Oct. 31 (Bloomberg) -- European Union countries caught up in the debt crisis must cut budgets and carry out structural reforms to ensure a lasting end to the turmoil, Bundesbank President Jens Weidmann said in a column in Handelsblatt.
Putting into practice last week’s EU decisions to recapitalize banks, ease Greece’s debt and leverage the euro area’s rescue fund requires enforcing strict conditionality on any aid, Weidmann, a member of the European Central Bank’s Governing Council, said in a commentary published in the Dusseldorf-based newspaper today.
EU leaders left the currency union’s future shape unclear by increasingly taking on joint risk while leaving budget powers with national governments, the German central bank head wrote.
--Editor: Mariajose Vera
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