The EU has no political will to reduce the debt of some indebted Member States regrets Maurice Obstfeld, chief economist of the International Monetary Fund, the Business newspaper. “I do not see the political will to do so at this time. As a long-term goal, in terms of moving toward more forms management cooperatives structural fiscal policies, it makes sense. There are proposals from the European Commission to support structural initiatives in individual countries. This should be analyzed carefully. “ As for Portugal, the chief economist of the IMF argued that” some “reforms can yield results” very soon ” . Not specified but considered the importance of fiscal measures as a means to solve levels of public debt and bank fragility. “we can not think of only one tool, we have to think of all the tools. If you can not reduce the debt, then you must increase the growth. This may require tax reforms of various kinds and requires reforms in the product market “ So, Maurice Obstfeld stresses that Portugal has to find ways to mobilize “big bag unemployed” with low qualifications. “If not, it may be more difficult to deal with the banking problem in time.” the current government campaigned against less austerity and, on this, said to be “understandably, after several years of adjustment,” there is fatigue. Still, points out that the successes of the past can be “fragile”, in a context where the corporate and public debt remain high. “our advice is to keep the course” , he said. did not rule on the debt “without looking at the data.” Maurice Obstfeld, 64, was director US President Barack Obama to macroeconomic issues and was interviewed by the Business journal on the sidelines of the European Central Bank Forum, held last week in Portugal.
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