"It 's time to take decisive action to restore growth, a shift in policy that will restore confidence businesses and investors, a new New Deal. "This is the message charming and ambitious, illustrating the Italian proposal for a" European Action for Growth ", Finance Minister Giulio Tremonti, has launched yesterday morning MEPs During the meeting of the Committee on Economic and Monetary Affairs.
"Every period has its own social model of development: if the market was in the eighties, the nineties was the new economy. In the current decade should be public investment, "said Tremonti, who will chair the Ecofin Council in July.
The Director General of the Treasury Domenico Siniscalco then stated that the plan - inspired that contained in the Delors White Paper of 1992 - aims to boost European infrastructure by mobilizing resources between 50 and 70 billion euro per year, a figure close to 1% of EU GDP, resources tapped by strengthening the role of the EIB ( European Investment Bank) and the identification of new financial instruments that can leverage to increase the capacity of member States and the EIB itself (extended term loans of up to 35 years, project financing, securitization, guarantees for bond issues, SPV ).
setting, this, that, according to Siniscalco prevent further government budgets to fulfill the Stability Pact and by eliminating at the same time the element that has prevented the "Delors Plan" to have decisive impact: the lack of financial resources.
The Commission welcomed the proposal: "We are working in the same direction," he said yesterday, the spokesman for the Commissioner Pedro Solbes. Among the political forces in the European parliamentary consent is transversal. Indeed, it is the Socialists to set aside the proposal, the clear impression Keynesian, the warmest welcome. "It 's an initiative gathering broad support," said the chairman of the Economic Commission, the German Socialist Christa Randzio-Plath, who, however,' added "I am afraid that even if one of the heads of government will be broad consensus, the ministers Finance to point your feet. "The strongest objections come from the Liberal benches:" There is no evidence that the problem of infrastructure, both financial and political rather than regulatory. He says he wants to raise funds on the market and not with the public debt. But, if so, 'the problem is the rate of return of items: if this is appropriate you do works, there is no need of special plans, "said Chris Huhne Liberal coordinator, who on the sidelines of addressing a colleague would have called Tremonti "another star of PR." Wim Duisenberg, speaking in committee after the economy minister, declined to comment on the proposal, pending "information clearer ", it merely reiterates the urgency of structural reforms. Reforms that, pending the new deal Tremonti, are likely to take second place.
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