Minister Padoan: “The deficit was 2.6% compatible with a macroeconomic framework different, but we’ll be in the “top 3%. Bickering distance between the prime minister and the ‘hawk’ Finnish next president of the Commission. Schaeuble: “The more investment, also from Germany.” “We need structural reforms”
MILAN – The deficit target of 2.6% was “an objective compatible with a different macroeconomic environment, and in any case we will respect the constraints.” The Minister of Economy, Pier Carlo Padoan , entering the Eurogroup responded to those who asked if Italy has to respect the deficit target that according to the calculations of the government should be at the 2 , 6% at year end: “The ECB recognizes that the macroeconomic framework is much worse than six months ago and there is the obvious implication for the public finances,” the minister said hinting that the next Def (Document of Economics and Finance) can not be considered valid yet that prediction, which is likely to be worse.
The harder the premier Matteo Renzi on Twitter. “We – wrote the President of the Council – we respect the 3%. We are among the few to do so. From Europe therefore we do not expect a class, but 300 billion investment #junker” (wrong to write the surname of the president of the EU Commission ). He answered by return hawk Finnish Jyurki Katainen , the future vice president of the Commission, for which the EU Commission itself “is not a teacher, we are collaborators.” “We’re just evaluating how well – added Katainen
– the different countries are meeting their commitments and what has been promised to the other Member States”
The Governor of the Central Bank, Mario Draghi that informal meeting yesterday in Milan insisted on the need for investment, he has emphasized that the “recovery is fragile, but it will continue,” and did not miss the reference to the need for “more ambitious reforms: we will not see a significant growth without structural measures. ” The number one Eurotower then spoke of the Stability and Growth Pact as much criticized as an “anchor for confidence in the eurozone” and urged it to respect: “We must not forget the profound economic imbalances of the past and the progress made” thank you to it.
A Padoan and Draghi has echoed the President of the Eurogroup, Jeroen Dijsselbloem : “I think we all agree on the idea that the priorities in Europe are growth and employment “, the big debate is about which policies to use to obtain employment growth and jobs and what mix of policies are held together.” A timid opening to the need to invest comes from the German Minister of Finance, Wolfgang Schaeuble : “We are in an economic environment – he says – that requires a strengthening of investment in Europe, including Germany.” For sustainable growth serve as “more investment than consolidation, reforms and regulatory framework better . “
Overall, the ‘ Eurogroup reaffirms its commitment” to effectively reduce the tax burden on labor, “as stated in the final communiqué. It is “a clear political priority” and during a meeting today were established common principles on how to achieve the goal. Tomorrow all ‘ Ecofin will be the central theme of their investment and growth, informal meeting in Milan: the Treasury’s confidence for a political agreement for the launch of a European plan for growth .
As to France’s request to move the return of the deficit / GDP ratio, currently over 3%, to 2017 – a decision that will have to pass the scrutiny of the EU Commission – Padoan laconic answer: “Paris is Paris.” Padoan then reiterated that part of Germany “there is no resistance, there is no agreement on a” pact for growth in Europe: “The growth pact is a proposal of all, it’s already on the table, is based on reforms structural, internal market and to finance growth. “
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