A Quote by Jose Angel Gurria
I think there are going to be more countries joining the euro.
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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.
A country outside the euro zone cannot have a veto over countries in the euro zone.
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.
In the longer run, I happen to think that Russia really has no choice but to become gradually more associated with the Euro-Atlantic community. Because if it isn't, then it's going to find itself essentially facing China all by itself, facing the Euro-Atlantic community all by itself.
The fact that we're going through a crisis is an opportunity for Europe to be more coordinated and more integrated. We're actually talking about a European Monetary Fund or euro bonds, about guarantees for countries, about economic governance in the European Union. That shows the strength of Europe.
You've got some very powerful countries: Poland, the United Kingdom, Sweden and others who have a genuine desire to see the euro zone straighten itself out. It's good for all of us, whether you're in the euro zone or not, to make sure that it doesn't lead to a fracturing.
Germans tend to forget now that the euro was largely a Franco-German creation. No country has benefited more from the euro than Germany, both politically and economically. Therefore what has happened as a result of the introduction of the euro is largely Germany's its responsibility.
Europe and the euro zone have no reason, rationally, to push Greece out of the euro. But this is a system in which many parties, many countries, many governments, many electorates participate and we could have events which, rationally, are not controllable.
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.
The euro zone must strike for a better governance structure, and there is no alternative to that. Euro zone countries must either develop an exit mechanism for troubled members, or it should embrace a closer political union: an effective governance structure that is capable of enforcing rules.
I think I've always been able to see what's coming, and when I was joining Google, people always said, 'Why are you joining this company?' It was so small at the time. I could see the importance of Google. I could see the way it was going to grow; it was going to become a big company.
We [European countries] probably need to move forward together, each at their own speed. The faster ones, that could be the countries in the euro zone. The others would be those who are interested in the continued development of the common market, but reject the idea of an ever stronger political integration.
I don't think I am a great. I think I've done nothing. I've done nothing in soccer. I've won leagues, but I haven't won the Champions League, the World Cup, the Euro. Winning the Euro in France, that wouldn't be bad.
I described the euro as a burning building with no exits and so it has proved for some of the countries in it.
Most paper money initially existed as a substitute for gold. That's what gave it value. But right now what gives a currency value is other currency. Most countries hold reserves and the reserves are other currencies. If you are a backing up the euro with the dollar, what's backing up the dollar? I don't think it is going to go to a point where all you have is coins and bars of gold, but I do think that we are going to have to go back to a monetary system based in gold, not based on paper.
Countries themselves need to do everything possible to remain in the euro zone.
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