A future euro zone budget will soon have to take on the task of cushioning econo...
WASHINGTON - A future euro zone budget will soon have to take on the task of cushioning economic shocks despite current resistance from countries in northern Europe, a top European Union official said on Saturday.
“This is the first step, a foot in the door,” Moscovici told Reuters in an interview on the sidelines of the International Monetary Fund and World Bank spring meetings in Washington. “Here at the IMF we are discussing a slowdown, downside risks, a possible next crisis, we are seeing that all our countries struggle with inequalities, that there is a rise of nationalism - we cannot wait for five more years,” he said.
“It is always the case in Europe that we act only when there is a sense of urgency, but this urgency might come back,” Moscovici said.Ideas for the stabilization role include the offering of cheap loans to countries hit by an external crisis not of their own making and an unemployment reinsurance scheme. Money could be repaid once economies recovered.
It is a hard sell politically, because voters in many northern European countries are still reeling from the almost 300 billion euros lent by euro zone governments to mainly southern European nations during the sovereign debt crisis.
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