The eurozone’s southern members have done enough to reform their economies and reduce risk in their financial systems for the bloc to speed up banking union, the vice-president of the European Central Bank has said, in an implicit criticism of German foot-dragging.
In an interview with Financial Times, Vítor Constâncio, said about the austerity programes imposed on Greece:
“The adjustment programme [for Greece] was indeed too harsh. And . . .[it] didn’t foresee the total collapse of hope and expectations. ”
He added “at the same time, all countries in the euro area were reducing deficits, consolidating. That is the cause of the double-dip we had in 2012, 2013, which should not have happened.”
Constâncio is leaving the ECB in summer and as all great men leaving office, he dared admit a tiny little bit the adjustment program ruined lives and dignities in Greece. *sigh*