Helmut Siekmann, Professor of Money, Currency and Central Bank Law, is convinced that the Eurozone will be an economically strong currency area in ten years’ time – irrespective of its future composition. On a symposium on 2 February 2017, organized by Deutsche Bundesbank and the “Aktionskreis Stabiles Geld” on the occasion of the 25th anniversary of the signing of the Maastricht Treaty, Siekmann discussed with scientists, economists and central bankers about the future of the European Monetary Union.
According to Siekmann, one major reason for the current crisis is that the EU law leaves too many loopholes. As an example, he highlighted that the Maastricht Treaty does not include a strict no-bailout rule which would restrict one member state from assuming the debts of other member states. The politicians have deceived the population, Siekmann said, by indicating that they would follow the no-bailout principle while, later on, they pursued a different way.