DPM Lazović: Eurozone crisis was caused by uncontrolled public spending and lack of fiscal discipline, not the euro

Krynica, Poland (5 September 2012) – Deputy Prime Minister for economic policy and financial system Vujica Lazović spoke at the 22nd Economic Forum in Poland about the importance of preserving the euro as one of world’s strongest currencies.

DPM Lazović underlined that the eurozone crisis has not been caused by the euro, but rather by uncontrolled public spending and lack of fiscal discipline among the eurozone members.

Mr Lazović said he believed that the key decision among member-states should not be whether to keep the euro or not, but should rather focus on the criteria a state must meet in order to have the privilege to use the euro.

The Deputy Prime Minister also reflected on Montenegro and specific benefits the small European country has from using the euro as its official tender, particularly in the times of economic crisis. He noted that Montenegro is a success story and that it owes some of this success to using the euro. Mr Lazović concluded that structural reforms that would serve as a basis for long-term growth are a prerequisite for solving the crisis.

DPM Lazović stressed that now is the time to make political and economic decisions that will have a bearing on all European countries, and noted that our destinies are intertwined, recalling that Europe is the birthplace of capitalism, innovation, and market economy.