MUNICH (AFX) – EU Economic and Monetary Affairs Commissioner Olli Rehn sees the EU because of the debt crisis of Greece at the crossroads.
"If Greece and the European Union, the collapse is not prevented, we are seriously and our long-term international Lose credibility, "Rehn said the" Sueddeutsche Zeitung "(SZ — Saturday edition). The common currency union is not only a monetary system, "but the crucial political project of European Union. "On dealing with the biggest debtor of the Monetary union decide whether the states are willing to politically closer together. "Greece is our direct Challenge, "said Rehn.
The Commissioner announced a proposal to "better Supervision and coordination of fiscal policies of EU states to. The Plan, therefore, be more intervention and more stringent sanctions against defaulting debtor countries before. The countries of the euro group to their Coordinate economic policies more closely to the "alarming" Reduce tensions between them, Rehn told the newspaper.
The Monetary Affairs Commissioner, expressed support for the thrust of Federal Finance Minister Wolfgang Schäuble (CDU), a European To establish Monetary Fund. Unlike Schauble Rehn wants this, but in the EU Commission and not settle for the Eurogroup. Potential Sinners should not depend on current sinner, "he said.
In the case of Greece, the 16 euro countries, according to the "SZ" agreed on an assistance plan if Greece’s debt market can not refinance. The plan should at the meeting on Monday Euro Finance Ministers to be adopted, the paper reported , citing diplomatic sources. Plans are therefore bilateral Loans and loan guarantees.
DJG / ap / mrf