The Economy Minister Luis de Guindos, launched yesterday called the “self-criticism” in the economic policy of the EU because growth is ” very small “and decided to accelerate structural reforms and implement the investment plan announced by new president-designate of the Commission, Jean-Claude Juncker, who will emphasize private investment. The meeting of ministers of economy and finance (Ecofin) yesterday urged Juncker to streamline the program, some delegations have met with skepticism. Some of its small amount because other question its efficacy and some, as expressed in private, for fear they will not pass the paper, as earlier announcements of projects and EU figures.
“I think the criticism is always good,” de Guindos said after the Milan meeting. “In Europe, the euro area, there is a situation of very low economic growth I think we have to make everyone think,” also highlighted the Spanish minister. “This does not mean that every last strategy has been wrong. Which means we have to improve and we have to put the foundations for the economic policy strategy to focus on future economic growth and job creation “noted Luis de Guindos, who aspires to chair the Eurogroup (the informal committee of ministers of the euro area). Yesterday we again met in Milan with the current president of that body, Dutchman Jeroen Dijsselbloem, which resists anticipate his departure and is blocking the way to the Spanish minister.
When analyzing the European situation, De Guindos also said he is behind the stage where the main risk to financial stability and growth were “unbalanced situations from a tax point of view and from the terms of competitiveness. ” “From this point of view, we have to lay the foundations of a new economic policy strategy,” defended.
During the Ecofin meeting in Milan, the Eastern European countries have also warned that are beginning to feel the economic impact of EU sanctions on Russia for its intervention in Ukraine and announced that arise increase military spending, as explained Guindos.
“Sanctions Russia, trade restrictions, changes in expectations, are already having an impact on their growth prospects and (told) you will have to increase the budget for uses military, “said the Minister of Economy.
To address this situation, De Guindos justified the need for the investment plan 300,000 million Juncker promoted because “the volume of investments in Europe is below the average of other important areas of world. ” “Low investment is one of the fundamental reasons why we have not yet recovered wealth levels we had before the crisis,” he alleged. However, has made it clear that “there is a stimulus plan traditional Keynesian demand in the simplest sense,” but these investments “have to produce a return.” So the plan “should be linked to the completion of the internal market” in areas such as energy, transport and digital Europe.
Keep alive the discussion about how to address the crisis through adjustments and reforms, line that has been imposed so far, or also by public stimuli, an abandoned road in 2010 Europe seems to turn now to combine both formulas, but nuanced. De Guindos stressed the need to step up reforms, which, he explained, also defends the European Central Bank (ECB).
The Ecofin Juncker urged to accelerate preparations of public-private plan 300,000 million during his investiture promised to address the stagnation of the European economy investment. The program will emphasize encourage private investment.
The Commissioner for Economic Affairs, Jyrki Katainen said that “we are working” in the plan. However, he noted that this effort must be complemented by other measures at national and local level, and that “the EU budget is limited.” In his view, the priority should be to facilitate “sustainable increases in private investment, because there is much more money in the private sector than in the public.”
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