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Czech premier slams EU financial crisis response

Prague - Czech Prime Minister Mirek Topolanek, who is scheduled to be the next European Union president, has condemned the EU's steps to fight the global financial crisis as too interventionist.  All these measures are absolutely artificial. They con...
Posted : Thu, 09 Oct 2008 10:42:12 GMT
By : DPA
Category : Business
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Prague - Czech Prime Minister Mirek Topolanek, who is scheduled to be the next European Union president, has condemned the EU's steps to fight the global financial crisis as too interventionist. "All these measures are absolutely artificial. They contradict the EU's substance," the CTK news agency quoted Topolanek as saying late Wednesday during a visit to Turkey.

"And I have to say it is a huge disappointment. What happened in recent days has damaged confidence in the EU more than anything else," CTK cited him as saying.

Topolanek, whose country takes over the EU rotating presidency from France in January, said he would veto any proposals at the bloc's October 15 summit that would "exceed common sense."

The leaders of Europe's four largest economies agreed last weekend to relax EU public spending rules meant to protect the euro.

On Monday, EU governments agreed to bail out major banks in crisis, fire executives deemed responsible for losses and boost savings guarantees.

Topolanek specifically slammed several EU members for providing unlimited bank deposit protection, calling it "a shameless step" that boosts liquidity in those countries at the expense of others.

The Czech Republic has opposed a steep increase of savings guarantees and plans to only raise protection from 25,000 euros (34,404 dollars) to 50,000 euros.

Copyright DPA

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