Friday, May 04, 2012

Klaus for CNN: Europe needs reforms like Czechoslovakia after 1989

Richard Quest of CNN has interviewed our president:

Europe needs a fundamental change of the paradigm.

Even the Maastricht upper limit on the budget deficit, 3%, is too high simply because we know that even during the good economic weather, nations don't make the necessary savings. Fundamental reforms resembling those after the fall of communism – and not small perturbations – are needed. Unfortunately we don't see those things happening.

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