DIFFERENT VOICES

Date: 03/09/1998

“It's the first time Italy is facing a world crisis of such proportions not on board a sloop but on a transatlantic liner called the euro.” Italian Industry Minister Pierluigi Bersani arguing that Rome's berth in monetary union would help smooth the country's passage through the storms currently churning up the global financial system.

“The stakes are very high. If the crisis continues, it's not Greek convergence that will be at risk but the whole EMU project.” Yannis Stournaras, chairman of Greece's council of economic advisors, warning that the Russian economic crisis could jeopardise the single currency itself.

“It is a Russian problem that needs a Russian solution.” Lousewies van der Laan, spokeswoman for Foreign Affairs Commissioner Hans van den Broek, stressing that while the European Commission was monitoring the crisis closely and was considering help where possible, “there will be no magnificent sums of money because we do not have the resources [Russia] needs”.

“We must really try to localise the crisis. The rouble is not a global currency.” German Bundesbank directorate member Edgar Meister insisting the international reaction to the Russian crisis had been exaggerated and the impact on Europe's economy was more psychological than real.

“We will have to clarify the goals and rethink the means of our cooperation in order to reinforce our common destiny and our capacity to lead Europe together.” French President Jacques Chirac calling for a “renovation” of Franco-German relations and saying Paris should propose “new, even more ambitious paths” to maintain the understanding and cooperation between the two countries.

“It would be absurd ... to assume that it would ever be possible for something like this to be the basis of discussions. It is categorically rejected.” House speaker Spyros Kyprianou, deputising for Greek Cypriot President Glafcos Clerides, reacting to the Turkish Cypriot proposal to bring the divided Mediterranean island into a confederation.

“Without even seeing our proposal, thinking 'Oh my Lord, don't even consider it', they said no.” Turkish Cypriot leader Rauf Denktash attacking the Greek Cypriot-led government for immediately rejecting his proposal.