Economy World

Debt crisis: Robert Zoellick criticizes Europe

WASHINGTON – On Wednesday the president of the World Bank Robert Zoellick  criticized the 17 member countries of the euro area, accusing them of not taking strong measures to prevent the debt crisis in Europe.

Considering that these states had not acted responsibly, he was accused of having created a single currency without stopping measures to ensure the proper functioning of the system. The President of the World Bank has found that they would first have examined the situation of countries that could not be competitive in global markets and those who bore the burden of debt.

“The world economy has entered a new zone of danger” while “European countries are resistant to difficult truths about the common responsibilities of a common currency,” he said. In days the fear of default of Greece causes turmoil in financial markets.

In a speech at George Washington University, Robert Zoellick also criticized the U.S. for failing to deal with yawning budget deficits and have not progressed towards free trade agreements.

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