Mario Draghi rejects the idea of a tax on financial transactions. The president of the European Central Bank, while saying he agrees on the fact that "there must be no advantages for any sector, not even for the banking sector", suggests taking the path of "different taxes, not a single tax". Speaking in the Economic and Monetary Affairs Committee of the European Parliament, Draghi first claims that he is not in a position to be able to express himself on the matter, then, answering a question from an MEP, he takes a position on the transaction tax. So he dictates the line, urging the European political class to launch credible measures for the recovery of the economy and the increase in employment.
“With the 'fiscal compact' – underlines Draghi – we had a stability pact: now we need a 'growth compact', a pact for growth”. The new objective, continues Draghi, "was anticipated by the 'six pack', which must be just a start".
The president of the ECB recalls that "development does not come only through structural reforms", which are also "important". In fact, these reforms “generally produce medium and long-term effects”. In the immediate term, therefore, it is necessary "to create a favorable climate of certainty, so as to attract investments and reduce risk aversion".
Draghi then warned the governments of the Eurozone not to pursue the consolidation of their budgets and the austerity programs in which many of them are engaged only with recessive maneuvers, avoiding reducing investments and rather cutting unproductive public spending.
“Budget consolidation based exclusively on tax increases – said Draghi – is certainly recessive. Ideally it should be done on the basis of a reduction in current expenditure, especially the most unproductive ones, and not on a reduction in investment spending. But unfortunately in emergency situations it is easier to reduce capital expenditure than current expenditure”.
