Prominent German speaks out about Europe’s debt crisis.
The financial crisis in Greece could have worse consequences on the global financial system than the collapse of Lehman Brothers, according to statements made by European Union anti-bureaucracy czar Edmund Stoiber on June 10. In an interview with Focus, Stoiber recounted how he warned against letting Greece in the eurozone in the first place.
“I wanted a smaller eurozone,” he reminisced (translation ours throughout).
In a speech made three weeks earlier, at the nrw Academy of Sciences, Stoiber presented his solution to the crisis. “We can only defend the euro together,” he said. “The next step is a common economic policy. Only then can a transfer union be prevented.” In other words, like European Central Bank head Jean-Claude Trichet and others, Edmund Stoiber sees the need for a pan-European financial authority.