Posted on 02/08/2016 1:34:12 PM PST by Lorianne
The euro zone needs to press ahead with structural reforms and closer integration, including an euro zone finance ministry, to deliver sustainable growth, the heads of the French and German central banks wrote in a German newspaper on Monday.
In a guest article for the Sueddeutsche Zeitung entitled "Europe at a crossroads", they said the European Central Bank (ECB) was not in a position to create sustainable long-term growth for the 19-country single currency bloc.
The ECB has undershot its 2-percent inflation target for three straight years and is unlikely to return to it to for years to come given low oil prices, lackluster economic growth, weak lending and only modest wage rises in the euro zone.
"Although monetary policy has done a lot for the euro zone economy, it can't create sustainable economic growth," Bundesbank President Jens Weidmann and Bank of France Chief Francois Villeroy de Galhau wrote.
Instead the euro zone needs a decisive program for structural reforms, an ambitious financing and investment union as well as better economic policy framework, Weidmann and Villeroy de Galhau said.
(Excerpt) Read more at reuters.com ...
And the fix is in...another planned crisis on the road to fascism/socialism (same/same).
They are Europe’s new fascists
German-led dominance of Continent? check
southern states under ECB, German domination regardless of elections? check
state planning of all industry and finance for the goal of strengthening the “union?” check.
Bureaucratic control from one massive, central executive, unaccountable body? check
massive utopian social-engineering schemes involving mass migration of people shoved, down the throats of quiescent citizens? check
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