“The euro is irrevocable”. Mario Draghi remains the most solid defender of the single currency. The thrust divisive course from some political leaders like france’s Marine Le Pen and anyone who thinks that the return to the divided national is the panacea of all ills, the president of the Ecb continues to oppose the idea of unifying of the founding fathers of the Union.
Out of the eurozone is getting worse, and anyone who says otherwise has forgotten the past, says loud and clear to the Parliament the former governor of the bank of Italy. Probably disturbed by the fresh declarations of Angela Merkel on the assumption of a Europe at double speed. “I think it is a view just sketched, on which at this stage are not able to express any comment,” he’s going to say. But the feeling is that Draghi did not like the words of the German Chancellor, other gasoline on the fire in a moment made very delicate by the arrival of Donald Trump at the White House. Protectionist measures, in fact, disturb the leader of the institute of Frankfurt (The”Eu is founded, based on the concept of free trade”), but the idea of bringing the wild West to Wall Street with the scrapping of the rules adopted in response to the virus of sub-prime mortgages. “The last thing we need – he explains – is a relaxation of the rules” i n the financial sector. To replicate the conditions that were the basis of the great crisis that erupted in 2007 “is something very worrying”. And if the continent is to get out alive from the tsunami, the merit is attributed to the euro, the bonds created with the Maastricht Treaty of 1992. Harmful think back to the past, perhaps bringing back to life the snake the monetary-based swing bands pre-established between the different coins. “The years ’70 and ’80 were years of stability – remember, the head of the Eurotower – but of continuous competitive devaluations”. The euro was born, and because “the internal market would not survive” in the currency war between Eu members. From the point of view of Dragons, thus there is no accusation more shameful than the one received recently from Trump to cheat the changes to benefit Germany. “We don’t manipulate,” the euro, says dry the banker is Italian. Who rememb ers how the last intervention of the Ecb dates back to 2011, in the context of a manoeuvre agreed upon with the other central banks in order to stabilize the yen. Draghi also mentions a report by the Us Treasury, dating back to last October (so before the advent of the tycoon), in which it is not said that the european currency is manipulated “and the reason is that the criteria are met that indicate the existence of unfair practices”. As to Germany, the strong trade surplus, which reflects “the strength of the economy and its competitiveness”, is not used “to speculate” in relation to the exchange rate of the euro.
From the point of view of the Dragons, the road is only one: to keep the bar straight on the integration project to come in strong on the international scene. Without forgetting to address “the persistent fragility at national and european level”. Words which seem to point directly to Italy, called into question by some members of the european parliament and, implicitly, the ammonite, by the president of the Ecb when he recalled that “the Countries that do not have space budget, must not try to use it and force to find the fiscal space when there is none”. In addition, Dragons take advantage of the rise of the spread Btp-Bund above 200 to emphasize that there is still the discipline of the market despite the measures of the Ecb. “We see that markets are reacting to various conditions,” he says.
But to those who complained treatments of favor towards Rome, Draghi replication with a net refusal: in the management of the Quantitative Easing the Ecb has not made any inequality”. This is proved by the figures: the total of the purchases from the start of the program for Italy is equal to about 221,91 billion, against the 321,66 for Germany and the 255,11 for France.
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