Tags: Yale | Roach | Europe | Action

Yale’s Roach: Europe Needs More Action, Fewer Statements

Wednesday, 06 June 2012 10:02 AM

Europe needs more action and fewer statements expressing desire to end the crisis, as calling for a need to do more without concrete details fuels uncertainty, says Stephen Roach, former Chairman of Morgan Stanley Asia and current Yale professor.

Policymakers from the Group of Seven industrialized nations recently hosted a conference call to address ways to contain the European debt crisis, though no formal details emerged from the call.

Past European Union meetings and summits involving global leaders typically end with calls to do more, but with little else.

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"Every time they meet in their summits every other month, they come out with a strong message that they are committed to solving their problems — 'details available shortly,'" Roach tells CNBC.

"When you have policymakers come together, whether they're in Europe, or the G-7, or the G-20, I think the world needs clarity in terms of the response and commitment in dealing with tough issues and we're not getting that from any of our policymakers around the world," says Roach.

Few details emerged from the G-7 call save comments from officials after it was over.

"We were able to share our recognition on the European issue," says Japanese Finance Minister Jun Azumi, according to the AFP newswire.

"The European side stated that they will respond to it speedily."

The White House, meanwhile, says it hopes for "accelerated" action in coming weeks.

"European leaders seem to be moving with a heightened sense of urgency and we welcome that. We are hoping to see accelerated European action over the next several weeks," says White House spokesman Jay Carney, the AFP adds.

"A movement to strengthen the European banking system will be of particular importance in this time period."

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Wednesday, 06 June 2012 10:02 AM
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