The Federal Minister of Finance took part in a roundtable with representatives of the Italian financial and banking sector.
(Photo: imago images/photothek)
Rome Finance Minister Christian Lindner wants to improve the European stability rules in order to promote sustainable investments. However, the rules on debt reduction should not be relaxed, emphasized the FDP leader after a visit by his Italian colleague Daniele Franco to Rome on Friday. Italy and France in particular had recently pushed for adjustments.
The EU’s Stability and Growth Pact stipulates that countries should not take on more than 60 percent of economic output in debt. Budget deficits are to be capped at 3 percent of gross domestic product (GDP).
“It is absolutely clear that Germany will continue to advocate clear stability criteria,” said Lindner. He is committed to “doing what is necessary within the existing fiscal rules”. He had previously told the newspaper La Repubblica: “We have to find a way to improve the stability pact so that debt reduction does not reduce contributions to advanced technologies, environmental protection and other important things.”
On the other hand, it is important “to send a clear signal to the financial markets and the people that the governments in Europe have recognized very well that their job is also to reduce the level of debt so that we can build up new fiscal reserves again, because the next crisis is bound to come. Then the states must continue to be able to act,” emphasized Lindner.
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