The former Italian premier had barely finished presenting his long-awaited report on Monday about how to fix Europe's ailing economy-with its centrepiece of common bond issuance-when Finance Minister Christian Lindner retorted that such an approach won't solve the region's structural problems. "I am very sceptical about Draghi's approach to debt," the German politician told N-TV in one of a series of swift reactions. "That can be summarised briefly: Germany should pay for others. That can't be a master plan." That reaction from Berlin highlights the challenges of turning a 400-page recipe to restore competitiveness and help the bloc compete on global markets into reality.
The resistance to Draghi's call for the region to invest as much as ₹800 billion ($884 billion) extra a year and commit to regularly issue common bonds prolongs a history of stalemate between rival ambitions.
This story is from the September 11, 2024 edition of Business Standard.
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This story is from the September 11, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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