Draghi Says EU Itself at Risk Without More Funds and Joint Debt
Former ECB chief calls for as much as €800 billion of new spending, a year
European Commission President Ursula von der Leyen, who tasked Draghi with delivering the report...
Bloomberg 9 September 2024
I rapporten, som tagits fram av den tidigare ECB-chefen Mario Draghi, framgår det enligt Reuters att unionen behöver investeringar på 700-800 miljarder euro, motsvarande 7.990-9.130 miljarder kronor, per år.
”Den stora frågan är om det finns ett behov av säkra gemensamma tillgångar? Svaret är ja, det finns ett behov av medel för gemensam finansiering”, säger han.
Frågan om gemensam finansiering är kontroversiell, då flera medlemsländer tidigare har satt sig på tvären mot idéer om att till exempel ge ut gemensamma euroobligationer.
Men EU-kommissionens ordförande Ursula von der Leyen säger på presskonferensen att om unionen är tydlig med att definiera gemensamma prioriteringar, så måste de också finansieras av gemensamma europeiska pengar.
DI 9 september 2024
https://www.di.se/live/draghi-eu-ska-investera-minst-8-000-miljarder-per-ar/
Striden lär bli hård om nyttan av gemensam upplåning och EU-obligationer.
Från EU-jätten Tyskland kommer ett snabbt nej från finansminister Christian Lindner.
– Vi löser inga strukturella problem genom att gemensamt ta på oss skuld i EU.
Mer statsskuld kostar ränta. Tyskland kommer inte att stötta det, säger Lindner enligt tidskriften Die Zeit.
SvD/TT 9 september 2024
https://www.svd.se/a/Av7VXz/satsa-eller-ga-under-odesradet-till-eu
– Vi måste bli en verklig europeisk union, manar Italiens förre premiärminister och Draghi
https://englundmacro.blogspot.com/2024/04/vi-maste-bli-en-verklig-europeisk-union.html
Mario Draghi. On a trip to London, he uttered a now famous phrase, saying that he and the ECB would do “whatever it takes” to save the euro.
The moment became the stuff of monetary policy legend.
To tackle fragmentation Lagarde announced the creation of the Transmission Protection Instrument, or TPI, a scheme to help any euro member state (for which, read: Italy) to fend off unwarranted market instability.
Transmission Protection Instrument (TPI)
https://englundmacro.blogspot.com/2022/07/transmission-protection-instrument-tpi.html
Draghi was able effectively to say ‘trust me, I will throw money and monetary easing at this problem, ask for details later’.
Lagarde does not have the same leeway.
https://englundmacro.blogspot.com/2022/07/markets-will-test-ecbs-resolve.html
The euro bonds debate reflects what is perhaps the central existential question facing Europeans:
how much more central government and integration are they willing to accept to save the euro?
New York Times, 15 august 2011
https://englundmacro.blogspot.com/2011/08/new-york-times-om-eurobonds-och-europas.html
Banking union
https://englundmacro.blogspot.com/search/label/EBU
Eurobonds
https://www.nejtillemu.com/englundcloser0506.htm#ebonds
This is NextGenerationEU.
This is more than a recovery plan. It is a once in a lifetime chance to emerge stronger from the pandemic, transform our economies, create opportunities and jobs for the Europe where we want to live.
We have everything to make this happen.
https://commission.europa.eu/strategy-and-policy/recovery-plan-europe_en
To finance NextGenerationEU, the European Commission - on behalf of the European Union – is borrowing on the markets
Before NextGenerationEU, the European Commission already issued bonds, for instance to finance loans to EU Member States and third countries, including up to €100 billion for the SURE programme to support jobs and keep people in work during the COVID-19 pandemic.
The European Union will raise up to around €800 billion in current prices until 2026 for NextGenerationEU through a diversified funding strategy.
The EU as a borrower
https://commission.europa.eu/strategy-and-policy/eu-budget/eu-borrower-investor-relations_en
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