Gentiloni: "In the EU, maintain an expansive policy". "Crisis is not behind"

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20 October 2020 In Europe "an expansionary budget policy must be maintained. It does not mean spending whatever, especially in countries where the debt is higher".

This was underlined by the European Commissioner for Economy Paolo Gentiloni, connected from Brussels to the Italy-Spain dialogue forum in Rome.

It is necessary, he continues, "to avoid returning too soon to restrictive fiscal measures and logics, which could favor the risk of a double dip recession", that is to say, to W, with a double fall in GDP, "a recession that was one of the consequences of a close date too early "after the financial crisis of 2007-2009.

The "crisis" caused by the Covid-19 pandemic "is not behind us. The second phase of the pandemic accentuates the uncertainty, which has always been there, on the speed of recovery and accentuates the elements of concern", says the European Commissioner to the Economy.

On 5 November, Gentiloni adds, the Commission will present the autumn economic forecasts in Brussels.

"The speed of recovery was very consistent in manufacturing in June, July and August. It began to slow down as early as the end of August, especially in services, and could slow down further, because the decisions that are being taken" to counter the spread of the SARS coronavirus -CoV-2 "damage this kind of possible consequences".

On the Stability Pact "I would prefer that the commission put its ideas and proposals on the table at a stage in which we have concluded the approval process of the Next generation Eu, with national ratifications and we have a little more certainty in the economic perspective", he said. declared the European Commissioner for Economy, Paolo Gentiloni, speaking at the 17th Italy-Spain Forum, who said he was a "supporter of the fact that this discussion on the future of the Stability and Growth Pact and revision of its rules, is a very important and useful discussion at an academic and stakeholder level, we start discussing and if we are doing it. "

"It will be a crucial debate, I think the commission will put its proposals on the table at a stage next year in which we will have the implementation and ratification of the recovery behind us and some more certainty about this pandemic", added Gentiloni.