No surprise, at Palazzo Chigi, when the German Finance Minister Wolfgang Schaeuble arrived yesterday morning Eurogroup and expressed appreciation for the Italian effort for reform, among other things, remembering that we have “passed a reform relevant labor market. ” It was the signal of detente waited on the banks of the Tiber, a gesture matured in the second half of Sunday when Matteo Renzi and Angela Merkel have felt a call to put the point, made necessary by the bounce of the controversy on the interview of the Chancellor to Welt am Sonntag . Appears that the tone of Berlin have been accommodative, that Frau Merkel has downsized the issue, and announced that Schaeuble would arrive in Brussels with an olive branch. So it was. Put the phone down, the prime minister who gave the news previously quite irritated, confessed convinced that the incident was returned and the case could be said to be closed.
The interpretations count a lot these days, especially because economy and unstable political systems across the continent raise the level of sensitivity of European governments. The climate is reflected well in the tone of the report cards of the laws of the European Stability reviewed by the Eurogroup, the year in which the economic ministers of the Eurozone have been granted a rich dose of cerchiobottismo, creating a statement that leaves open many readings. Especially on countries sent in March, France, Belgium and Italy. And in particular on the latter. The political ours is that the Eurogroup agrees with the postponement of the trial in March on the law of the Stability and approves the ” broad reform agenda “of the government Renzi. That coach is that ministers of the Eurozone share the analysis that Rome “might not respect the Stability Pact ‘, measure the difference between the correction of accounts and request that promise in 0.4 points, then remember that” effective measures would be needed for an improvement of the structural effort ‘.
The number is accurate, no strategy. “The gap must be bridged – says the president of the Eurogroup, Jeroen Dijsselbloem -. You can do it with new measures or through the evaluation of those already taken, or the Commission may say that 0.1 is 0.2 …. ” Just the result. So what? We do well, and then we’ll see. There are over three months to negotiate. Written words are more insidious than those spoken by the bishops of the Eurozone. In line with the EU Commission – mossiere in the process of economic and financial coordination of the European semester -, the Eurogroup admits the risk of slippage of Italy than the medium-term objectives and, “while recognizing that the unfavorable economic circumstances and l ‘ very low inflation have complicated debt reduction “, insists that” the high debt remains a reason for concern. ” And ‘here that emphasizes the “gap” of 0.4 points of GDP (6 billion t ons) on the structural deficit, and it is hoped in effectiveness measures. “No additional request: Stability Law in 2015 implemented effectively relaunch the Italian economy,” the minister tweets Padoan. The text, in fact, does not mention it.
This does not mean that the same Dijsselbloem remember that each country at risk of not meeting the europercorso “should take appropriate measures at the right time.” Brussels will wait for March and the Netherlands – as Pierre Moscovici, Commissioner for Economic and pure Wolfgang Schaeuble – reaffirms that “the time for provisions to be used to bridge the gap.” Minister responds Padoan: “We are very determined to implement the program as the approval of the labor reform has shown.” Therefore, he adds with reference to the controversy triggered by Merkel, “we do not share such reserves.”
For the upper floors of the Commission’s contention bilateral seem a nuisance, but no one says. Moscovici seems to think of Italy’s statement that “respect the rules is to ensure their credibility,” but also to Germany with his “we must take account of what you can do.” And if someone can not do it? “We put ourselves in this logic – meets French -. We work because things go according to plan. ”
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