Mrak: is closer to fiscal integration

In the long term, the EU will have to bite the tighter fiscal integration, without which there will not be a stable monetary Union in Ljubljana today warned Economist Charles Mrak. He’s worried about the failure of pressure and will to carry out the structural reforms which, in his opinion, should be continued.

The University of Ljubljana, Faculty of Economics, and a consultation of the European Commission on the situation and challenges in the euro area the weaknesses in the original structure of economic governance in the EU. Have not complied with the one of the key things is that monetary Union needs very serious fiscal leg ‘. ” Because there was no political appetite at the time that goes into it, it was looking for a second-best solution. This is the stability and Growth Pact, ‘he said.

mrak

This solution is envisaged to have ‘ each in his own house in order. ‘ The Pact were in fact laid down the upper limit for the public deficit and public debt. ‘ Through the crisis has shown that this is not enough, ‘he told Mr. Mrak and the infringement of the rules in Germany and France come to the dilution of the Pact, in a crisis, we came unprepared. Another disadvantage was that the euro area had no mechanism to deal with crises.

News about fiscal changes in Slovenia

At the time of the last crisis, the importance of the stability and Growth Pact as a mechanism for the prevention of crises intensified. In legal terms, the case is greatly expanded, we have a fiscal pact was introduced the so-called ‘European semester’, put in place a new mechanism to deal with crises, who is from the temporary mechanism in the EFSF permanent, that is, ESM, establishes the Banking Union. ” These are the key pillars of the new arrangements, ‘ he explained the dusk.

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