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German economists say 'no' to euro banking union
Reuters | July 05, 2012 | 09:34 AM EDT
BERLIN (Reuters) - More than 150 economists led by the head of Germany's influential Ifo think tank urged voters on Thursday to lobby lawmakers to oppose plans for a European banking union that Chancellor Angela Merkel signed up to last week.
The Frankfurter Allgemeine Zeitung newspaper released an open letter in which Hans-Werner Sinn and other experts said forcing Europe's biggest economy to extend its liabilities to weaker euro zone states and their banks was not the answer to the region's debt woes.
"The decisions which the chancellor saw herself forced into at the EU summit were wrong," wrote the economists in a letter addressed to "fellow citizens".
"We are deeply concerned about the step towards the banking union, which means collective liability for the debts of the banks of the euro system," wrote the economists.
"Neither the euro nor the European idea will be saved by the extension of liabilities to banks."
The letter reflects the deep frustration many Germans feel over the euro zone crisis and their growing impatience at bailing out their struggling partners.
A poll conducted for ARD television released on Thursday showed that while 58 percent of Germans believe Merkel has acted correctly and decisively during the euro zone crisis, an overwhelming 85 percent think the worst is yet to come.
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Source: http://www.cnbc.com/id/48080159?__source=RSS*tag*&par=RSS
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