EU leaders vow to save single currency

By Alex Veeneman on June 22, 2012


Italian Prime Minister Mario Monti meeting with U.S. House Speaker John Boehner (R-Ohio) in February. Monti is one of four European leaders who ensured the euro currency would be protected, as leaders prepare to meet.
(Photo courtesy of the federal government)

Leaders in Europe have said they would do everything in their power to see the single currency the euro saved. The leaders of the four largest economies in the euro zone met in Rome June 22 before a meeting of all officials in the euro zone in the European capital Brussels next week. “There was an agreement among all of us to use any necessary mechanism to obtain financial stability in the euro zone,” said Mariano Rajoy, Spain’s Prime Minister, according to a report from The New York Times, who was meeting with German Chancellor Angela Merkel, France’s president Francois Hollande and Italian Prime Minister Mario Monti, who defended the euro.

“The euro is here to stay, and we all mean it,” Monti said. “Growth can only have solid roots if there is fiscal discipline, but fiscal discipline can be maintained only if there is growth and job creation.”

Monti said according to a report from the BBC that he expected the summit next week would be productive. “We expect the conclusions of the EU summit will be more solid and credible compared with previous summits as far as growth is concerned,” Monti said. However, there are concerns with the plans. “By themselves [the euro zone leaders], these proposals aren’t enough,” said Daniel Gros, director of the Center for European Policy Studies in Brussels, speaking to the Times. “You can’t make a difference unless you have the backing of the bank. We are stuck in this situation because there is too much debt, and unless this debt is cut, or financed at 1 percent, the crisis will continue ad infinitum, but that hasn’t sunk in yet.”

Leaders are expected to meet in Brussels next Thursday and Friday according to the Times.

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