Verhofstadt: Greek Crisis Trigger and Not Cause of EU Financial Crisis

“Guy Verhofstadt, leader of the Alliance of Liberals and Democrats in the European Union Parliament, and former Belgian Prime Minister and possible candidate for the 2014 EU Commission presidency, proposes federal union as the means to break the deadlock and solve Europe's financial crisis.

Speaking to the Hong Kong Chamber of Commerce yesterday, Verhofstadt outlined comprehensive and detailed proposals for solving the EU's financial crisis. Verhofstadt states that with the launch of the Euro there was no public authority strong enough to penalize members who breached the rules. He calls the Greek crisis the trigger and not the cause of the crisis. The EU has used an intergovernmental method to solve its problems and he states "markets are asking for more unity and a transfer of powers to the European Institutions."”