Markus Söder: Economic Reforms First, Then Adopt The Euro

Lauren Simmonds

The Bavarian finance minister warns that the dreaded Greek scenario will follow without engaging in the necessary reforms before the introduction of the euro in Croatia.

As HRsvijet writes on the 1st of November, 2017, following the announcement of the planned eventual introduction of the euro as Croatia’s official currency, Bavarian Finance Minister Markus Söder warns that economic reforms are a prerequisite for the introduction of the euro or, as he said, the Greek scenario will follow.

”The euro is a very important means of payment. The euro leads to economic stability, but there are prerequisites. It makes no sense to go with the Greek model, or to enter into a discussion about Romania and Bulgaria. First you have to meet the economic conditions, and then the euro can make sense,” stated the Bavarian Finance, Development and Homeland Affairs Markus Söder, in a statement for HRT.

He warned that for the introduction of the euro, the first precondition is reform.

“It’s important to create economic foundations, then the euro will have the [desired] effect. If the euro is introduced without reform, the [scenario we saw] in Greece can be repeated, where they have to compensate for reforms, and that is much more painful,” he warned.

He also recalled the question of “Europe of varying speeds”, as well as the position of the Republic of Croatia.

”Croatia’s values ​​are strongly attributed to Europe, because of its Christian tradition, but also because of the experiences it has. It is important that Europe is also active in the Balkans. Europe does not end in Austria. That is why Croatia belongs to it as a strong and stable partner. When it comes to different speeds we should say this: It is important that Europe determines what unites us in fact. I’m bothered by [the fact that] some want to quickly go forward, and others would gladly pull back. If we’re one Europe, we have to do it all together at the same time.” concluded the Bavarian Finance Minister.


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