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Sebastian Mallaby interviewed by Christopher AlessiNew electoral currents in Europe are threatening the German-backed fiscal responsibility pact and sparking fresh fears of debt contagion,...
Speaker: Sebastian Mallaby, Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics, Council on Foreign Relations
December 8, 2011
The EU summit's potential for stemming the eurozone debt crisis hinges on Germany, says CFR's Sebastian Mallaby. "The central question in the European summit is whether there can be enough rule building to satisfy Germany, in order to liberate enough money to stabilize the weaker economies," Mallaby says. For the European Central Bank to intervene more forcefully in the markets, Mallaby says, what is needed is "some kind of compact that pushes the system towards more rules against excess borrowing by governments in the future to satisfy the German voters that they're not sending money down a bottomless pit."
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