World Bank chief Zoellick says Europe doing too little too late

City A.M. Reporter
EUROPEAN leaders dealing with the sovereign debt crisis have done too little, too late, outgoing World Bank chief Robert Zoellick said yesterday, warning that Europe risks losing influence and developing nations now face increasing market uncertainty.

“European politicians always act a day late and promise one euro too little. Then, when it gets tight, they add new liquidity,” Zoellick told Germany’s Der Spiegel.

While that bought time, it did little to address the Eurozone’s structural problems, Zoellick said.

“It’s no longer so much about which model the Europeans choose. They should just decide on one. Quickly.”

"If Europe continues to falter, it will lose global influence. European leaders must be aware of that,” Zoellick said, adding that Germany should take a leadership role and keep pushing for reforms.