BERLIN (Reuters) – The euro zone needs structural reforms and further integration, including Finance Minister of the block, so that there is sustainable growth, wrote the presidents central banks of Germany and France in a German newspaper.
In an article published in Monday’s edition of the Sueddeutsche Zeitung entitled “Europe at a crossroads”, officials argued that the European Central Bank (ECB) is not in a position to achieve sustainable long-term growth for the block of 19 countries.
the ECB has not met its target of 2 percent inflation over the past three years and can not seem to get back to that level for a while due to the collapse of oil prices and sluggish economic growth.
“Although monetary policy has done much for the economy of the euro zone can not create sustainable economic growth,” said the president of the Bundesbank, Jens Weidmann, and his counterpart from the Bank of France Francois Villeroy de Galhau.
The euro area needs a program of structural reforms and improved monetary policy framework, they said.
The idea of a minister of this type was on the table in 2011. At that time greater coordination of national policies is needed after the economic crisis forced the European Union to carry out rescues hundreds of billions of euros for Greece, Ireland and Portugal.
“the current asymmetry between national sovereignty and Community solidarity creates a danger for the stability of our monetary union”, said those responsible.
“Greater integration will seems to be the obvious way to restore confidence in the euro zone to encourage the development of joint strategies for the finances of the Member and achieve reforms that promote growth countries,” he added.
No comments:
Post a Comment