Mr. Jacques Attali, counsel of president François Mitterrand, admits in an interview given to greek journalists that the deficiencies of the Euro project were known at the time of EMU's creation. Mr. Attali says that they knew that Euro and eurozone economies would have problems if the creation of the Euro was not associated with centralized eurozone fiscal policy. He emphasizes that EU decided to move towards greater expansion rather than deeper expansion which would have strengthened European economies. Another important comment he makes is that Europe has been reactive rather than proactive. In addition, he finds that the reflexes of European leaders have declined significantly and currently the responses are very much delayed. Currently, the developments are dictated by the markets, rather than by the politicians. Politicians follow with great delay, something that was not the case during the years of François Mitterrand, as he says. To listen to the interview, which is in Greek click here.
