EUOBSERVER / LUXEMBOURG – The International Monetary Fund has bluntly warned the European Union it must put an end to its “unproductive debate” over debt restructuring and, in an unprecedented outside intervention in the construction of the European Union, told the bloc it must integrate faster and more deeply in order to stop a global disaster.
Using much of the same censorious language about the EU that the EU has used about Greece, the international lender told the bloc to act “now” and that its handling of the situation “needs attention”.
While “courageous attempts” have been made by the eurozone to address the crisis, “failure to undertake decisive action could rapidly spread the tensions to the core of the euro area and result in large global spillovers,” read a report of the Fund’s review mission investigating the effectiveness of eurozone policies, published on Monday (20 June).
Source and full story: EUObserver, 20 June 2011
