Bundesbank President: necessary to strengthen common control mechanism between Eurozone’s states

The president of the Bundesbank, Jens Weidmann, in a speech to the German embassy in Italy, believes that a large risk-sharing between the Member eurozone without a strengthened common control mechanism "would be a wrong path" and would not create the " strong incentives to comply with the rules "that will see the Italian Economy Minister Pier Carlo Padoan.

"Since the creation of the monetary union the rules of the Stability and Growth Pact were violated by some states, including even Italy, more often than they have been" osservate.Weidmann also recalled that "even Germany in the years 2003/2004, he has helped weaken the binding force of the rules. "

The European Commission "tends constantly to compromise to the detriment of the respect of the budget" mediating political interests. Weidmann said that "if you are afraid of the renunciation of national sovereignty, the strengthening of the existing framework remains the only alternative to make the most stable monetary union."

The European fiscal union sees "enormous obstacles" and "at the moment I do not see the will to overcome these limitations, neither in Italy nor in Germany nor in other countries." In fiscal union "a Member State must fulfill the demands of a tax authority" EU and in this regard – said Weidmann – Italian Prime Minister Matteo Renzi said that "the Italian tax policy is made in Italy and Italy does not It allows it to be dictated by Brussels bureaucrats. "