The head of the European Stabilization Fund predicted resolution of the crisis in two years

Klaus Regling, head of the European Stabilization Fund believes that the debt crisis in the European Union over "a year or two" if the currency union will meet its obligations. He stressed that Europe must meet limits the size of their budget deficits and increased competitiveness.

With Regling said that if not for the intervention of the stabilization fund, Ireland and Portugal, the eurozone would have to leave.

European stabilization mechanism provided for emergencies and must be replaced by the stabilization fund, operating on a permanent basis, the capital of which will be open to all countries. And increase its volume - from 440 to 500 billion euros.

This fund was started with 1.6.12, but because of the opposition of the judiciary in Germany start work had to be postponed. 12/09/12 German Constitutional Court will rule on the legality of its participation in the project. Klaus Regling recognizes that it makes sense to create such a fund without Germany.

The debt crisis in the European Union began two years ago. Despite the efforts of the European Commission, and other key officials, he continued to spread to more countries. Today, under the threat of default were Greece, Portugal, Ireland and Spain.