Press releases

European Spring Council reaches “acceptable compromise” over Greek crisis - international market

23 March 2010

“Finally, the EU has come to a decision on the Greek crisis: any decision Was better than continuing uncertainty. The final statement represents an acceptable compromise between different approaches and demands – both about the involvement (or not) of the IMF and the balance between rigour and solidarity - and it brings the intra-EU controversies to a halt at least for the time being.”

“The initial reaction of international markets looks cautiously positive, but only the next weeks will say whether the worst is over.”

“The creation of an ad hoc crisis management mechanism was necessary and urgent but it does not represent a convincing long term solution to preventing similar crises elsewhere. While it is legitimate to ask whether such an arrangement could have been reached earlier on (the one for Hungary, last year, was agreed in 24 hours), the focus should now shift to finding a more sustainable and coherent framework for the future, including stronger “coordination of economic policies in Europe”, as the final statement reads.”

“In this respect, the procedure adopted at the summit looks balanced and appropriate, as it leaves the conclusion of the work of the proposed task force relatively open while laying down a method, some principles and a timetable. But EU Member States and institutions alike must be aware that both goals and means of European economic governance need overhauling in light of the manifold challenges of the 21st century – including the Europe 2020 strategy that, unfortunately, the summit has postponed until next June.”


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