FRANKFURT (MNI) – Turning the Eurozone into a fiscal union is
neither sustainable not desirable, Slovak finance minister Ivan Miklos
wrote in an opinion piece published in German daily Handelsblatt on
Friday.
“A fiscal union would amount to a transfer union — a politically
non-sustainable concept,” Miklos said.
Even if the euro would survive under such circumstances, the price
to pay would be too high, as it would weaken competitiveness of member
states, he argued.
“The question is whether we can keep the euro without a fiscal and
transfer union. I am convinced that this is possible,” Miklos asserted.
To achieve this, there needs to be more convergence among member
states and a strict adherence to the rules of the Stability and Growth
Pact, he said.
— Frankfurt newsroom: +49-69-720142; email: jtreeck@marketnews.com
[TOPICS: MT$$$$,M$X$$$,M$$EC$]
