Wall Street Journal
February 23, 2011
The European Commission's response to the economic crisis has focused too much on pushing government deficit cuts and not enough on policies to promote job creation and economic growth, a European commissioner said Wednesday.
In a rare public show of internal dissent over the commission's economic policies, Maria Damanaki, the commissioner for maritime affairs and fisheries, also said the European Union should consider restructuring the debt of the euro zone's weakest governments in exchange for accepting the drastic budget cuts and far-reaching economic reforms that Germany and France have sought as part of an overhaul of the bloc's economic policies.
That is potentially at odds with the commission's official position on restructuring: that any debt issued by euro-zone governments before 2013 will be repaid in full.
Ms. Damanaki, a Greek Socialist, isn't directly responsible for macroeconomic policy, but all 27 EU commissioners participate in debates over major policy decisions.
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