EU commissioner proposes deterrents for deficit sinners

In an interview with mass-circulation daily Bild, the EU’s Energy Commissioner was asked what Europe could do to provide an effective deterrent to breaking deficit rules, amid a crippling debt crisis.

Oettinger proposed that EU countries submit their budgets to the EU in advance for checking, then added: “We could also consider unconventional ideas.”

The commissioner said: “There is also the suggestion that the flags of deficit sinners could be placed at half mast outside EU buildings. That would only be a symbol, but it would be a powerful deterrent.”

Oettinger also proposed that the EU send “qualified officials” from other member states to help Greece with its administration.

However, he rejected the idea that debt-wracked Greece should be forced to leave the eurozone.

“That would divide Europe and would be a disastrous signal. It would give the impression that the EU is not in a position to stabilize a relatively small country,” he said. “Markets and creditors would lose their trust in us in the future.”

AFP/smd