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European Central Bank should be more resolute in conditions of financial crisis – Putin

March 02, 2012, 10:50 UTC+3
“If such a balance is achieved, Europe will succeed, and I believe things are turning this way,” he stressed
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NOVO-OGARYOVO, March 2 (Itar-Tass) —— Russian Prime Minister Vladimir Putin believes the European Central Bank should act in a more resolute way in conditions of the financial crisis.

“Europe should have acted more resolutely to overcome the debt crisis. There are political considerations as well to tighten financial discipline in the euro zone. It is only vital to avoid a collapse and economic stagnation,” Putin said late on Thursday at a meeting with editors of leading foreign publications.

“If such a balance is achieved, Europe will succeed, and I believe things are turning this way,” he stressed.

According to the Russian prime minister, despite France’s and Germany’s attempts to tighten financial discipline in the euro zone, the European Central Bank might have easily issue more money. “Is it possible to allow the European Central Bank to issue more money, like it is done in Great Britain or the United States, to replenish the necessary fund and pay countries’ debts? Our experts think the European Central Bank should have acted more actively,” he said.

“And, to my mind, it would have led to no inflation surge, as Germany’s and France’s financial authorities fear,” Putin added. “Our experts think there will be no serious consequences. But I think it is obvious that Germany’s and France’s attempts to put some restrictions to the process stem from their commitment to put things to rights in the sphere of macroeconomy and finance.”

He also stressed that Russia is interested to see the euro zone prospering and want the euro to be a stable currency, because up to 40 percent of Russia’s currency reserves are denominated in euros.

 

 

 

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