WE HAVE TOUCHED THE BOTTOM

The highest-placed European officials came to Slovakia to celebrate the euro’s arrival last week. Joaquín Almunia, in charge of economy and currency matters, was among them. It’s a difficult position in such a crisis as this one. Is he in the mood to celebrate in these times of recession? It depends on what you want to celebrate, he answers carefully. If it’s a celebration of the Eurozone’s expansion, then that’s positive news, and not only because of what Slovakia has achieved, but because of the common currency which seems to be an attractive goal for new European Union members. “But at the same time, it’s clear that we live in very difficult times of recession, the biggest one in the last 70 years. And this will put pressure on the euro. It will have to be able to withstand these difficult circumstances. I believe that it will handle it, but we must better manage our economic policies,“ he stresses.