A Quote by George Papandreou
I would like to see Greece as a case study, an opportunity for Europe to strengthen its coordination of fiscal policy.
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Greece has given Europe the opportunity to fix a defect in the euro zone, that is the fact that we did not have a fiscal union. Now steps have been taken to begin that process. And there is more solidarity from nation to nation, and that is a good thing. That has been Greece's gift to Europe.
Europe's budget plans are better designed: countries from France to Greece are raising retirement ages; others, from Britain to Germany, have created new organisations and rules to encourage fiscal probity. But Europe risks overkill.
It is time to recognise that austerity alone condemns not just Greece but the whole of Europe to the probability of a painful and protracted era of little or no economic growth. This would be a tragedy not just for Greece and for Europe, but for the world.
Our position in Europe is not negotiable. The Greek people will defend it by all means. But participation in the euro involves rules and obligations, which we must consistently meet. Greece belongs to Europe and Europe cannot be envisaged without Greece.
Whatever the details of union may be, there's no doubt we need more policy coordination in Europe.
As always, it would be important to ensure that any fiscal policy changes did not compromise long-run fiscal sustainability.
Germany is the biggest economy of Europe and we need Germany on board for the economic reforms of Europe, including, of course, the deepening of the internal market, resisting protectionism, and supporting further economic policy coordination.
Europe and Africa share proximity and history, ideas and ideals, trade and technology. You are tied together by the ebb and flow of people. Migration presents policy challenges - but also represents an opportunity to enhance human development, promote decent work, and strengthen collaboration.
I'm a pessimist about the euro, but not about Europe. So the southern periphery, Spain, Italy, Greece, leave - Italy might be the first to go - and the rest stay. That will work just fine. But unless they want to give up democracy, I don't see greater fiscal union as the answer.
Markets are saying pretty much what I'm saying too: that Greece is doing what it can, but that Greece is not going to be able to carry the weight of all of Europe and the other problems that Europe has.
Following Greece's defeat at the hands of Turkey in 1897, Greece's fiscal house was entrusted to a Control Commission. During the 20th century, the drachma was one of the world's worst currencies. It recorded the world's sixth highest hyperinflation. In October 1944, Greece's monthly inflation rate hit 13,800%.
There is a very serious fiscal-policy question of, 'Are we running our overall fiscal policy such that we as a government can pay our bills?'
The U.S. have printed money; they intend to tax the rich in order to avoid the fiscal cliff. These are things that sees anyone who dares to propose them in Greece and Europe labeled an extremist, when at the same time, it's what Obama does.
I am not a politician but I have dedicated the biggest part of my professional life to economic policy both in Greece and Europe.
Our future begins on January 1 1999. The euro is Europe's key to the 21st century. The era of solo national fiscal and economic policy is over.
The truth is that we have long had a multi-track Europe with very different objectives. The traditional differences between the north and the south in fiscal and economic policy are far less problematic than those that exist between Eastern and Western Europe. In the south and east, China is steadily gaining more influence, such that a few EU member states no longer dare to make decisions that run counter to Chinese interests. You see it everywhere: China is the only country in the world that has a real geopolitical strategy.
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