European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Friday that Europe should think about a new future crisis which was inevitable and anticipate possible consequences.
BRUSSELS (Pakistan Point News / Sputnik - 17th August, 2018) European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Friday that Europe should think about a new future crisis which was inevitable and anticipate possible consequences.
"The euro area must pursue its integration and think about the next crises, which will inevitably come. We must anticipate, rather than wait until we are at the edge of the abyss. The European Commission has made its proposals to this end: I hope that our Member States will have the wisdom to look to the future with confidence," Moscovici told reporters in Brussels commenting on the end of Greece's bailout program.
The eurozone debt crisis hit Europe in 2009 after Greece became unable to refinance its government debt without external help and escalated by 2011 when a number of other states, including Portugal, Italy, Ireland and Spain, could also default on its debts. Brussels introduced austerity measures, forced states with a deficit to make severe budget cuts and provided a bailout package to rescue Greece. The bailout program is ending after August 20.
