Euro Watch

French daily newspaper, Le Monde, expresses concern about the Euro – namely, that it is dependent upon the confidence in the budget policy of each member state.

According to the paper:

“Last year, France and Germany torpedoed the EU’s stability pact” which limits members’ budget deficits to 3% of GDP. “This year it turns out that Greece submitted false figures to satisfy the EU’s criteria”.

“The crisis of confidence is spreading,” the paper says.

“Brussels is now surprised that Italy’s debt has not gone down any faster and is beginning to wonder if Rome too may not have not underplayed its real deficit.”

“The reform of the stability pact, due next spring, must lead to an economic judgment of Europe’s budgetary policy, not to playing hide-and-seek with numbers. And then it must be enforced. And strictly at that.”

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