Wed. Feb 19th, 2020

The president of the Eurogroup admits that the economy presents an "unequal" picture

The president of the Eurogroup, Mário Centeno, acknowledged Friday that the economy presents a "slightly uneven" image, given the commercial tensions between the United States and China, as well as the process of leaving the United Kingdom from the European Union (EU).

"We will also talk about the economic situation. This is an important issue for Europe these days. The outlook is a bit uneven, with some tensions coming from the trade war between China and the United States, and also the 'brexit," he said. politician upon arrival at a meeting of ministers of Economy and Finance of the Eurozone (Eurogroup) held today in Helsinki.

Rye ruled in that direction after Thursday the European Central Bank (ECB) approved a package of strong monetary stimuli to support the economy because the economic weakening that crosses the euro area is more serious than previously thought.

In addition, fears of a possible new economic crisis have increased in recent months.

Even more blunt was the French finance minister, Bruno Le Maire, who said there is "lack of growth in the European Union and in the eurozone."

"We should not be satisfied with the level of growth in the eurozone, which I think is a difficulty for all companies and for our citizens, who are asking for more prosperity and more jobs," he said.

In that regard, he said that during the meeting he will mention a French proposal in favor of growth that contemplates that countries with surpluses, such as Germany and the Netherlands, make more public investments.

This initiative also urges countries with low productivity and competitiveness to approve more structural reforms and also contemplates the need to reduce public spending and debt levels.

"I have been proposing it for many months, but I think it is now time to decide and have more investments, more growth, more prosperity and more jobs in the eurozone," he said.

The Luxembourg minister, Pierre Gramegna, agreed with Le Maire in defending that the countries with surplus carry out more investments.

"I think that countries that have worked well in terms of rebalancing their budgets and have room for maneuver should use it. When you have growth that is stagnating or decreasing, as is the case in Europe, this is the best way to stop the decline." declared, and insisted that investments "are key."

In fact, he said that investments are "an expense that helps the economy."

On the other hand, on the process of leaving the EU from the EU, the president of the Eurogroup, Mário Centeno, added that the preparation for the final result of the "brexit" will be reviewed, which, he said, "will still take a bit of work".

The Portuguese politician also spoke about the budget of the eurozone, in which the Eurogroup will try to make progress this Friday during a work session in which the twenty-eight ministers will participate and not just those of the eurozone.

The Portuguese minister also said that the debates to prepare today's meeting looked "good."

"We will make final decisions next month to prepare for the October European summit," he said.

The new Italian minister of the branch, Roberto Gualtieri, participates in this meeting of economic holders.

Asked if he expects Italy to respect European budgetary standards, after the former Eurosceptic Executive of the country had several confrontations with Brussels in that area, Rye responded that Rome "has been respecting fiscal rules."

"We hope this will continue. We have a strong commitment from the new Government, which is pro-European, so we don't see any problem in this regard," he said.

Gualtieri himself assumed that one of the characteristics of the new Executive must be that Italy "be the protagonist in Europe."

. (tagsToTranslate) president (t) Eurogroup (t) economy (t) presents (t) panorama

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