Tuesday 25 July 2017

Rehn calls for co-ordinated response to EU crisis as leaders fail to agree over bonds

THE European Union's top economic official called yesterday for coordinated action to resolve the euro zone debt crisis, as EU leaders bickered over a proposal for joint euro zone bonds to tackle the problem.

Economics and Monetary Affairs Commissioner Olli Rehn, speaking days after the head of the IMF criticised the bloc for taking a piecemeal approach to the crisis, said reform was needed at both national and EU levels.

"We have to take well coordinated action to safeguard stability in the euro area," Rehn told a conference in Athens.

"The current situation is not a crisis of the euro. Greece is not the only country facing major challenges," he added.

The spat among European Union leaders over a proposal for joint euro zone bonds escalated on Wednesday, with Germany opposing the idea on legal and economic grounds.

IMF chief Dominique Strauss-Kahn, who on Tuesday criticised the EU's response to the crisis as slow and disjointed, said on Wednesday the situation in Europe remained troubling and the future more uncertain than ever. (Reuters)

Irish Independent

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