“The European pact always aims to ensure sustainability in all Member States. We can not see fiscal rules in isolation, we must look at Europe, maintain the Stability and Growth Pact and see a mechanism for macroeconomic stabilization. My suggestion is to use the stability mechanism when funds are available. ” That was his position Klaus Regling, Executive Director of the European Stability Mechanism, in the context of the discussion “Fiscal Governance after the Pandemic”, which took place in the framework of the 7th Delphi Economic Forum, which takes place in Delphi from 6 to 9 April and is under the auspices of SA. of the President of the Republic, Mrs. Katerina Sakellaropoulou.
To what extent should the eurozone agree on a fiscal capacity? The question was asked by Iain Begg, Professor at the London School of Economics. Mr. Begg addressed the question to the public, something unusual for Delphi – as he pointed out. He decided, however, to claim the right to ask the public to object. Some listeners took the floor. And at the end the listeners in the room were asked to raise their hand to declare agreement or disagreement. George Pagoulatos, General Manager of ELIAMEP and professor at ASSOE, replied “In the European Union there is a consensus for such a mechanism. “Mr. Regling did it a while ago.”
Daniel Gros, a board member of the Center for European Policy Studies, said: “We need to be clear about what we want to achieve, how much money will be given and what we want to achieve with that money.”
THE Deborah Revoltella, financial director at the European Investment Bank made some findings: “The pandemic broke the rules we had established in 2014 and there was a large increase in debt. Then we had the war in Ukraine that left fiscal needs. This will also increase the pressure in many countries. We know what is happening in the field of energy security. We currently have the Recovery Fund. This can be a pillow for a while. I find that all countries have applied for grants. However, not all of them applied for loans. “If you ask me if the recovery fund should become something more permanent, I say yes.”
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