The Eurogroup reaffirms its commitment “to effectively reduce the tax burden on labor.” It is “a clear political priority” and during a meeting today were established common principles on how to achieve the goal. This is what emerges from the statement released by the Eurogroup at the end of today’s meeting.
“We will respect the commitments,” he said this morning the Minister of Economy, Pier Carlo Padoan, just come to the Eurogroup. “The deficit target of 2.6% was a target compatible with a different macroeconomic environment, and in any case we will respect the constraints,” he assured the minister when asked if Italy has to meet the projected deficit to 2.6.
“We are working with the law of stability which, by definition, an impact on the accounts,” he then replied the minister to those who asked how the government will respond to the ECB which, in the bulletin, asked Italy for one consolidation effort is increased. “The ECB – added -It admits that the macroeconomic situation is much worse than six months ago and there is the obvious implication for the public finances.”
The Stability Pact is “an anchor of trust “and” it is the responsibility of the countries abide by the rules “, then” consolidation continues and flexibility will be applied within the rules, “said the president of the Eurogroup Jeroen Dijsslebloem at the end of the meeting.
“Reduce the tax wedge is one of the major reforms to help the competitiveness of our economies,” he added Dijsselmbloem.
“to ensure that they return investments” need “to do more ambitious structural reforms. Countries will have to deal with the specific recommendations in a determined manner, “he reiterated ECB President Mario Draghi.
” The second quarter saw a stall in growth after three quarters of recovery. We continue to believe that the recovery will continue at modest pace. It is fragile, not homogeneous, but is continuing, “noted the president of the ECB.
” It’s important flexibility but must not undermine the credibility. ” So the Finnish Jyrki Katainen, vice president of the new European Commission and co-ordinator of all economic Commissioners, during the press conference that closed the proceedings of the meeting of the Eurogroup. “When you want to change the situation to get to a growth and an increase in employment we need to focus on structural reforms,” said Katainen. The reforms, he emphasized, favoring a ‘sustainable growth’ and an increase in employment and occupation.
“We are not masters but we as interpreters of all countries comply with their commitments and what they promised to other countries, “he then said Katainen responding – cameras de ilfattoquotidiano.it – the premier Renzi wrote on twitter that” we do not expect lessons from Europe. “
” No minister has challenged the Stability and Growth Pact, “explained the Spanish Finance Minister Luis De Guindos. “We have reiterated – he added – the importance of continuing with structural reforms in the bonds of the covenant, which already has a flexibility inside.” As for France, which has asked for more time to fall within the constraint of the deficit / GDP ratio, “there was no allusion to this. The Minister Sapin intervened in the debate – said De Guindos – the same way the others and said (France) is absolutely not calling for any exceptional treatment unless the application of the existing rules. “
“We are in an economic environment that requires increased investment in Europe, including Germany,” said German Finance Minister Wolfgang Schaeuble. To create sustainable growth, he says, a need for “more investment than consolidation, reforms and regulatory framework better.”
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