“The economic situation and prospects in the euro area are now more favorable than they have been in recent years. Various factors help confidence and a recovery that gains strength and stability". The President of the European Central Bank said today, Mario Draghi, during a hearing in the Italian Chamber of Deputies, the first since his appointment as head of the Eurotower.
YES TO THE BAD BANK
“An indispensable condition for capital to reach businesses is to have a healthy banking sector – he added -. Non-performing loans must emerge quickly and measures must be taken to address the problem. The ECB looks very favorably on initiatives that lighten the balance sheets of banks from non-performing loans, freeing up resources for businesses".
The former number one of Bank of Italy, therefore, indirectly supports the project of one bad banks of public origin that the Italian government is evaluating, moreover with the support of Via Nazionale.
COUNTRIES MUST COLLECT ANOTHER SHARE OF SOVEREIGNTY TO BRUSSELS
“There is no way to be sure that individual countries will implement the structural reforms necessary to be worthy of the currency union – continued Draghi -, and I believe that action must be taken on this point, because what it happens in a country, it affects everyone: we need a high degree of structural convergence”.
In other words, Draghi reiterates the proposal for a greater transfer of sovereignty by individual countries to the European institutions, "which have demonstrated their efficiency in the field of competition and monetary policy, even if I am not the right person to do this evaluation". The president of the ECB then comes to hypothesize a change in the treaties, to move "from a system based on rules to one based on stronger European institutions".
ITALY'S PROBLEMS: JUSTICE, EDUCATION, WORK
As for Italy, Draghi pointed out that, according to some studies, "a halving of the average length of the civil process would increase the average size of companies by 8-12%".
Another point on which the attention of the president of the ECB has focused is the effectiveness of the school-university system: "Policies to increase skills must become an integral part of the reform work", he said, specifying that "in the In 2013 the unemployed among those with low education were 19%, while among the educated the share was 6%”.
Precisely on the employment side, "at the moment, support for work does not consist in protecting the single job - concluded Draghi -, but in putting the workers in a position", after a dismissal, "to find another job quickly".
