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Euro area member countries need to further integrate

27 January 16 | Benoit Coeure
Benoit Coeure

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NBG PANGAEA

REIΤ - GREECE

ETAD.A.E.

Public entity - GREECE

Zeus

Fund - GREECE

IBI Group

Consultant - GREECE

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Antulio Richetta

Director IBI Group

Aristotelis Karytinos

CEO of NBG Pangaea REIC NBG Pangaea REIC
Setting the stage for a workshop at the ECB on fiscal councils, central banks and sound public finances, Benoît Cœuré underlines in his opening remarks that sound public finances in all euro area member countries is a precondition for completing Economic and Monetary Union.

 

Even if these days “there is no appetite for moving towards a ‘United States of Europe’”, he says, “there is a common understanding” that euro area member countries need to further integrate their fiscal and economic policies.

Benoît Cœuré focuses on the requirements that need to be met for national fiscal councils and the European Fiscal Board (EFB) to be fully effective.

“Independence” is the key word at both national and European levels.

The EFB is also charged with the important task of coordinating fiscal policy in the euro area to avoid pro-cyclical fiscal policies.

“At this juncture using fiscal space would speed up the euro area’s return to growth and support the ECB’s objective of medium-term price stability”, says Benoît Cœuré.

“But, in many countries, such fiscal space simply does not exist, because rules have not been enforced in the past.

Setting up independent institutions such as the fiscal councils at the national level and the EFB at the European level could prove to be a decisive step in this direction.”

Read Benoît Cœuré’ full speech.

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