*       Ecofin: "the objectives of the Italian Presidency to boost growth and jobs via a common reform effort, notably by completing the single market, boosting structural reforms to increase the growth potential of the economy, and by promoting investment".Pero, e "an appropriate assessment of fiscal measures and structural reforms, while making best use of the flexibility that is built into the existing Stability and Growth Pact rules" but also that "promoting growth and fiscal consolidation are mutually reinforcing."

*       Kallas, Vicepresidente de la Comisión  Europea: "there cannot be bad and good expenditures. Expenditures are expenditures, debt is debt" and that "what to do with this budget deficit is another issue, but expenditures cannot be excluded from the budget deficit calculations -- this is something fundamental."

*       Sachuble: Italian Prime Minister Renzi "knows very well that he has to deliver structural reforms and an improvement of the institutional framework in Italy and we all have the impression that he is very determined to do that." "Structural reform is not an excuse or an alternative for ongoing fiscal consolidation" and that this was "exactly the debate we rejected jointly because the result is that we don't deal with front-loading, but with excuses"

*       Dijsselbloem: "Italy's plans for economic overhaul of the EU as "very ambitious".  "Low yield levels are allowing us time to get this done, but we should use that time", adding that "we are now in a phase of recovery, we should use this period for reform". Particular attention would be given to structural reforms "that enhance growth and improve fiscal sustainability [...] through an appropriate assessment of fiscal and structural reforms"

*       Coeure: "wrong to say that the euro is too strong". "The exchange rate is not an objective for the ECB, but that the objective is to control inflation and interest rates.

¿Conclusión? El 14 de diciembre más cosas sobre la coincidencia entre reformas y ajustes, con su acomodación a los objetivos del PEC. Son tres meses para pensarlo.

En datos económicos, hoy hemos conocido sólo el dato de insolvencias en Alemania durante el Q1.
Caen un 6.8 % en cifra anual.  Y son 16 meses consecutivos de caída.


José Luis Martínez Campuzano
Estratega de Citi en España