Padoan replica Juncker “We are entitled to flexibility” – BBC

ACCOUNTS OF ITALY

Milan , February 3, 2016 – 13:29

the Italian effort on reforms should be recognized, and gives “every right” to the country to have a greater flexibility on the accounts. Pier Carlo Padoan responds effectively so Jean-Claude Juncker, President of the EU Commission, in head to head on the stiffness (or less) of the deficit rules that goes on for weeks between Brussels and the Italian government, with Premier Matteo Renzi on the front line. “The effort to reform Italy leads us to ask with all the right management of a more flexible fiscal policy, as required by European rules – said the Minister of Economy on February 3 in a meeting with British Chancellor George Osborne , the Aspen Institute Italy -. It’s not something that we are inventing it, I say firmly. ” Padoan then urged Brussels to take a position as soon as possible on the issue of flexibility of the Italian accounts: “We hope that the answer is dissolved soon – he said – to avoid uncertainty.”

The appeal to banks

the context is favorable, among other things, because the new uniform rules for the European capital market can act as a driving force for the development of the country. “Let me urge our banking and financial system to take advantage of a stronger integrated EU – said Padoan fact -. The Capital Market Union (the single capital market ed ) is a great opportunity for our country and for our banking and financial system ‘which can and must therefore “adapt to new European dimension’ .

the financial reputation

This appeal to the banks comes at a time of particular fragility of the system of credit institutions: securities are affected by heavy declines in bag also for mergers that are slow in coming, as it becomes a priority to defend the reputation among customers, after saving four banks (CariFerrara, CariChieti, Popolare Etruria and Banca Marche) took place with the support of bondholders. It is a negative impact, however, finds no evidence in capital ratios, as those of Italian banks are in higher average than those of major European banks.

Compatibility

According Padoan not there is nothing strange in the request for greater flexibility to the EU Italy, adding: “there is absolute compatibility between our fiscal policy and the policy of reforms,” ​​he said. “Setting” expansive “of economic policy in 2016 and subsequent years will not change – supported the Minister of the Treasury -. There is an agenda of structural reforms and public investment that allows you to use the flexibility clauses that I have never seen as weakening of discipline. ” Simply, Italy asks to use these margins, “asks no new flexibility, as I hear authoritative European representatives, but that already provided and included in the Stability Law ‘passed by Parliament.” And stressed: “Italy’s consolidation continues.”

The Brexit

As for Osborne, on the question of Brexit – the Britain’s exit from the European Union – has been unmarked by appealing to popular vote: “it is up to the people to decide by referendum,” he said Chancellor of the Exchequer.

3 February 2016 (edited February 3, 2016 | 14:31)

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