Eurozone Still Fragile Because of Debt
Escaping from Quantitative Easing like landing a jet fighter on a moving aircraft carrier in a storm, says ex-finance minister
The Eurozone remains extremely fragile because of dangerously high debt to GDP ratios, the former British Chancellor of the Exchequer, Lord Lamont of Lerwick, told an audience of policy analysts and opinion formers at the first major conference staged by the Danube Institute. In a keynote speech at Budapest’s Sofitel Hotel on 14th December, Lord Lamont said that on balance he was inclined to the view that the Eurozone would muddle through, although there were many hazards to overcome.
Lord Lamont said that one cause for present concern was that at least two contributors to the European Stability Mechanism – Spain and Italy – might themselves seek bail-outs from the fund. In these circumstances, the problem could only be overcome if the other contributors agreed to give more. This would be strongly resisted. In the circumstances it was difficult to see how the existing problems could be overcome without a full banking union.
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