Interest rates do not have to be identical across the whole euro area, but it is unacceptable if major differences arise from broken capital markets or concern about a euro area break-up.
In my min,d there is arguably a greater risk of a default on the debt of a U.S. state than there is on the debt of a euro-area member. I consider it unthinkable that a euro-area country would default.
The uncontrolled increase of the euro rate vis-a-vis the dollar threatens employment growth in the euro area.
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.
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 would say that fears of the euro area breaking up are unfounded.
At the time of the formation of the euro, I would say most American economists said that's not a good idea; that's not a currency area that makes sense. And the answer from Europe was, 'How is Missouri and Mississippi a currency area?' But the flaw in that was not recognizing the importance of mobility.
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.
Europe's financial system is fragmented, although the gap in funding costs for banks within the euro area is no longer as wide as it was two years ago. But in lending the differences are still very large, and in some countries the credit flow is disrupted.
Greeks have to know that they are not alone ... Those who are fighting for the survivor of Greece inside the Euro area are deeply harmed by the impression floating around in the Greek public opinion that Greece is a victim. Greece is a member of the EU and the euro. I want Greece to be a constructive member of the Union because the EU is also benefiting from Greece.
If people do not believe in Europe and in the euro area, it must be dismantled.
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.
The euro area must not be treated as an 'opt out' from the European Union.
The euro area must not be treated as an "opt out" from the European Union.
After the accession to the euro zone, interest rates declined substantially in Portugal.
As we leave the E.U., the U.K. can turn its back on the austerity policies that have been the hallmark of the euro area.
The Greek people do not want to exit the euro. And I believe the Greek people already have shown that they have made major sacrifices to stay in the euro zone.