It Will Take a Lot of Effort to Make Eurozone More Resilient to Crises
Daniela Schwarzer, Senior Director for Research and Director of the Europe Program, spoke to Belarusian online newspaper “Belrynok” about the economic crisis in Europe, Germany's role in overcoming it, and EU-Russia relations.
In her opinion, Spain, Ireland, and Portugal have a good chance of overcoming current economic difficulties. As for Greece, it is now politically on the right track, but the debt level is still too high and is likely to require further restructuring.
She underscored the important role that Germany plays in overcoming the crisis. Being the largest economy, Germany is also the largest donor which increases its political weight. And though it is being discussed if the German economic model is transferable to other countries, a more important debate is how much consolidation vs. reform a country in crisis needs.
Schwarzer spoke in favor of the liberalization of trade relations with the EU neighboring countries as it, together with the reforms, is an important tool for economic growth and closer political ties. Speaking about shrinking economic relations between the EU and Russia, she said the emphasis is on the ways to resolve the conflict as neither of the sides takes interest in further deterioration.