Theo Waigel: Greek crisis exposed EU weaknesses

Theo Waigel, Germany’s former finance minister and one of the architects of the euro in the 1990s, says the Greek sovereign debt crisis has exposed the failure of the institutions underpinning the common currency, in particular the European Commission. He spoke to EurActiv.de in an exclusive interview.
Known as the father of the Stability and Growth pact (SGP) which limits public debt and deficits in the eurozone, Waigel underlined Athen's responsibility in the crisis.
But he added that EU institutions also proved incapable of preventing it, exposing a weakness that needs to be addressed.
EU leaders are meeting in Brussels on Thursday (16 September) to hammer out new rules for the bloc's economic governance following the Greek crisis.
"Greece fiddled with the numbers, which is quite a nasty trick," Waigel told EurActiv.de.


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