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InterviewsApril 1 2007

Scything debt while the sun’s still shining

Joaquín Almunia, European commissioner for economic and monetary affairs, tells Karina Robinson why states must reduce their debt burdens while they can.
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"Are you Catalan?” asked Joaquín Almunia, European Commissioner for Economic and Monetary Affairs, when we first met last year in Istanbul and I spoke to him in Spanish. Not a good start. Insinuating that someone raised in Madrid, as I was, might be from Barcelona is as unwelcome as telling someone from Barcelona that they sound Castillian, or asking a Canadian where they come from in the US.

This time, on a rainy day in Berlin at a conference on fiscal policy in Europe, he made himself unpopular with the German minister of finance, Peer Steinbrück, who was on the stage with him.

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