German expert says ‘many mistakes’ were made with Greek crisis

Peter Bofinger, one of the five members of the German Council of Economic Experts, commented last week on state German radio station DLF about the handling of the Greek crisis that “many mistakes” have been made since 2008.

The European Central Bank, he said, “realized too late how serious the crisis was.”

Another mistake was the enforcement of an austerity policy in the eurozone that has not been applied to countries with other currencies, such as the US, Great Britain and Japan, Bofinger said, resulting in some member-states finding themselves in a difficult position.