Draghi and Macron warn the EU: “This way you don’t grow, you need a change”
Italy And France they are more and more united and in Europe now they are making the loud voice. Confirmation comes from open letter written by four hands come on Premier Draghi And Macron and published on Financial Times. A clear warning signal sounded to the EU, the message is unequivocal: the rules of budget law they must be changed. “To combat the crisis, – reads the letter – the EU governments have disbursed almost 1,800 billion euros in aid for families and businesses. The European Central Bank has embarked on a vast program of monetary stimulus to support credit. The European Commission suspended its budget rules and, together with governments, launched the program Next Generation Eu, a 750 billion euro plan to finance investments and reforms. The recovery is well underway. The EU economy is not yet on the trajectory it had before the pandemic, but it is on track to return to pre-crisis levels in the next months”.
“Even before the pandemic, – they continue Dragons And Macron – the EU budget rules had to be reformed. They are too much opaque and excessively complex. They have limited the scope of governments during crises and overloaded monetary policy with responsibility. They haven’t created the right incentives to prioritize public spending that looks to future and strengthen our sovereignty, for example public investment. We will need fiscal policies that are credible, transparent and capable of contributing to ours collective ambition to have a stronger, more sustainable and fairer Europe. There is no doubt that we need to reduce our levels of indebtedness. But we can’t expect to do this through higher taxes or unsustainable social spending cuts, nor can we stifle growth through impracticable budget adjustments “.
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