UK: Weaker euro zone nations need more support

By REUTERS
May 20, 2012 12:10

 
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LONDON - Weaker euro zone countries need more support from the core of the single currency bloc to deal with their problems, British finance minister George Osborne wrote in the Sunday Times newspaper.

"Euro zone countries must either stand behind their currency or face up to the prospect of Greek exit, with all the risks that could involve.

"How can they stand behind the euro? First, those countries with high deficits and low competitiveness need to carry on confronting their problems head on. But in the absence of flexible exchange rates the economic and political barriers to dealing with those problems will only get worse without more support from the core of the euro zone," Osborne said.

He said the euro zone must follow "the remorseless logic" of monetary union towards greater fiscal integration and "burden-sharing", with eurobonds one possible option.

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