The way out to of the economic crisis is a stronger Europe. It’s what Fabrizio Saccomanni, Italy’s economy minister, said on Monday during a speech about the future of the monetary union at London School of Economics. According Saccomanni, former general director of Italy National Bank, Euro has been essential to avoid a worse crisis and it need to be renforced.
“The euro is now the strongest currency in the world vis-a-vis the dollar, the renminbi, the pound, the Swiss franc,” Fabrizio Saccomanni was quoted as saying. “That must reflect the perception of the monetary stance in Europe vis-a-vis what other countries are doing now and in the foreseeable future. If I understand markets, they want to see some concrete (policy) action at some point and maybe before the end of the year.” According Saccomanni there are two main goals that Europe have to pursue in the future. Firstly, the amending of the Treaties passing to a majority voting in European institutions: “In a global economy, the protection of stability, the need to fight recession at a region level, to fight unemployment, particularly among the young people, needs to have a more efficient and more integrated approach,” said Saccomanni. “The only way to this – he continued – is a very simple way: through majority voting. At present, most decisions in Europe are taken by unanimity, that means every country has veto power and that I think is not very conducive to efficiency”.
Secondly the pass to a European bank union in order to supervise the national bank: “The Union Bank, Saccomanni added, is “the only way to overcome the interconnection between the financial crisis and the sovereign debt” and for this it “should be implemented as a whole, not just the unique mechanism of supervision, but also the two other passages, the mechanism of resolution and deposit guarantee scheme”. Finally Saccomanni said to be worried about the results of European elections on May: “the Italian Presidency of the European Union is in the second half of the year, we hope to don’t deal with an anti-European majority in Europe Parliament”.