Crisis requires us to make another leap forward in the process of EU fiscal integration
Europe as a common shield: protecting the euro area economy from global shocks
Keynote speech by Fabio Panetta, Member of the Executive Board of the ECB, at the European Parliament’s Innovation Day “The EU in the world created by the Ukraine war”
So if we think back to those words of Jean Monnet, the current geopolitical , recognising that it is an illusion that EMU can function smoothly without a fiscal capacity at European level to respond to such external shocks.
Brussels, 1 July 2022
https://www.ecb.europa.eu/press/key/date/2022/html/ecb.sp220701~254252d76e.en.html
Prodi: It is politically impossible to propose that now. But some day there will be a crisis and new instruments will be created."
"I am sure the euro will oblige us to introduce a new set of economic policy instruments. It is politically impossible to propose that now. But some day there will be a crisis and new instruments will be created."
Romano Prodi, EU Commission President. Financial Times, 4 December 2001
https://englundmacro.blogspot.com/2011/12/prodi-it-is-politically-impossible-to.html
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