From our correspondent Claudia Guasco Cernobbio (Como) – Between France and Germany clash over the euro. In Europe, says former Finance Minister greek Yanis Varoufakis, there are “serious differences” between Paris and Berlin on the form that should have European political union, which all recognize the need. Varoufakis speaks to the audience of economists, managers and bankers gathered in Cernobbio for three days of workshops Ambrosetti. The highlight of today is the intervention of Prime Minister Matteo Renzi, who a year ago rejected the invitation and went to cut the ribbon of a new factory of taps, the issues on the table are the recovery, the financial storm winds that blow China and of course the euro.
“RESPECT THE PATTI”
“It must be a currency based on the gold standard or a sovereign currency? If you opt for the first, strict rules are needed and the output is the only alternative to permanent recession once falling into deflation. A sovereign currency union needs tax politcamente governed, “says Varoufakis. Today “indecision remains. We have a clash dramatic, some say a religious war, between Paris and Berlin, on what form the political union should take. I do not think that anyone would think that we need a political union now, but There are serious disagreements on how “. “ Greece and our democracy were crushed by an elephant. It hurts me to see my good friend and companion, Alexis Tsipras, be forced, under the threat of Grexit, to accept a program or the International Monetary Fund , neither he nor I nor Wolfgang Schaeuble believed to be workable. ”
In any case, it makes no sense rocking again with the idea that the euro could be “the pacemaker European political union,” is the argument made by the former German central banker Otmar Issing. Who declares himself very skeptical about the ability of some members of the monetary union to respect the rules of the Stability and Growth Pact: “The monetary union can only survive if countries comply with the provisions, the agreements must be respected. If a this principle is violated constantly how can we resist? “.
The Refounding EUROZONE According to the French Minister of Finance Emmanuel Macron is necessary to start from the beginning:” We have to work on a new roadmap that restores a sense, a vision of the European project. After the era of the founders and managers that it is up to re-founders, this is our task. The important thing is to reject the status quo, “he says.
From the forum on the shores of Lake Como called his agenda:” They quickly made concrete decisions to strengthen the governance of the euro area. We need to define choices and timetables within a month and a half, that’s my goal. “The French minister does not believe that the discussions of the heads of the Eurozone finance, who will meet in Luxembourg next week will lead to decisions. It will a first comparison, a step closer to defining the next roadmap. A summit still important: it is expected that ministers stretch out the track of decisions, in the French view, should be taken in the autumn.
The aim is to clarify the perspective in which the eurozone governments to move in, starting with the relationship of the five presidents EU (Tusk, Juncker, Dragons, Dijsselbloem and Schulz) postponing specific commitments on the union budget, on configuration parliamentary euro zone, on the institutional responsibility for coordinating economic and fiscal policies. Macron reiterates its positions on the wrench that the eurozone would need to face the challenge of economic growth and to prevent future crisis using as that of Greece: serving its own budget in the euro zone, should be given to a person at European level responsible for resource management, responsibilities that should be attributed to the Commissioner responsible for economic affairs.
For the French Minister reform of the euro zone It must be based on the combination of “internal reforms and transfers to cope with asymmetric shocks”, just so he can hold an institutional setting that will lead to greater sharing of sovereignty between the States of the single currency. As for resources, you should support the rescue fund that has ability to raise capital on the market and only later think to the budget of the euro zone with more structural solutions. From taxation by the ad hoc funding through the market.
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