“we are Not yet stable enough to let go of this type of path tax”. With these words the president of the Eurogroup Jeroen Dijsselbloem has expressed its reservations on the proposal of the Eu Commission aimed to give more space for manoeuvre to fiscal policies to support growth. And the Italian minister of Economic Development replies: “Wrong. Europe is in the midst of difficult challenges, the question is not are the constraints of the financial statements.
criticism
“The Commission has the mandate to make recommendations but are not legally binding, he added,” the president of the Commission speaking before the commission on economic affairs of the european Parliament. Dijsselbloem, in front of meps has highlighted the risk of a possible “conflict” between the rules to stay in the stability Pact and the budgetary policy in the case where the latter is “expansionist”. A clear reference to the proposal submitted by the Brussels — coinciding with the assessments on the laws of the budget of the Eurozone Countries — to launch a policy of “expansionary”, i.e. allow a leeway of 0.5% in the public accounts for those structural investments designed to sustain and revive growth.
response
“Dijsselbloem is taking a gigantic blunder, which it does quite regularly”. As the minister of economic Development, Carlo Calenda, said the words of the president of the Eurogroup brakes on easing of fiscal policies. “Do not understand that the question is not are budget constraints, but the fact that Europe is in the midst of the challenges extremely difficult, the first of which is a clear disaffection of the citizens . There is the need to make a large investment plan to transform it. Serves a new deal at the european level”.
The specification
The proposal of an expansive fiscal stance for the eurozone, and opinions with recommendations on the budgets of Countries constitute a “package” that “takes full account of the requirements of the stability and growth Pact and of broader concerns about the sustainability of the budget””warns of the need to sustain the recovery in this moment.” A spokesman for the Eu Commission to the agency Ansa, after the criticism expressed by the president of the Eurogroup Jeroen Dijsselbloem in the european Parliament. “This — he added the spokesperson — that the Commission invited each member state to do its part by implementing the specific recommendations for each Country addressed to them by the Board.” For several years, in fact, that Brussels, in its recommendations, has indicated to those Countries that have fiscal space to increase investment, such as for example Germany and the Netherlands, and at the same time has asked the other Countries without the fiscal space to continue with reforms and consolidation. It is not therefore to be considered a surprise, the position expressed on the 16th of November by the Commission, nor the opposition of some Countries that so far have not yet fully implemented the recommendations. A governance that is more integrated eurozone, going to a minister of finance only for the Countries of the area, the rest is already planned by the Ratio of the 5 presidents on the future of economic and monetary Union (including the president of the Eurogroup Dijsselbloem). The proposal on the expansive fiscal stance of the eurozone as a whole, and the opinions on the budgets of individual Countries will be discussed at the Eurogroup and Ecofin on Monday and Tuesday next.
November 29, 2016 (change on 29 November 2016 | 16:03)
© REPRODUCTION RESERVED
No comments:
Post a Comment