E.C.B. Criticizes Countries for Dragging Feet on Spending |
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February 23, 2011
The European Central Bank criticized political leaders Tuesday on the grounds of moving too timidly against countries whose excessive spending and borrowing had endangered the stability of the euro.
The European Central Bank criticized political leaders Tuesday on the grounds of moving too timidly against countries whose excessive spending and borrowing had endangered the stability of the euro.
In its first official comment on proposals by the European Commission to better enforce rules on spending and debt, the central bank's governing council said there were still too many escape clauses and opportunities for countries in the euro area.
The proposals "go some way in improving enforcement in the euro area," the central bank said in a written opinion, which came as European leaders prepared for meetings next month to overhaul the way they would manage the euro area. But the proposals "fall short of the necessary quantum leap in the surveillance of the euro area which the E.C.B. deems necessary to ensure its stability and smooth functioning," the bank wrote.
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