Arab Today, arab today merkel confident renzi will deliver on reform after ecb move
Last Updated : GMT 08:06:16
Arab Today, arab today
Arab Today, arab today

Merkel confident Renzi will deliver on reform after ECB move

Arab Today, arab today

Arab Today, arab today Merkel confident Renzi will deliver on reform after ECB move

Italian PM Matteo Renzi (R)
Florence - AFP

German Chancellor Angela Merkel on Friday backed Italy's Matteo Renzi to deliver on a pledge to "turbo-charge" his reforms after the European Central Bank's decision to pump billions into the moribund eurozone economy.
Despite fundamental differences over the wisdom of the ECB's unprecedented bond-buying programme, the two leaders were able to find common ground at a summit here by agreeing that the so-called quantitative easing would not, on its own, be enough to pull the eurozone out of the mire.
The differences were underlined by Renzi welcoming the ECB initiative as a key element in what he depicted as a broader reorientation of European Union economic policy towards measures to promote jobs and growth.
Merkel, in contrast, declined to comment on the ECB's initiative, which is the subject of deep misgivings in Germany over the inflationary impact of 'printing money'.
Prior to Thursday's announcement, Merkel had aired concerns that making it cheaper and easier for European governments to refinance their debt would ease the pressure on them to keep taking the difficult decisions required to address structural overspending.
She diplomatically declined to repeat that criticism on Friday, saying she did not want to compromise the ECB's independence by commenting on its monetary policy decisions.
But she did pointedly remind her host that it was entrepreneurs who carried the primary responsibility for generating jobs. "No central bank in the world can substitute for implementing the right policies," she said.
Renzi said quantitative easing would complement a recent relaxation of how the European Commission interprets budget deficit rules for euro members, Brussels' plans for a 300-billion-euro investment programme and the ongoing fall in the euro's value against the dollar, which makes European exports more competitive on world markets.
"These four factors are very important for Italy," Renzi told a press conference held in the Galleria dell' Accademia with Michelangelo's sculptural masterpiece David providing the backdrop.
"But what has been done does not mean that we can let up on our reforms. I want to put a turbo into them."
Merkel said she was confident that Renzi could deliver on an "ambitious" programme that spans electoral and constitutional reform, a shake-up of the labour market, an overhaul of the judicial system, a crackdown on tax dodging and a blitz on red tape.
"I certainly do not have the impression that the ECB's decision will slow the reform process in Italy. I have no doubt that what is proposed by Matteo will be implemented."
- 'Symbols of compromise' -
Merkel, 60, said that optimism was shared by German businesses operating in Italy and she also offered an intriguing insight to the dynamic of her relationship with the 40-year-old Italian premier by revealing that every time he sees her he presents her with a booklet detailing the progress of his reform programme.
Renzi may be happy to play the role of schoolboy but he also appeared to be delivering a subtle lecture to his teacher with his choice of his hometown as the venue for Friday's talks.
Showcasing Florence's role as the centre of the Renaissance was both a way of treating his guest and a reminder of Italy's pivotal role in creating modern Europe and its right to help steer its direction.
"We may not always have the same opinions on economic questions but the symbols of compromise are important," Renzi said in comments which echoed a warning earlier this week that Germany needs to avoid pitting itself against everyone else in the European Union.
Friday's summit came two days before elections in Greece which many fear could plunge the eurozone into a fresh crisis by producing a new government in Athens determined to renegotiate the terms of the bailouts that have kept the country in the single currency bloc.
Both leaders insisted that the Greek people had to make their own decisions. Merkel described a possible popular mandate for a revision of the debt terms and Greece's existing commitments as "two sides of the same coin but added: "I'm sure we will find a solution."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today merkel confident renzi will deliver on reform after ecb move Arab Today, arab today merkel confident renzi will deliver on reform after ecb move

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today merkel confident renzi will deliver on reform after ecb move Arab Today, arab today merkel confident renzi will deliver on reform after ecb move

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Prayers turn to nightmare

GMT 06:14 2017 Sunday ,22 October

Prayers turn to nightmare
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday