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  The ECB just told Italy to shut up about the Euro
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Author Topic: The ECB just told Italy to shut up about the Euro  (Read 374 times)
PSOL
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« on: October 14, 2018, 09:49:02 am »

https://www.reuters.com/article/ecb-policy-draghi/rpt-update-2-italy-must-calm-down-and-stop-questioning-the-euro-draghi-idUSL8N1WT0OD?il=0
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Italian officials must stop questioning the euro and need to “calm down” in their budget debate as they have already caused damage to firms and households, European Central Bank President Mario Draghi said on Saturday.

A senior member of Italy’s ruling coalition shot back that it was Draghi who should calm down, rather than draw attention to occasional comments on the euro which were personal opinions and had no implications for government policy.

Italy’s government is in a war of words with European officials over its plans to triple the deficit next year, backtracking on a previous pledge to narrow the budget gap in one of the bloc’s most indebted countries.

“A budgetary expansion in a high debt country becomes much more complicated ... if people start to put in question the euro,” Draghi told a news conference at the International Monetary Fund’s annual meeting in Indonesia.
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tack50
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« Reply #1 on: October 15, 2018, 06:03:19 pm »

Increasing expenses and lowering taxes in a highly indebted country. What could possibly go wrong?
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DavidB.
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« Reply #2 on: October 15, 2018, 07:00:34 pm »

On the one hand, it is insane that Italians wouldn't get what they voted for. On the other hand, they're part of a system that essentially forces others (like me) to pay for their demands. This is of course not a bug but a feature of the European monetary system, with more European integration and more technocracy being sold as the only feasible solution. However, the only real solution would be to end this nightmare while we still can and to gradually decrease the monetary integration of the eurozone.
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Lord Halifax
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« Reply #3 on: October 15, 2018, 07:02:32 pm »

On the one hand, it is insane that Italians wouldn't get what they voted for. On the other hand, they're part of a system that essentially forces others (like me) to pay for their demands. This is of course not a bug but a feature of the European monetary system, with more European integration and more technocracy being sold as the only feasible solution. However, the only real solution would be to end this nightmare while we still can and to gradually decrease the monetary integration of the eurozone.

The voice of reason.
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CrabCake
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« Reply #4 on: October 16, 2018, 05:10:02 am »

It feels like ten million years ago that Euroscepticism was mainly focused on the Euro.

Needless to say, this is one thing the Eurosceptics are right (although they probably have the wrong solution for me).
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DavidB.
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« Reply #5 on: October 16, 2018, 05:34:28 am »

It feels like ten million years ago that Euroscepticism was mainly focused on the Euro.
Nobody talks about it anymore now that Greece has faded out of the picture, but it is in times of economic stability like these that we can and should reform the system. This is endlessly more risky and may well cause countries to plunge into major economic crises if done at the wrong time.
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