The possibility that the state-saving fund could buy public securities of European countries whose spread is clearly the subject of speculative attacks and exceeds risk thresholds with destabilizing effects not only on the country itself but on the entire construction of the euro is considered a priority by the economist Marcello Messori in an essay (“European economic governance”) written before the last European Council and contained in the book by Alberto Zanardi “Italian public finance. Report 2012 "published by "Il Mulino" which debuts in bookstores in these days.
After examining in detail the reasons that led to the international economic and financial crisis and, in particular, to the sovereign risk crisis of the Eurozone, Messori focuses on on Mario Draghi's role of the ECB, on moves of the EBA in relation to the capitalization of banks and on delays but also on strategic choices that fall to the governments of the European Union. It is essential to counter the speculative attack on the government bonds of the most exposed countries, but – Messori notes – it is essential to move from the fiscal compact to the growth compact and put in place a robust plan for the growth and economic development of the entire Old Continent. “The management of the European sovereign debt market - writes Messori - is a necessary but not sufficient condition for the relaunch of the short and medium-long term growth of the EMU" which must instead be based on a revival of consumption and investment in a strategy based on increasing the competitiveness of EU member countries and on better coordination of economic policies.
