[FR] Five questions adressed to Tommaso Padoa-Schioppa on the eve of the Spring European Council

The last few weeks have been dominated by the Greek crisis. On the eve of the European Council meeting that will decide on this issue, what do you think the EU’s response to this crisis should be?

The European Council already set out its position on 11 February, when it stated that the Member States of the euro area ‘will take decisive and coordinated action, if necessary, to preserve the financial stability of the euro area as a whole’. With this statement, the European Council showed that it is aware that it is not only Greece that is threatened, but the eurozone as a whole, the euro itself and the cohesion and credibility of the entire European project. What needs to be done now, and this is very complicated, is to translate this line into concrete action. In this regard, it should first and foremost be emphasised that the Greek crisis will be resolved in several stages over a number of years. It is not a one-act drama.

The damage accumulated over many years cannot be repaired in one fell swoop. The question today is therefore to identify the right path, bearing in mind that the steps to be taken will become clear as we move forward on this long road. What does this “right path” consist of?

It consists of an appropriate combination of a recovery policy to be implemented in Greece and a stance of encouragement, solidarity and support on the part of the Union. Any support must, of course, be provided on condition that the recovery plan offers a real prospect of restoring Greece’s debt repayment capacity. This solidarity and support must be defined by the European Council and the European Commission, even if certain measures are taken by individual Member States.