What Herr Rösler said to Madrid, Rome: consolidate budgets or else

Good afternoon all. We're going to be live-tweeting highlights from the #lserosler event from 1pm today. Hope you can tune in!

Waiting for vice-chancellor Rösler to arrive… anticipation is building! #LSERosler

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#LSERosler Craig Calhoun: “this lecture couldn't be more timely (regarding euro zone problems)”

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#LSERosler Rosler: “Only liberalism can help Europe”

Rosler: “I am convinved that eurozone reforms will lead to stability and growth union” #lserosler

#LSERosler “I'm confident the reforms introduced are in the right path towards economic recovery”

Roesler now talking about importance of compromise in europe #lserosler

#LSERosler: the EU is not about cherry picking…. Hint: he may have meant the UK…

#LSERosler “The member countries must be resolute when consolidating their budgets” (you listening, Spain/Italy?”

#LSERosler the structural causes cannot be remedied by debt-fuelled spending // It is a bit like sport: You cannot achieve it via doping

#LSERosler Vice chancellor linking today solutions' validity to their success in Germany 10 years ago.

“Joining a fitness club is not enough, you actually have to go and exercise” #LSERosler #wisdom

Roesler talking about importance of tough reforms for economic success. I havent seen any in the last 3 years…#LSErosler

Rösler: “Structural causes of eurozone crisis cannot be remedied through more debt” #LSERosler

#LSERosler: Greek support payments should be administered via an escrow account to increase transparency

#LSERosler outlines vision of liberal europe, calls for labour market reform and fiscal responsibility to restore confidence

#LSERosler “Ireland is a good example” of reforms and budget cuts having the right effect…

Rösler: “Single market remains best long term growth plan for Europe” #LSERosler

Rösler: “Eurozone not doing enough to implement existing rules – new proposals only make sense if reinforce current procedures” #LSERosler

Roesler: we have enough rules in europe, but need to implement them #lserosler

“If you want to be fit, you actually have to turn up to the fitness club” #lseRosler, about the structural reforms that must be implemented.

Classic liberal mantra now: trade creates jobs #lserosler

#LSERosler “Country members must show their responsibility” (no relief for Madrid/Rome)

'centralism' not the solution for europe according to Roesler #LSErosler

Question: “Where would you draw line on monetary financing?” #LSERosler

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Roesler speaking german with translator now. Excuse: if he would chose the wrong words in english, ppl in germany would be mad #lserosler

Rösler: “Bond purchases are not alternative to structural reforms -ECB will continue in its task”#LSERosler

Question: “If Greece leaves euro, would they have to leave EU as well?” #LSERosler

Rösler: “Fiscal compact means structural reforms will take place, but will take time. Situation different to 2010” #LSERosler

#LSERosler Rösler dodges the question of Greece leaving the euro and/or the eu as is appropriate for his profession.

Rösler: “Many EU member states not eurozone members” #LSERosler

Whether #Greece will on won't have to leave EU (!) will be determinated by #Troika, says German Vice Chancellor #Roesler at LSE #LSERosler

A euro Grexit need not mean Greece leaves the European Union #LSERosler – good news!

Dr Rosler vice chancellor germany at APCO / LSE lecture #LSERosler pic.twitter.com/XnG76dzp

#LSERosler says that the EU needs more integration and a renounciation of national sovereignity to EU levels pertaining new rules

#LSERosler If markets are listening, expect Spanish/Italian sovereign bond yields to spike like rockets..!

@thecornerdoteu the markets are always listening!#LSERosler

What about a United States of Europe superstate? Rösler: the rules could be tightened further…#LSERosler

Question:”Germany has given huge bailouts to banks – how can banking system be changed?” #LSERosler

#LSERosler First fix the structures, then pump them up with money, says clearly translator.

Rösler: “Need structural reforms, can't pump money into rotten structures” #LSERosler

Rösler: “Haven't just given money to banks, required them to restructure, e.g. Landesbank building society”#LSERosler

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Question: “Does Germany only take measures when it has to?” #LSERosler

RT @LSEEuroppblog: Rosler: “Maastricht promise of stability has never really been kept” #lserosler

Roesler: fighting crisis with central bank leads to inflation. I take that point, but is inflation an absolute evil? #LSErosler

Rösler: “Our way is not only way. We worry QE can fuel inflation, right way is budget consolidation” #LSERosler

Roesler says Germany's ideas on the debt crisis and their structural reform packages have shown results#LSERosler

Roesler: german governmenr hasnt used phrase 'without alternative' in 2 years. Laughs again #lserosler

#LSERosler In cockney we'd say Rosler is giving euro peripheral governments a lot of attitude…

Question from LSE Hellenic Soc: “Is Germany asking for economic obedience and is it right to disregard social impacts?” #LSERosler

#LSERosler In Spain, as in Portugal, as in Greece… governments need to do their homework.

Broken promises in euro zone reforms; not answering social implications of the reforms #LSERosler

The new Greek government needs to start on implementing the agreed reforms especially re a KFW-like bank, says Roesler #LSERosler

Rösler: “Made agreements with Greece on competitiveness, but agreements were not done in practice” #LSERosler

#LSERosler Rosler complaining euro peripheral governments relax fiscal tightening whenever helped to lower markets pressure.

Rösler: “We see social difficulties, but if we relax reform situation will be even worse in 2/3 years” #LSERosler

#LSERosler “Europe for me is much more than an economic area”

Roesler: europe more than just a common market. We have common values #LSErosler

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@craigjcalhoun Closes lecture with thanks #LSERosler

#LSERosler End of the lecture. Tough declarations, tough stand.

Great lecture by German Vice-chancellor and Minister of Economics Dr. Rösler on competitiveness in Europe #LSERosler pic.twitter.com/dwxXIfdE