Euro fails to be a means of equalizing Eurozone states` economies

12.02.2019,13:33


February 12, Fineko/abc.az. The single European currency has not become a means of equalizing the economies of the Eurozone states. On the contrary, as a result of the recent crisis, the gap between the rich and poor countries of the Eurozone has increased.

The statement was made by European Commissioner for Economic & Financial Affairs Pierre Moscovici at a press conference in Brussels after a meeting of the Eurogroup - the Council of Finance Ministers of the Eurozone.

"The Euro zone, as it is conceived, has not led to an automatic alignment of the economic development of their states. On the contrary, since the last crisis, we see that the gap between the richest and the poorest states is only increasing, and this is the main reason for the growing Euro - aggression of populist parties,” he said. "This is our common problem, for which we need to find a common solution, as an alternative to such a solution will be the creation of the Eurozone at different speeds, and we cannot afford that".

Moscovici proposed to look for this solution by creating a budget for the Eurozone.

"We need an effective budget tool to counter this scenario," he said. The Brussels institutions see the creation of the Eurozone budget as an opportunity to increase the Eurozone's resilience to financial crises and promote financial stability in troubled countries.