Georg Milbradt, former Prime Minister in the government of the Free Region of Saxony, thinks that the fact that countries did not meet the criteria that they set themselves is the main reason behind the economic crisis in the Eurozone. However, it is not the only reason for financial problems in the 16 countries under one currency. The Stability and Growth Pact focused too much on deficit issues and not enough on liquidity. That’s what experts thought in the discussion entitled 'Crisis in the Eurozone – what went wrong and how to prevent it from happening in the future?'.
[wyimek]110 bln euro has received Greece in support from the Eurozone countries and the International Monetary Fund[/wyimek]
According to Milbrandt, support for countries threatened by the crisis should now be „conditional” i. e. dependent on carrying out reforms in the countries that need help. Marc Coleman, an Irish economic journalist, claims that in 2004, when new countries in Central and Eastern Europe acceded to the EU, the Union should have changed the Maastricht criteria to reflect the investment needs of those countries and the financial consequences thereof. Coleman further explained: „I have the impression that countries now are like men with big bellies. They breathe in when they see a beautiful woman, but as soon as she’s gone, they loosen up again. This is how Europe consolidates its debt fearing the European Central Bank”.
Participants in the discussion were: Igor Barat, board member of Postova Banka in Slovakia, Ludek Niedermayer, Czech economist at Deloitte Czech Republic, Ryszard Petru, Chief Economist at BRE Bank, and Paweł Poncyliusz, a PiS MP.
