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Tommaso Padoa-Schioppa : "Athens must not be left to stand alone"
Tribune | 19/02/2010 
Article published in Financial Times on 19 February 2010.
For years, Otmar Issing and I worked side by side to make the euro a success, and I think we did. At the European Central Bank we almost always agreed on the stance of policy. When we could not, the hawk was sometimes me. Now comes the Greek debt crisis and the declaration by European leaders that they "will take determined and co-ordinated action, if needed, to safeguard financial stability in the euro area as a whole". I welcome this statement; Otmar condemns it .
The spectrum of possible outcomes to this crisis is wide. At the best, the Greek government could win full public backing for a package that reduces the deficit and restores creditors' confidence. At the worst, we could see Greece default, with a domino effect knocking down other countries and even leading to a break-up of the eurozone. In-between lie many other, more likely outcomes.
Read the article on Financial TimesWebsite.
Articles by Tommaso Padoa-Schioppa : |
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The author |
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Tommaso Padoa-Schioppa died on 18th December 2010 in Rome. He was 70 years old. He was President of Notre Europe and Chairman of Promontory Europe. He was appointed by Greek Prime Minister Counsel for issues related to management of the economic crisis and public debt in the financial system on August 3, 2010. He was Chairman of the Trustees of the IFRS Foundation & International Financial Reporting Standards. He was Italian Minister of Economy and Finance (2006-08) and Chairman of the Ministerial Committee of the International Monetary Fund (IMFC, 2007-2008).
He was a former Chairman of the Trustees of the IASC Foundation (International Accounting Standard Committee, 2005-2006). In 1998-2005 he was member of the first Executive Board of the European Central Bank. Previously he was Chairman of Commissione Nazionale per le Società e la Borsa (CONSOB, 1997-98), Deputy Director General of the Banca d'Italia (1984-97) and Director General for Economic and Financial Affairs at the Commission of the European Communities (1979-83).
He has been Joint Secretary to the Delors Committee (1988-89), Chairman of the Banking Advisory Committee of the EC (1988-91) , Chairman of the Basle Committee on Banking Supervision (1993-97) and Chairman of the Committee on Payment and Settlement Systems (2000-05).
He graduated from the Luigi Bocconi University and has a M.Sc. from the Massachusetts Institute of Technology.
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