Volker Wieland on 25 years of the euro: "We need an independent fiscal council for the euro area" (Das Parlament"

The euro was introduced 25 years ago as book money and 22 years ago as cash. In an interview with the weekly newspaper "Das Parlament", Prof. Volker Wieland takes stock.

Until 2020, the European Central Bank (ECB) had ensured lower inflation rates on average than the Bundesbank had previously achieved with the D-Mark - until the start of the coronavirus pandemic and the Russian war of aggression in Ukraine. However, according to Wieland, the ECB continued its massive purchases of securities, especially government bonds, for too long. "It should have reacted to inflation as early as 2021."

At EU level, Wieland believes further integration steps are necessary. The original approach of obliging countries with clear deficit and debt rules to have sound public finances was the right one, he says. "If the EU Commission does not implement this, then we need an independent fiscal council for the euro area to enforce debt rules and impose sanctions if necessary." Because "I don't see any majorities in the member states" for an EU government with an EU finance minister and an EU federal state, said Wieland.

Das Parlament: "Wir brauchen einen unabhängigen Fiskalrat für die Eurozone"