Printer Friendly

Europe doing too little, too late: World Bank chief.

Summary: Europe's leaders are doing too little too late to solve the region's debilitating sovereign debt crisis and must act quickly, World Bank chief Robert Zoellick said in an interview released on Sunday.

Europe's leaders are doing too little too late to solve the region's debilitating sovereign debt crisis and must act quickly, World Bank chief Robert Zoellick said in an interview released on Sunday.

"European politicians always act a day late and promise one euro too little. Then, when it gets tight, they add new liquidity," Zoellick told the weekly magazine Der Spiegel in its latest edition.

While the European Central Bank, via its liquidity moves, has bought the region's leaders time, it has done little to address the currency bloc's structural problems, Zoellick said.

Nevertheless, urgent action was needed without delay, he said.

"It's no longer so much about which model the Europeans choose. They should just decide on one. Quickly."

If Europe continued to dither, it would lose global influence, Zoellick warned and urged Germany to take a leadership role and keep pushing for fiscal and structural reforms.

Copyright 2012 Khaleej Times. All Rights Reserved.

Provided by Syndigate.info an Albawaba.com company

COPYRIGHT 2012 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Khaleej Times (Dubai, United Arab Emirates)
Date:Jun 17, 2012
Words:196
Previous Article:Du and Dubai Silicon Oasis in reality TV deal.
Next Article:Islamic Golden Age remembered.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters