MANNHEIM (MNI) – Monetary policy considerations will play no part
in Greek aid negotiations, which are likely to last for some weeks,
European Central Bank Governing Council member Axel Weber said Tuesday
in Mannheim.
“I completely exclude that the IMF…will make any connection
between the situation in Greece and monetary policy,” Weber said. “I
expect that the topic of monetary policy will be excluded from all
negotiations.”
Weber noted that talks between the Greek government, the IMF and
the European Commission had not started yet and that he did not want to
anticipate results.
“Usually, the IMF is ready to present cornerstones of its programs
within two to four weeks,” he said, suggesting that activation of the
Greek aid plan may still take some time.
The head of the Bundesbank said the current crisis in Greece has
shown that the Stability and Growth Pact must be enforced more
stringently but that it does not undermine the common currency project.
“The euro is a successful currency. I am convinced that one should
not downplay the advantages of the euro,” Weber said. He added that he
did not see an “incentive for any country to leave the euro,” adding
that all members have benefited from the stabilizing effect of having a
common currency.
— Frankfurt Bureau: +49-69-720 142; email: frankfurt@marketnews.com
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