The new EU monetary and fiscal policy: an international discussion
Jens-Hinrich Binder, Eberhard Karls Universität Tübingen
Enrico Letta, SciencesPo
Niamh Moloney, London School of Economics
Giulio Tremonti, Università degli Studi di Pavia
edited by Andrea Perrone and Giuliana Scognamiglio
Q. The non-conventional monetary policy adopted by the European Central Bank (ECB) beginning in 2012 and the proposal of the European Commission (EC) for the Next Generation EU mark a significant loosening of the rigid regime provided by artt. 122-25 of the Treaty on the Functioning of the European Union (TFEU). Are the steps taken by the ECB and the EC only the consequences of exceptional circumstances or will they endure beyond the crisis? Do you consider these steps to be positive or negative?
Giulio Tremonti: I think the current proposals are necessary but not sufficient or conclusive measures for coping with the crisis. I would flag the need to go back in history to reflect on the architecture of the European project.
When the Euro was established by means of the 1998 agreements, two statesmen masterminded the deal: Chancellor Helmut Kohl and French president Jacques [continua..]