The austerity policy has led the euro zone on the brink of an economic crisis and monetary “suffocation,” said President Pavlopoulos on Friday, during the Delphi Economic Forum held at the European Cultural Centre of Delphi.
“Provided that Greece is and will remain in the core of the European Union, and the euro zone, its development perspectives, under sustainability and social rights terms, are undoubtedly dependent on the development course of the EU environment,” Pavlopoulos underlined.
He also stated that this syndrome of the deteriorating economic suffocation of the euro zone is, in large part, a result of the overexposure to the inherent risks of an austerity policy and accused the European Central Bank (ECB) of lacking the required institutional and political means to play the significant role of other central banks, such as Fed. “The primary goal that is called to play is ensuring the stability of the price level and economic growth,” he said.
Source: ANA MPA
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