Splits in Euro Zone Emerge Amid Debt Crisis
By STEPHEN CASTLE, NYT
Published: November 29, 2010
BRUSSELS — Even as Europe struggles to contain its latest debt crisis, fresh fissures are emerging that show the euro zone diverging into two — or even three — different economic parts that threaten to compound the problems even further.
After publication of new figures Monday, a senior European Union official acknowledged for the first time that a two-speed euro zone might now be developing, with Germany racing ahead while debt-laden countries on the Continent’s periphery battle stagnation.
“It has to be admitted, there is a certain dualism in Europe,” Olli Rehn, the European commissioner for economic and monetary affairs, said Monday while announcing the commission’s autumn economic forecasts.