“We look very carefully at what is being tuned these days for the stabilization of sovereign bonds of the eurozone. We are happy to have contributed to a big step forward: the realization that doing homework is necessary, but not sufficient”.
These are the words of the premier Mario Monti at the end of today's meeting at Villa Madama with the French president, François Hollande. At the center of the bilateral summit, the second between the two leaders, the central issues in relation to the euro crisis: in addition to the plan of the ECB for the purchase of government bonds - on which Frankfurt will decide on Thursday, at the next meeting of the Governing Council -, also the Spain and Greece dossiers, the banking union project, the strengthening of European governance and the measures to be implemented in the coming months to revive growth.
“It is vital that there is also an acknowledgment from the European Union itself – continued Monti – so that they do not persist as serious obstacles to spreads which would be deprived of any reference to the underlying economic trend. Our two governments will ensure that what we have built is fully implemented".
Hollande confirmed that “the concerns of the two countries are the same: growth and stability. We have identified three stages along the road ahead. The first is the application of the decisions of the European Council of 28 and 29 June. The second is to be able to resolve the issue of Greece, which has been around for months now and which, after the Troika report, will be presented at the European Council on 18 and 19 October. We will also have the question of Spain to solve. The third stage will arrive at the end of the year and will refer to thebanking union and the deepening of the economic and monetary union. I really care that this last step is clearly stated in the next European Council”.
More embarrassment on the part of the French President when he was asked to comment on the words of the number one of the ECB, Mario Draghi, who yesterday spoke of "severe conditions” to be imposed on countries that want to access aid from the new state-saving fund. “My position remains the one I already supported during the European Council in June – Hollande went on – that is to allow that, through the stability mechanisms we know, the Fund is allowed to intervene quickly, as soon as it is asked”.
as to Greece and its request for an extension of the deadlines for the application of the austerity measures, "if the troika report goes in the right direction, then we can expect to apply the recovery plan with more time to keep Athens in the euro area", concluded Hollande.
Finally, on the problem of employment, considered central, Mario Monti launches an appeal to the social partners: in order to relaunch productivity and competitiveness, companies and trade unions need to "strengthen their efforts" because "it is time to work together to create jobs" .
