Schäuble: ESM bi mogao preuzeti dio nadzora nad proračunima zemalja EU

Schäuble: ESM bi mogao preuzeti dio nadzora nad proračunima zemalja EU

Europski stabilizacijski mehanizam bi mogla biti prava institucija koja bi od Europske komisije preuzela dio odgovornosti za nadzor proračuna zemalja članica Europske unije, izjavio je njemački ministar financija Wolfgang Schäuble na konferenciji u Bratislavi. Kad već nema europske fiskalne unije, Komisija bi trebala imati više političku ulogu, smatra njemački ministar.


http://www.hrt.hr/euranetplus/clanak/schauble-esm-bi-mogao-preuzeti-dio-nadzora-nad-pro

“Don’t forget that most economists have said a currency union without a common fiscal policy will never work. We have no common fiscal policy and until we have, we have to stick to some rules.”

His passionate call comes as Berlin has become frustrated with recent leeway given by the European Commission toward countries such as Portugal and Spain, which are struggling to meet budget rules as set under the European Stability and Growth Pact. The Commission argues any fine would weaken these countries even more.

The rule requires countries to keep their budget deficit under 3% of gross domestic product and their debt level below 60% of GDP.

“We can clearly see that those who implement the rules are those doing best. Normally implementation is the job of the European Commission. The current Commission has chosen to be more political and it has every right to do so. I am in favor of a political leadership by the European Commission,” Mr. Schäuble said.

“But this makes it more difficult to impose compliance. That’s clear. We should therefore start thinking about how we can ensure that the rules of the Stability and Growth Pact are actually enforced. Perhaps the European Stability Mechanism could play a role in budget compliance in those cases where the Commission can’t.”

Mr. Schäuble believes that a eurozone bailout fund, which assumes a watchdog role over countries’ budgets, will boost confidence in the euro.

“Our European house is currently in bad need of repair. We need to become more economically competitive and to get our institutions functioning correctly again,” he said. “Borrowing and throwing money at our problems will not solve them. We need to make our foundations more stable and we need to do this now.”

http://www.wsj.com/articles/germanys-schauble-says-eurozone-must-stick-to-fiscal-rules-1477658559