Bloomberg News

Juncker Says Crisis Missteps Give Euro Area ‘Disastrous’ Image

October 21, 2011

Oct. 21 (Bloomberg) -- Luxembourg’s Jean-Claude Juncker said the euro area’s inability to agree on a comprehensive response to the sovereign-debt crisis has given the region a “disastrous” image.

“We’re not really giving a great example of a high standing of state governance,” Juncker, who leads the so-called eurogroup, told reporters in Brussels today before a ministerial meeting. He said divisions between Germany and France aren’t the only obstacles to an agreement on tackling the debt crisis.

“There isn’t just a problem between Germany and France,” Juncker said. “Germany isn’t the only country with a parliament; others have them too.”

Juncker said today’s meeting is expected to agree on the next disbursement of international aid for Greece and the ministers also will discuss options for leveraging the euro-area rescue fund, the European Financial Stability Facility.

“We will discuss in detail the leverage of the aid mechanism without taking final decisions, but so as to provide the heads of state and government with a principled explanation that we want to do this indeed,” Juncker said. “They will then try to get as much as possible and needed detail” for the dual summits on Oct. 23 and Oct. 26.

“I would have preferred anyway that there hadn’t been two stages, Sunday and Wednesday, but that on Sunday we could have agreed on overall solutions,” Juncker said. “One has to see how far this all goes.”

To contact the reporter on this story: Stephanie Bodoni in Brussels at sbodoni@bloomberg.net

To contact the editor responsible for this story: Jones Hayden at jhayden1@bloomberg.net


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