Peking University, May 18, 2012: Amid escalating concerns surrounding the present economic and political uncertainties in Greece and by extension the Economic and Monetary Union (EMU), Mr. Constantinos Simitis, former Prime Minister of Greece, outlined his stance on the matter at Peking University (PKU) on May 15: “The Greek debt Crisis is not a phenomenon that centers only on Greece, but one that concerns the whole of the European Union.”

Mr. Simitis denied claims that debt was mainly due to extravagant state spending, and pointed the finger at broader structural problems of the currency union. In his view, a development gap between north and south had driven countries such as Spain, Ireland, Portugal and Greece to borrow unceasingly. “The EMU is not a club of advanced nations,” he declared.

 
Mr. Constantinos Simitis

The former Greek leader called for a rethinking of European economic management. “The Union needs a more powerful centre, more powerful governance and more powerful policy that takes into account the interests of all the countries of the Union.” Mr. Simitis cited the differing opinions of member states as the main obstacle to achieving this aim, and he opposed austerity measures as an appropriate remedy.

But he ended optimistically, saying, “I am certain that the European Union will continue to advance, slowly but surely.”

“We will work together”, attendees all agreed to further develop the cooperation between China and Europe.

Written by: Daniel Macklin
Edited by: Zhang Jiang
Source: Office of International Relations