Hans Tietmeyer about the euro area and the ECB policy

Former Bundesbank President Hans Tietmeyer says that European Commission should have determined the criteria of joining the euro area more strictly. In his view, the currency union now faces the consequences of its development during the last 10 years.

Tietmeyer claims that Greece has a chance to get out of the crisis without restructuring. In his view, that depends on how competent the actions of the country’s policymakers will be. The indebted countries have to address their problems and take all necessary measures to restore their competitiveness in the euro area and worldwide, Tietmeyer says.

The economist thinks that the ECB was right to raise the interest rates.