Giovedì, 18 Ottobre 2018

Monti calls for flexibility from Germany, warns of backlash


(ANSA) - Rome, August 6 - Italian Premier Mario Monti has
called for greater flexibility from German Chancellor Angela
Merkel over how the European Union tackles the eurozone crisis
and suggested there could be a backlash if this does not occur.
The German government and the Bundesbank have blocked
several possible measures to ease the crisis, such as the
issuance of eurobonds to share the debt burden and the idea of
giving the soon-to-be-launched ESM rescue fund a banking
Merkel has repeatedly argued that the only way to restore
confidence in the under-fire single currency in the long term is
for eurozone countries to show budget discipline and concede
sovereignty to achieve greater fiscal integration.
Monti said in an interview with German weekly Der Spiegel
that "more flexibility" had to be given to eurozone countries
that are trying to put their economic houses in order for
Italy's current policy of rigour and tough economic reforms to
"have a future".
He added that he had told Merkel he was very worried about
"the growing resentment in the Italian parliament against
Europe, against the euro and against the Germans".
Last week Monti said next year's general elections in Italy
could produce a Euro-skeptic government if the country's
borrowing costs remained as high as they are at the moment.
Monti pointed out that Paris and Berlin are not without
fault for the current crisis as France and Germany were the
first countries to break EU's Stability and Growth Pact in 2003.
He also stressed that so far Italy had not had any aid from
Germany or the EU.
On the contrary, he said, the crisis has pushed Italy's
borrowing costs up and in doing so helped lower the interest
rates on German bonds.
He concluded that Italy wanted the "moral support, not
financial" of its EU partners.

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