Mario Draghi he will not back down on his decision to keep ammunition for a future crisis. The withdrawal of the asset purchase program will be done, however, with "patience, prudence and persistence" given the economic uncertainties Europe is going through. But the monetary policy, to which "the recovery of the euro zone owes a lot", is not enough to face the next crisis. The president of the European Central Bank (ECB) has urged countries to complete the Economic and Monetary Union with a "fiscal instrument" to help "maintain convergence" against possible "shocks external. "
The euro will soon be two decades old. And what makes the European single currency different from others is the absence of common fiscal instruments that complement the monetary policy that is in the hands of the Eurobanco. After France and Germany have revived the proposal of a euro zone budget ahead of the Euro Summit next December, Draghi has pleaded in an appearance in the European Parliament to move in that direction.
The proposal that the Franco-German axis has presented within the Eurogroup is focused mainly on investments and aims to favor the convergence and competitiveness of the countries of the single currency, which yielded their monetary policy. Draghi has referred to the function of "fiscal stabilization" that this tool should have, which arouses misgivings among the hawks but for which they continue fighting countries like France, Spain or Portugal. "A fiscal stabilization function should be conditioned on sound economic and fiscal policies that fully respect the governance framework of the European Union", has added.