Carlos Costa says that is missing “a government in the euro zone” – the Public.en

the Governor of The Bank of Portugal, Carlos Costa, said on Monday that the Eurogroup needs a government and a president that “look, and take responsibility for the whole.”

“what we have is The lack of a government in the euro zone, of someone that day-to-day is to look at the whole and take responsibility for the whole,” said Carlos Costa, in the 8.Th Conference of the Bank of Portugal, about the Economic Development of Portuguese in the European Space, which today takes place in Lisbon.

the governor of The Bank of Portugal considers that the Eurogroup should become an “an instance with a president, with the responsibility, legitimacy and a camera”.

“it’s Not worth to add instruments. If you don’t put someone with the power to use them, only if it is neutralize. We need a president of the Eurogroup, which is the reflection of a parliamentary majority of the countries in the euro zone and that answer before the parliamentary majority to the corresponding subset of countries inside the European Parliament,” he stressed.

In the past week, and focusing more on Finance, the European Commission also argued that “it is important to” look for the euro zone as a “single entity” and “as if there were a minister of Finance for the euro area as a whole.”

in A communication, Brussels states that “taking into account the absence of a budget centralized or a function of budgetary stabilisation”, the euro area does not have rules or an instrument to “directly manage the fiscal policy aggregate”, taking the stance of monetary policy was “conceived and designed as a single instrument”.

For the executive community, “the policy overall budget of the euro area is the result of the aggregation of 19 budget policy and the individual”, and that “it is widely random” if this aggregation results in an action the budget “appropriate and consistent with monetary policy”.

“To resolve the current situation, it is important to consider the euro area as a single entity, as if there were a minister of Finance of the euro area as a whole, and look to the fiscal policy in aggregate terms,” recommended the Commission.

Today, Carlos Costa also said that “the banking union incomplete” is the “greatest threat” to the acceptance of the European Union.

“A second factor of concern is the fact that being with a banking union incomplete. The banking union incomplete is today the greatest threat to the acceptance of the European Union,” he said.

This is because, as explained, the current situation is one in which the supervision is in the european landscape, but the financial management is in the national plan, a reality that does not give guarantee that the decisions taken on a european plan are consistent with the decisions or with financial stability in the local plan.

“Any decision that jeopardized the financial stability in a Member State is a critical issue that can trigger a wave of scepticism unwanted,” he warned.

Carlos Costa has identified the existence of a problem of financial stability and economic growth and warned: “If there are no conditions to solve the problem, it means that there will be banks that have no ability to grant credit, and without credit there can be no economic growth.