Thursday, March 18, 2010

Euro Zone

Addressing the economy crisis of Greece, German Chancellor Angela Merkel said there should be mechanisms to allow for the expulsion from the Euro Zone of countries who repeatedly flout fiscal rules. This clause has to be added on the treaty.

I thought this was already a mandatory condition on the EU foundation? Didn’t those regulation enactors have in mind of such cases might happen? Did they really think EU concept was flawless and each member could develop abreast with Germany or France? Or EU was a humanitarian organization?

EU couldn’t afford to salvage the heavy debt ridden members, which in turn will drag down the overall economy. The statement of Merkel definitely doesn’t please some members. She is right. Instead of sinking together, let the poorly performed members re-organizing themselves and assist them as necessary.