– Strengthening risk-sharing, consolidation of governance common reforms , pro-growth fiscal policies. So the president ECB , Mario dragons that invites you to “remain vigilant: the EU will work really only if we address the institutional weaknesses and regulations still present. ” Any delay “may be dangerous”.
Dragons back also to talk the need for fiscal consolidation in countries with high debt, it points to “measures favorable to growth” and therefore not only budgetary policies.
Coming of Dragons – E ‘the new thrust of the President of the European Central Bank Mario Draghi that the message sent to the conference “Towards the 60th anniversary of the Treaties of Rome: state and prospects of the European Union”, urges to fill the gaps in the European institutions. But above points the finger at the resistance of those national governments who are suspicious of the economic and budget, for fear of finding themselves to deal with interference uncomfortable. A reluctance that is justified in the fact that the first sponsor of the budget and the ‘convergence process’ in economic policies is Chancellor Angela Merkel.
limits the sovereignty of States – The Dragons knows that no accident recalls how the economic and monetary union limits the sovereignty of individual states, but many will have “noticed only after the outbreak of the crisis.” It assures: central bankers “do not want to be pushy and do not want to tell the governments what to do.” Italian government comes while fully supporting the strengthening of governance that has to “turn into a real democratic government and politics of the common currency,” notes the Secretary to the Prime Minister with responsibility for European Affairs and Policies, Sandro Gozi. And “this means – he added – that we must also set the objectives of employment growth and competitiveness for the whole euro zone, with a genuine common economic policy, which also includes social objectives”.
Strengthen reforms – A process that Draghi would accelerate because any delay “may be dangerous”, while strengthening the pressure on structural reforms especially now that the partners of the euro bloc can take advantage of the window of quantitative easing to restore order in the accounts without stifling growth. And ‘This is the occasion for the breakthrough and – suggests Draghi – must not be wasted: it must immediately proceed “with measures favorable to growth,” the process of correction of public finances in the countries where “the high level of debt has undermined the appeal the national budgetary policies as a tool for macroeconomic stabilization. ”
A major step change in the language of the ECB, the amount due, as Draghi’s own admission “was not always done enough to safeguard the euro area’s ability to use fiscal policy counter-cyclically. ” The result is that “remain strong internal differences in terms of unemployment, growth and productivity” and that “several countries have yet to bring their fiscal policy on a path consistent with the long-term sustainability.”
In this context for the ECB president is crucial to create “a convergence of our economies in the ability to cope with shocks and to grow together” and to do that you have to go to the “risk sharing private”, while financial integration “must progress to facilitate companies’ access to credit.” And if the banking union is an important step, “is brought to completion and must now follow a complete union of capital markets.”
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