How was that with the Greeks, Mister Juncker?

23/5/2019

The head of the European Commission shares humorous and shocking secrets from his decades at the top level of European politics

He was already a minister of finance before the Wall came down. He was the prime minister of Luxembourg for almost 20 years; he was involved in introducing the euro; and he is now facing the end of his five years in office as the President of the European Commission.

Hardly anyone knows the EU from the inside as well as he does – and he represents both the good and the bad side of what happens in Brussels.

On the eve of the European elections, Juncker explains his views on Europe and gives an insight into what is happening behind the scenes. An interview with historic – and not so historic – photos.

Greek bankruptcy

BILD: In 2010, you were head of the Eurogroup. Were you mad at the Greek Prime Minister, Papandreou, when he declared Greece’s factual bankruptcy in April?

Jean-Claude Juncker: “When Giorgos Papandreou came into office, he either didn’t know how deeply in trouble Greece was – or he pretended not to know. It was difficult for him to bring himself to make this declaration.“

Really? At least the scenery was beautiful.

Juncker: “The dignity of the Greek people was trampled on by certain parts of German politics and the German media back then. As if the Greeks were all lazy and corrupt. This weighted heavily in dealings with the various Greek leaders.“

Would it have been better if Greece had left the euro?

Juncker: “No. Once a country leaves the euro, the entire euro is at risk of collapsing. And so far, the support for Greece has actually not cost anyone a single euro.“

But it must be possible for a country that is not fit for the euro to leave the euro.

Juncker: “The euro is our common currency, and that is irrevocable. A currency union must be more stable than a marriage, otherwise nobody will believe in it. That’s why, prior to a euro accession, we must look much more closely than we did in the past. It’s true that Greece became a euro member in 2001 after having forged the statistic material. To this day, I blame myself for that. As a finance minister, I didn’t want independent EU statisticians to be allowed to review national data. That’s why we’ve changed this: today, the independent EU Statistical Office, Eurostat, can thoroughly check the books of all EU member states. So Europe is capable of learning from its mistakes.“

At the end of the 1990s, the German Minister of Finance, Waigel, pushed for the European Stability Pact in order to resolve the Germans’ doubts about the euro. Did you understand that?

Juncker: “Yes. His legendary statement on a strict deficit limit was: ‘Three percent is three percent’. That was both economically and politically correct. Unfortunately, Germany has violated the Stability Pact 19 times since then.“

Was the Pact naïve?

Juncker: “To this day, what’s missing in its construction is an ‘economy government’. This was prevented by the Germans, among others, since they were worried about French conditions across Europe. However, a common currency requires a common economic policy.“

Will the euro still exist in ten years’ time?

Juncker: “Of course.“

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