May 17, 2018
The eurozone’s southern members have done enough to reform their economies and reduce risk in their financial systems for the bloc to speed up banking union, the vice-president of the European Central Bank has said, in an implicit criticism of German foot-dragging.
In an interview with Financial Times, Vítor Constâncio, said about the austerity programes imposed on Greece:
“The adjustment programme [for Greece] was indeed too harsh. And . . .[it] didn’t foresee the total collapse of hope and expectations. ”
He added “at the same time, all countries in the euro area were reducing deficits, consolidating. That is the cause of the double-dip we had in 2012, 2013, which should not have happened.”
