Eurobonds, a more competitive euro exchange rate and "more ambitious and concrete" anti-cyclical policies, because it is unsustainable to intervene only on fiscal consolidation. These are some of the initiatives that Europe should put in place to give growth a boost. These are the indications of the House Budget Committee, contained in the final document on the annual growth survey for 2912 of the European Commission.
“Let us work at international and European fora – writes the commission – taking all useful opportunities to start an open discussion on the need for the European Union to conduct more ambitious and concrete policies on the growth front, given that policies to which is not accompanied by adequate economic growth, would be unsustainable in the medium and long term".
Lhe Montecitorio Budget Committee underlines that the Economic and Monetary Union “is undergoing continuous stress to which up to now it has responded by trying to limit the damage, however lacking a sufficiently ambitious strategy to affirm its economic strength and its potential which are still very significant".
Hence the tips. The first starts from the consideration that “Europe is called to identify the spaces necessary for anti-cyclical policies that allow it to overcome the condition of stagnation, if not outright recession. For this purpose, the indications of the Europe 2020 strategy are not sufficient, especially as they are not adequately supported from a financial point of view".
And in this perspective “the issue of the euro exchange rate as a factor influencing the performance of the economies of the member countries cannot be avoided either. Europe needs to ask itself the problem of evaluating the effects of the euro exchange rate without prejudice. An exchange rate such as to make exports more competitive on international markets could greatly facilitate the achievement of the objective of consolidating public finances”.
The third suggestion is to raise within the Union "the need to introduce some measures to stimulate economic recovery through the use of adequate financial instruments, such as the Eurobonds, as a counterpart to the national public finance consolidation line”.
Finally, the revision of the EU rules. Because - continues the document of the commission - the entry into force of the Treaty on stability, coordination and governance in the economic and monetary union "cannot exhaust the initiatives to be undertaken within the European Union, but must be accompanied by the opening of a reform phase which does not prejudicially exclude the revision of the rules governing the European monetary union".
