A Quote by Lucas Papademos
Our membership of the euro is a guarantee of monetary stability and creates the right conditions for sustainable growth. Our membership of the euro is the only choice.
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Two decisions have damaged the stability both of the euro and of Europe: the premature admission of Greece to the euro area and the breach and subsequent weakening of the stability and growth pact.
I don't want euro bonds that serve to mutualize the entire debt of the countries in the euro zone. That can only work in the longer-term. I want euro bonds to be used to finance targeted investments in future-oriented growth projects. It isn't the same thing. Let's call them 'project bonds' instead of euro bonds.
For a small open economy that trades mostly with the euro zone it makes absolute sense to be part of the currency union. Our currency has already pegged to the euro since 2002. We don't have an independent monetary policy. We are regulated by the European Central Bank in Frankfurt, but we are not able to reap all the profits. Our businesses want to save the transaction costs.
I take office during the most difficult moment in the country's recent history. The country can be saved - it's up to us. I think it is obvious for those who support this government to undertake the commitment and ensure that our country's euro membership is not endangered.
The uncontrolled increase of the euro rate vis-a-vis the dollar threatens employment growth in the euro area.
The euro zone was driven by the neoliberal view that markets are always efficient. That in itself is political. There was no pressing economic need that the euro was required to solve, but leaders believed that it would foster growth.
I have a wonderful synagogue, fantastic rabbi and cantor and membership, and they just enrich my life every day, and I learned so much from helping to grow our synagogue, grow our membership, and meet the needs of such a diverse population.
The battle of the euro is being fought right now in Spain and Italy...The future of the euro is at stake in the next few weeks...
I'm not trying to be diplomatic. I'm trying to be more nuanced and realistic. I think there has to be a serious examination of the shortcomings of the Euro structure. Euro central institutions, whether it be fiscal policy, monetary policy, financial regulation, are simply not as robust as they are in a currency that has a national government behind it.
We link our future to the euro, to the euro zone, and to the European Union while being the nearest neighbor of the United Kingdom with, obviously, a common travel area and a very close working relationship with the U.K.
There is a proposal to divide the currency zone into a north and a south euro. There is also the idea of setting up a core monetary union in the middle of Europe. I disapprove of these debates. Instead, we should devote all of our efforts to supplementing the monetary union with a political union.
It is the entire euro zone system which is under threat at the moment, not just a few small countries anymore... Our euro is under threat. The changing situation needs a quick and immediate reaction.
While monetary policy can contribute to growth by supporting a durable expansion in a context of price stability, it cannot reliably affect the long-run sustainable level of the economy's growth.
This Budget reflects a choice - not an easy choice, but the right choice. And when you think about it, the only choice. The choice to take the responsible, prudent path to fiscal stability, economic growth and opportunity.
And I think we understand we cannot make social change for all workers until we have enough strength, membership strength, and at the same time having membership strength and only making change for a limited group of workers is not what our country really needs for people that work.
The Financial Times is pro-British membership of the European Union. We have taken that position for decades. But we are not starry-eyed about the European Union. And we do not believe and have not believed for at least 10 years that Britain should be part of the euro.
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