Giovedì, 18 Ottobre 2018

Central bank governor Visco maps road to credible Europe

English
© ANSA

(ANSA) – Rome, September 13 - Bank of Italy Governor Ignazio
Visco on Thursday set out the steps needed to build a credible
Europe.
The first is an economic union "that really works", he told
students at a conference on economics and politics at Rome's
Third University.
Then there is the creation of a banking union and finally
of a fiscal union, "namely a union of budget policies", he said.
The Italian central bank governor said he thought the
much-awaited European Stability Mechanism for highly indebted
eurozone countries alone was insufficient to tackle the current
economic crisis.
In regards to the possible imposition of enhanced
conditions by the European Central Bank on struggling economies
in exchange for buying sovereign debt, he said "conditions
should be linked not to measures but rather to a process heading
in a particular direction" involving closer monitoring of the
country concerned.
He added that it would be "undesirable" for the ECB to
serve as a substitute for political decisions, explaining that
it is the responsibility of political leaders to forestall the
risks associated with bond spreads, an indicator of investor
confidence in countries' ability to weather the economic storm.
"I understand that over time the central banks have been
asked to intervene," he said.
"The tendency to bring monetary and financial stability
together is positive. To go any further can be dangerous".

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