"The slowdown in consolidation is now possible thanks to the efforts made by countries in difficulty, the commitment of the European Central Bank and credible fiscal policies". The Commissioner for Economic Affairs of Brussels, Olli Rehn said today.In any case, "the consolidation of public finances remains essential - specified Rehn - it is a necessary ingredient of our strategy".
“Consolidation efforts must take into consideration the specificities of the countries, therefore the dynamics of the fiscal adjustment are changing – Rehn said -. There is now room for maneuver for less aggressive efforts, which was not possible in 2012 because then countries had to restore credibility and make their accounts sustainable”.
As for the political situation, “we are confident that the authorities will do their best to form a government. It is important that Italy's economic challenges are faced, which will not disappear from one moment to the next”.
Rehn explained to the Economic and Monetary Affairs commission of the European Parliament that this year "the budgetary consolidation effort will be 0,75% of GDP in the eurozone", a figure halved compared to last year's 1,50% and lower than the 1,75% expected this year from the United States. The commissioner also pointed the finger at the main obstacle to recovery: "The extremely rigid financing conditions" for companies.
A similar invitation to shift attention more markedly to growth also came from the International Monetary Fund. The number two of the Washington body, David Lipton, urged European politicians to "take decisive and lasting measures to strengthen the continent's prospects for growth and avoid the risk of stagnation".
