Spain, France, Germany, Italy, Holland, Poland and Luxembourg advance in the creation of a European savings product in the face of the blockade that has for a long time the union of the capital market that would allow the EU to have a common financial market to bring together savings, lead to a stock market integration and facilitate joint debt. The Minister of Economy, Carlos Corpora, raised last October carry out “pilot projects” that would allow progress in that direction, even if only to a group of countries and then add more that they are interested in what he called a “European competitiveness laboratory.”
The ministers of those seven countries, which represent the main European economies, have met this Monday in Brussels before the celebration of the Eurogroup to address that approach that, as explained by body, means providing European countries “with an agile tool to be able to advance in the matter of integration into the single market.” The idea is that this group of countries work as a “advance” of the projects that involve a deepening in the internal market and “do so in a coordinated manner with the initiatives of the European and integrative commission allowing other countries to join”.
“The first projects that we are analyzing are framed those that have to do with the union of the capital market with the ability to guide all the savings that occur towards projects that give us greater strategic autonomy, greater security in economic terms,” said body, which has referred specifically to the “creation of a European savings product.” The preparations will continue in June with the intention that the instrument is ready in the second half of the year.
“We do not have a European financial market and all our savings, due to that reason, are going to the United States, are feeding the US economy and are strengthening US companies. These savings are returning to Europe to buy our companies, ”he warned months ago the former Italian Minister Enrico Letta, who prepared one of the reports on competitiveness that is serving as a guide to the EU so as not to be left behind.
The project in which Spain, France, Germany, Italy, Holland, Poland and Luxembourg are working is a savings label at the EU level to promote the mobilization of retail savings towards investment, according to government sources that point out that the intention is to “direct billions of euros in financing to develop the European industry and reinforce its safety” in a context ‘Pinza’ between the US, which has raised the pressure of the commercial war since Donald Trump’s return, and China.
In statements to journalists before participating in two days of meetings with their European counterparts in which the tools to raise the expense in defense will be fundamentally analyzed, body has reiterated that the instrument raised by Ursula von der Leyen to grant credits to the countries is insufficient. “We believe that we must go even further (…) also with an element of transfers,” he defended. That is a debate that flies over in the EU, but that a priori has the rejection of countries such as Germany, Holland or Austria, who do not want to know anything about the joint debt.
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