Nowotny Says Permanent Aid for Indebted States `Not Good Idea,' WiWo Says
European Central Bank Governing Council member Ewald Nowotny said “it’s not a good idea” to create a permanent European Union safety net to assist debt- stricken member countries, WirtschaftsWoche reported, citing an interview.
An extension of the current three-year solution could be discussed if countries proceed successfully with their reforms, Nowotny said, adding that he sees no immediate need to do so.
Current EU deficit criteria are also too narrow, Nowotny said.
“We need a broad assessment which also takes account of the real economy, the economic structure of countries and the sustainability of development,” WirtschaftsWoche quoted him as saying.
To contact the reporter on this story: Julie Cruz in Frankfurt at jcruz6@bloomberg.net;
To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net
Rate this Page