Brussels, US President Joe Biden had a 45-minute meeting with his Turkish…

Daily Telegraph: An Ode to Naxos, the largest island of the Cyclades (video)
GREECE
shares28 views
GREECE
shares28 views

Daily Telegraph: An Ode to Naxos, the largest island of the Cyclades (video)

Panos - Jun 15, 2021

The international Daily Telegraph places Naxos at the top of the list of British travelers. “The soon-to-be green-listed island that should be…

Thessaloniki: Shooting of the new Antonio Banderas “Barracuda” ready to begin
ART
shares32 views
ART
shares32 views

Thessaloniki: Shooting of the new Antonio Banderas “Barracuda” ready to begin

Panos - Jun 15, 2021

The shooting of the Hollywood production for the movie “Barracuda”, starring Antonio Banderas, will start in two weeks in Central…

Leave a Comment

Your email address will not be published.