European Parliament Passes Law to Restrict Cash Payments to €10,000
The European Parliament has voted to impose a €10,000 limit on cash payments within the European Union
Germany and Germans need do show more solidarity with other EU members and open their eyes to problems in their own finances, said eurozone president Jean-Claude Juncker.
In an interview for German newspaper General Anzeiger Bonn, Juncker said that although the German economy has an undisputed role in leading the EU, it is also implicated in the financial crisis and needs to work in helping other member states for its own good.
"In Germany one often behaves as if the country has no problems, as if Germany was free of debt, while all other countries are excessively indebted," said the Luxembourg PM.
"I think that the level of German debt is worrying. Germany has higher debts than Spain - but no one in Germany wants to acknowledge that," explained he.
The eurozone president further said that the Germany economy functions like a "locomotive" pulling forward the entire eurozone, and that "no one would be able to replace it" if it fails.
But at the same time, he criticized popular perceptions in Germany directed against countries such as debt-ridden Greece and Italy.
"It appears more comfortable to say that people down south are lazy, while Germans are sweating away. But this is definitely not a true saying," commented Juncker.
In addition, the eurozone president was critical of the stance of Great Britain, calling for a looser working of the EU and against close joint action to tackle the crisis.
"It is clear: in the long run, there will be no special path for the UK to follow alone," said Juncker, suggesting that Britain would be better off working together with other EU members.
In the interview, the eurozone president declined answering to what he saw as the misleading question as to which is the next EU country most imperilled by the financial crisis.
"I will say only this: Everybody is conscientiously trying to bring national finances in order. Everybody who does this is moving slowly out of the danger zone."
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