In the euro area they need “new rules and more shared sovereignty”. He claims it Mario Draghi in a speech onEconomist online. "The strategies that ensured Europe's prosperity and security in the past, relying on America for security, China for exports and Russia for energy, have become insufficient, uncertain or unacceptable", says l 'former premier and number one of the ECB, for whom in terms of budgetary policies "passively returning to the old rules suspended during the pandemic would be the worst possible result".
A more federal Europe
For the former premier and number one of the ECB "Europe must now face a series of supranational challenges that will require huge investments in the short term, including defence, the green transition and digitalisation". And he adds that at the moment “Europe does not have one federal strategy to finance them, nor can national policies assume their role, since European rules on budgets and state aid limit the ability of countries to act independently”.
Draghi: "It is wrong to go back to the old budget rules"
So there is the "serious risk" that Europe will not reach its "climate objectives, fail to guarantee the security required by its citizens and lose its industrial base to the advantage of regions that impose fewer constraints on themselves. For this reason, passively return to old tax rules, suspended during the pandemic, would be the worst possible outcome.”
