Former ECB official 'not satisfied' with eurozone direction
A senior European Central Bank official has publicly discussed the reasons for his surprise resignation, saying he is not satisfied with the direction Europe’s currency union has taken.
Juergen Stark said in an interview with Germany’s Wirtschaftswoche magazine that the ECB had done its job by keeping inflation under control across the eurozone, which it does through adjusting interest rates.
But he said some governments had tolerated excessive wage costs and unsustainable real estate booms that preceded today’s debt crisis.
