Europe must overcome North-South divide, says Asmussen

The economic split between northern and southern euro zone countries is the largest it has been during the common currency’s existence and the problem must be overcome, European Central Bank policymaker Joerg Asmussen was quoted as saying on Wednesday.

“There is a real north-south divide, which has not been seen in the last 10 to 15 years,» Asmussen, a member of the ECB’s Executive Board, told German magazine Stern. «We have to overcome that quickly.”

He also told the magazine that not only the debt-ridden southern European countries have to reform, but all euro zone countries, including his native Germany.