(MORE TO FOLLOW) Dow Jones Newswires
June 12, 2012 09:42 ET (13:42 GMT)
BERLIN--The euro zone's sovereign debt crisis was caused by member
states not following European Union treaty rules, Jyrki Katainen,
prime minister of Finland said Tuesday.
Had they followed the rules, we would have avoided the crisis, Mr.
Katainen said, speaking at a political event in Germany.
Still Mr. Katainen said we need more Europe, and not less, and argued
for more structural reforms to increase competitiveness in the euro
area. Austerity and growth are not contrary, he said.
Spain was right to seek a bailout for its banks, the prime minister added.
"We need to recapitalize Spanish banks," he said.
He added that he could see some advantages to euro bonds, if they were
constructed correctly.
-Write to Christopher Lawton at christopher.lawton@dowjones.com
(END) Dow Jones Newswires
June 12, 2012 09:42 ET (13:42 GMT)
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