Europe doing too little, too late: World B

Sunday, June 17, 2012

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Europe's leaders are doing too little too late to solve the region's debilitating sovereign debt crisis and must act quickly, World Bank chief Robert Zoellick says.

"European politicians always act a day late and promise one euro too little. Then, when it gets tight, they add new liquidity," Zoellick has told weekly magazine Der Spiegel in its latest edition.

While the European Central Bank, via its liquidity moves, has bought the region's leaders time, it has done little to address the currency bloc's structural problems, Zoellick said.

Urgent action was needed without delay, he said.

"It's no longer so much about which model the Europeans choose. They should just decide on one, quickly."

If Europe continued to dither, it would lose global influence, Zoellick warned and urged Germany to take a leadership role and keep pushing for fiscal and structural reforms.

24/05/2013 01:02Sydney, Australia. 24 May,2013
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