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Craft guild: euro rescue cost must have a limit

The Local · 10 Aug 2012, 11:00

Published: 10 Aug 2012 11:00 GMT+02:00

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“The stabilisation of the currency union is not an aim in itself that can or should be pursued regardless of all the costs that come with it,” wrote Otto Kentzler, president of the German Confederation of Skilled Crafts.

“The costs should never be greater than the benefits,” said the representative of around a million companies and five million workers in Germany.

In a position paper on the confederation’s website, he warned that if the costs became too great, people would no longer agree to carry the burden.

The latest poll conducted by public broadcaster ARD suggested 84 percent of the population expected the worst of the euro crisis was still to come, the Handelsblatt newspaper reported on Friday.

Merkel only recently promised publicly, first with French President Francois Hollande, and then with Italian Prime Minister Mario Monti, to do all that was needed to rescue the euro.

But she needs to push on, and be effective, the influential British news magazine The Economist wrote this week.

It put Merkel on the cover reading an imagined paper on how to break up the euro, and drinking a coffee with a bottle of whisky at her elbow – with the question, “Tempted, Angela?”

Story continues below…

And it said she needed to move, otherwise it said, “the choice will be between an expensive break-up sooner and a really ruinous one later.”

The Local/hc

The Local (news@thelocal.de)

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Your comments about this article

11:51 August 10, 2012 by smart2012
Well done merkel! U pissed off internal and external partners. With the result of a disaster
09:00 August 11, 2012 by narfmaster
Whatever. The Economist is a British magazine which can't help but push the British mindset on the Euro. They've been waiting, HOPING, that the Euro will fail. They see it as part of an economic war, with Germany once again trying to take them over as in WWI and WWII but this time without bloodshed. Whether or not their fears are unfounded, it means that any article from them about the Euro is likely to be biased and sensationalist to some degree. Still, it's almost certainly less sensationalist than any article at the BBC by Gavin Hewitt concerning the Euro. I've read tons of negative press there and then realised it was all coming from one guy. That's not news reporting, that's an agenda.
18:40 August 11, 2012 by raandy
The British economy is struggling as their deficit has worsened.They would like to see the crisis stabilise, and a new treaty ratified. It would be no surprise to anyone that the UK would want concessions on their bank deficits and more power shifted back to UK banks in turn for their agreement on any ratification of a new EU treaty that is necessary to solve the underling problems. This would not be looked upon favorably by Euro using members.

A break up of the EU and the Euro would be a diaster for the zone.

China's economy has slowed and this is also a concern for getting the zone more productive.

The upcoming 2014-2020 EU budget will surely be a bone of contention between London and Brussels .

Mrs Merkel has stated that she will do all that can be done to save the Euro, the question is how far will she be able to go and will it be to little to late.
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