- Mattarella: it is necessary to review the Stability Pact to boost growth
- Gentiloni indicated by the Government as European Commissioner
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08 September 2019 "Existing tax rules have sufficient leeway to implement new policies. Portugal is an example". The president of the Eurogroup, Mario Centeno, starts from his country to explain how flexibility is now possible for Italy, while respecting the rules of the European Union.The Portuguese Finance Minister, who chairs the meetings of the Eurogroup, the set of Member States that use the euro, spoke with the American press on the sidelines of the Ambrosetti Workshop, in Cernobbio. And he listed the numbers of Portugal, eloquent: unemployment has fallen to 3%, the public deficit is reduced to 0.5% of GDP, the tax regime has been further lightened.
And then, Italy? This year, "with a government with a pro-European vision, discussions on Italian accounts will be easier," said President Centeno, who, in an interview with Repubblica, promises dialogue and flexibility "within the existing rules and in compliance with the commitments taken ".
Welcome back, a Europeanist approach
"The presence of a pro-European government is very important, I worked well with Giovanni Tria but it was an extremely difficult period - said Centeno - The problems of the past few months have greatly damaged Italy in the markets and in relations with the partners of euro zone It is important to have a pro-European approach in order to be able to face together the challenges that await us and for this reason I am happy to meet the new minister Roberto Gualtieri next week at the Eurogroup in Helsinki, whom I know well for his previous position as president of the economic committee of the European Parliament. I am sure that our comparison will be very fruitful ".
We have room for maneuver
It is "impressive - the president of the Eurogroup observed - how the spread on Italian government bonds has fallen in such a few days, it means that the markets have welcomed the new government. The institutional structure of the Union sometimes generates friction but we also know that we have enough flexibility and room for maneuver in the current rules ".
"The euro zone regulations already allow the policies necessary to boost growth to be implemented. I am sure that Italy will identify its political priorities without breaking the work with the Union institutions so as not to compromise stability. Countries with a high debt such as Italy and Portugal must maintain commitments otherwise the rates rise making the work of the government even more difficult ".
Italy, stressed Centeno, "must find the right balance taking into account its high debt and the need for budgetary consolidation. On the other hand, Italy has been in surplus for years but has a chronic problem of growth: it is exactly on this aspect, the relaunch of the economy, that we must concentrate in the euro area with policies favorable to stability in growth ".
Gentiloni, also good for economic affairs
And again, on the candidacy of Paolo Gentiloni as European commissioner, Centeno said: "Gentiloni's experience and maturity will be an added value for any portfolio he could manage, including that for economic affairs".