With the planned third aid package for Greece, the euro area countries move of economists Clemens Fuest believes on the edge of legality. “The rules of the euro zone are bent”, the president of the Center for European Economic Research (ZEW) said. “Giving a debt-ridden country’s new loans to pay this country money so to make transfers.”
The monetary union is not a transfer union. But the planned aid package was “such a clear case of transfer program that you really have to ask the question: Is that even with the Treaties compatible?”
Add Feldmann stated that the euro bailout fund should only be activated if the stability of the monetary union was in danger. “That is also my view not the case,” said Fuest. In this respect, Finance Minister Wolfgang Schaeuble was (CDU) not only economically, but also legal on the right line, when he thought the Greek exit from the euro zone for the best solution. Fuest belongs since 2003 the scientific advisory board at the Federal Ministry of Finance on.
that Greece is sinking by the Grexit in chaos and violence, Fuest does not consider essential. If the country would suddenly drop out of the euro, this scenario would actually threaten. “But a common organized exit from the euro and a fate of Greece in the EU, which would in my view have been the right thing – and that would not have led to chaos.”
Fuest also defended his proposal to make the cost of the aid program transparent: “I am against a Greece-solos” said the economist. However, the Bundestag should agree in a few weeks the third utility, he must also tell the citizens how the whole thing is financed. A special tax would be a conceivable way to disclose these costs.
“I am fully aware that the policy does not want, because they would have to look at the people in the eye,” Fuest said. But he’ll go there to honesty and transparency. “That one rules bends and hidden costs that can not be the highest form of democracy.”
The Bundestag had with almost two-thirds majority negotiations on Friday more billions in aid approved. Almost 160 MPs voted against or abstained, including 65 from the ranks of the CDU parliamentary group.
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