Luxembourg's foreign minister accused Germany of "striving for hegemony" in the eurozone by telling Cyprus what business model it should pursue.
"Germany does not have the right to decide on the business model for other countries in the EU", Foreign Minister Jean Asselborn said. "It must not be the case that under the cover of financially technical issues other countries are choked." "It cannot be that Germany, France and Britain say 'we need financial centres in these three big countries and others must stop'." That was against the internal market and European solidarity, and "striving for hegemony which is wrong and un-European", he said.
Asselborn said it was crucial that smaller EU states in particular were allowed to develop certain economic niches. Germany should also keep in mind it was a prime beneficiary of the eurozone crisis because its borrowing costs have plunged as nervous investors seek safe havens, Asselborn added. The tough stance on the banking and taxation policies of countries such as Cyprus crosses Germany's political divide.
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See also Defensive Germany calls for more EU backing, © EU Observer
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