New Phase Opened in European Debt Crisis
Things are looking worrisome for Europe’s financial future. In order to promote the stability of the “euro area”, and the currency itself, president of the European Central Bank, Mario Draghi, is urging those with decision-making power to calculate a clear response to the new phase the European debt crisis is currently entering. He has called on those working to manage the sovereign crisis to provide certainty, to clearly define political objectives, and to honestly indicate the nature and quantity of available resources. Draghi argues that this is a necessary step to ensure the stability of the euro area and its currency. According to Draghi, its is no longer safe for European governments to expect their financing costs to parallel those of Germany, Europe’s strongest economy, based only on a shared single currency.
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