EU Seeks Stronger Euro-Area Management Amid Fresh German Doubts Bloomberg

07.09.10

European Union governments sought to strengthen the management of the euro region as Germany warned that the economic rebound is slowing its push for stiffer sanctions on high-deficit countries.

EU finance ministers weighed ideas for improving national budget management, monitoring countries at risk and imposing sanctions on rule-breakers, EU President Herman Van Rompuy said in a statement last night after leading a brainstorming session in Brussels.

“We agree on the need to have credible sanctions,” EU Economic and Monetary Affairs Commissioner Olli Rehn said. “It’s a bit like a football game. It won’t work if the players start to discuss and argue the rules of the game with the referee every time they commit a foul.”

European markets have rallied as the Greece-fueled fiscal crisis recedes. Stocks are at a four-week high and the euro has rebounded 8 percent from a four-year low reached on June 7 amid concerns that Europe was awash in debt.

German Finance Minister Wolfgang Schaeuble , who at the height of the debt turmoil in March mused openly about expelling deficit-plagued countries from the euro region, said yesterday that Europe’s economic recovery is lessening the pressure to overhaul the system.

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