Economies cannot live on stability alone. On the contrary, this delicate juncture raises the structural question: that of growth. It is the message of notereleased yesterday by the Presidency of the ECB. The Board of the Bank, reads the press release, “expresses its satisfaction with the announcements of the governments of Italy and Spain regarding new measures and reforms in the field of fiscal and structural policies. The Board considers a decisive and rapid increase by both governments essential to substantially enhance the flexibility and competitiveness of their economies and to rapidly reduce their public deficits”.
And then the basic exhortation: "The Board underlines the importance of the commitment of all the heads of state and government in view of the meticulous adherence to the shared fiscal objectives, as established at the Euro area summit of 21 July 2011. The improvement of the economy's growth potential is also a key element”.