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Ex-ECB chief economist Issing: Currently no country ready for euro accession

Monday, 12/27/2021 6:08 AM from

dpa-AFX

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The euro symbol in front of the ECB in Frankfurt. © querbeet / iStock / Getty Images Plus / Getty Images

FRANKFURT (dpa-AFX) – Former ECB chief economist Otmar Issing currently advises against expanding the group of euro countries. “At the moment it does not look as if the euro would improve if more countries took part,” said Issing in an interview with the German press agency in Frankfurt on the occasion of the 20th anniversary of the introduction of euro cash for the first time. January 2002. He currently does not see “that individual countries are adequately prepared for this,” said Issing.

Not every new country weakens the euro, there can be no question of that, “emphasized the Würzburg economics professor, who was initially chief economist at the Deutsche Bundesbank (October 1990 – May 1998) and then in the same position at the European Central Bank (ECB / June 1998 – May 2006). “However, permanent stability must be guaranteed. It is not enough to dress up for the moment of the wedding and then fall back into old, bad habits. “

On January 1, 2015, Lithuania was the last country to join the group of countries with the common currency – as the 19th member of the euro zone. Croatia and Bulgaria have been trying for years to meet the criteria for admission.

When designing new banknotes, Europe’s monetary authorities now want to build bridges to consumers: the ECB will “work with European citizens in a process that should lead to a final decision in 2024,” announced the central bank at the beginning of December. DP / pcs

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