The financial bailout of Cyprus was characterized by chaos and uncertainty. Now, many European officials are saying its time to rethink the process of managing these kinds of financial crises and identifying individuals who should be involved.
Many Euro officials say that the International Monetary Fund, after its contributions of financial expertise as well as billions worth of emergency loans should be removed as a decision making partner. Another major issue is the need to have unanimity within the Eurozone countries in order to make a decision moving forward.
Many analysts as well as government officials outside of Europe have raised these concerns and this measure has been taken up by two leading financial decision makers in Europe, namely Olli Rehn and Joerg Asmussen.
Rehn is the top economic official at the European Commission, the executive arm of the European Union. Asmussen on the other hand is one of the six members of the executive board of the European Central Bank.
Both agree that the gradual easing of the current Eurozone financial crisis allows the time and opportunity to fix a process to avoid the issues that arose, should it arise again with another country in the Eurozone.
Join the Conversation