Mercoledì, 26 Settembre 2018
ROME

Public accounts crucial, Draghi when asked on pensions (3)

English
© ANSA

Rome, March 8 - European Central Bank President
Mario Draghi stressed the importance of keeping the public
finances in order when asked about the possibility of a new
Italian government reversing a 2011 pension reform.
"Speaking in general terms, the public budget is of maximum
importance in high-debt countries," Draghi said, adding that "we
did not discuss this today".
The centre right, the coalition that came first in Italy's
general election, and the 5-Star Movement, the individual group
that got the most votes, have both said they will scrap the 2011
Fornero reform, which features a mechanism to raise the
retirement age as life expectancy increases to keep the system
sustainable.
Draghi said that the money markets do not appear spooked by
Italy's general-election result but he also warned about the
impact of prolonged instability.
No single party or coalition won enough votes for a majority
in parliament in Sunday's election.
He said that what happened after the vote "does not suggest
that the markets have reacted in a way that threatens
confidence" adding this was "more or less" the same as in other
votes elsewhere.
Nevertheless, he said, "protracted instability over time
could threaten confidence".
Draghi answered a question on the strong showing by two
Euroskeptic parties, the M5S and the rightwing League, in
Italy's general election, by saying that "the euro is
irreversible".
"I really don't want to comment" on the Italian elections, he
said.
"I can only say that the euro is irreversible and the
reinforcement of economic and monetary union remains a
priority", Draghi said.
He said that the ECB "urges the adoption of specific and
decisive measures to complete the Banking Union and that of the
capital markets".

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