Tags: Guardian | Euro | Fighting | Life

Guardian: Euro Fighting for Its Life

Friday, 17 Dec 2010 07:59 AM

The euro, launched with great fanfare just over a decade ago, is fighting for its life.

Leaders in Germany and France are hesitant to root for fresh bailouts similar to ones passed for Ireland and Greece, which is irking smaller European Union countries who feel pushed around, The Guardian reports.

"There is no appetite anywhere for another Franco-German plan to save the euro," an east European government minister tells The Guardian.

Others agree.

"I can only warn Germany and France against a claim to power that shows a certain overbearingness and arrogance," says Jean Asselborn, Luxembourg's foreign minister.

European leaders are gearing up to create a new permanent stability mechanism to prevent future crises, a move spearheaded by Germany.

No one knows if it will work.

"It has always been very difficult to take decisions in the EU against German thinking. But that's not new," says an anonymous EU prime minister.

"The new phenomenon is that the Germans are talking, but they're not listening. For the first time on a serious issue, I'm upset by the German behavior."

Germany insists it wants what is best for Europe.

"We all share the same objective: to ensure a stable Europe and currency," says German Chancellor Angela Merkel, according to the AFP newswire.

European countries remain divided over how big a future rainy-day fund should be and also whether or not they should create eurozone bonds, similar to U.S. Treasurys, to help weaker economies borrow at lower interest rates.

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The euro, launched with great fanfare just over a decade ago, is fighting for its life. Leaders in Germany and France are hesitant to root for fresh bailouts similar to ones passed for Ireland and Greece, which is irking smaller European Union countries who feel pushed...
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Friday, 17 Dec 2010 07:59 AM
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