SIENA (Reuters) – The European countries that recorded a current account surplus, not just those in deficit, should rebalance their external accounts.
This was stated by Minister of Economy, Pier Carlo Padoan, renewing the request to the Germany because they spend more stimulating domestic demand and making its exports less competitive.
“Adopt a collective approach means that everyone in the adjustment must take into account both sides of the coin: both those who have and those who have surplus deficit, so that eventually the collective outcome is better for everyone,” Padoan said opening the XXII Congress of Pontignano.
The Minister said that ” Germany is the strongest manufacturing economy in Europe but is still far behind in the service sector: the liberalization of the services sector of the economy raises the system, create more growth and reduces the problem of an excess of saving over investment and the best solution for all. “
” Why did it happen? There is a resistance to change and lack the sufficient pressure because they carry forward these changes. “
According Padoan,” today in Europe, all countries should go ahead with structural reforms. Some think he’s done everything, to be at the end of the path. I do not agree with this point of view: all must go forward. “
“For many countries the economic data is still disappointing and suggest that we are still at risk of taking the wrong road, as deflation,” says the minister.
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