Posted by keeptalkinggreece in Economy

This is a warning to all European citizens. German Chancellor Angela Merkel urged euro-zone members on Thursday to become more competitive. Taking economically depressive Greece as example, ‘competitiveness’ in Merkel’s mind means ‘peanuts’ for wages and some ‘bread crumbles’ as social benefits. It means harsh austerity without one single euro for growth and development. And money only for loan repayments.  I know some monkeys who can really go wild if they are fed only with peanuts…..

Angela Merkel Wednesday urged euro-zone members to become more competitive and take the strongest countries’ economies as a role model, highlighting Berlin’s tough reform stance ahead of a European Union summit later this week.

“One of the main causes for the monetary union’s crisis is the grave difference in the competitiveness of the 17 member states,” the German Chancellor told reporters. “If we don’t manage to achieve a process of adjustment, we won’t be able to stabilize the euro area permanently.”

 

Germany is one of the strongest-performing economies in the euro zone and unlike most other countries, its labor market is reporting low unemployment figures. Berlin has repeatedly said its structural reforms over past years has helped to turn the former ‘Sick man of Europe’ into the currency area’s growth engine.

 

Merkel stressed the euro zone has only “bought time” with its bailout facilities and that is why member countries must urgently enact reforms.

 

She implored fellow EU leaders to look to the strongest-performing economies as role models for reform and not mediocrity. (Full Article in WSJ)

 

 

Beginning of February German Chancellor Angela Merkel had called for a European ‘Pact of Competitiveness’ jointly with her French counterpart Nicholas Sarkozy.

more

http://www.keeptalkinggreece.com/2012/03/01/merkel-threatens-europe...

Check out the member blogs, videos, and discussions @ http://12160.info/