"The budget rules of the European Union must be reformed if we are to guarantee recovery".

This is what we read in an editorial just published on the Financial Times website which reports the double signature of Mario Draghi and Emmanuel Macron.

"We must lower debt levels, but not through higher taxes or unsustainable spending cuts," write the Italian premier and the French president.

Individual states need "more room for maneuver" to make the investments necessary to support growth and ensure the welfare of the new generations. The rules of the Stability Pact "must not prevent us from doing so"

Sources in the Elysée explain that Draghi and Macron's text was shared with other EU heads of state and government - including German Chancellor Olaf Scholz - but no one else was offered to add his signature.

Even before the pandemic, the editorial argues, the "obscure and too complex" European tax rules "needed to be reformed". We need a regulatory framework that is "credible, transparent and capable of contributing to the ambition of building a stronger, more sustainable and just Europe".

RECOVERY - The Next Generation Eu program “was a success in its assessment of the quality of public spending and in its method of financing”, write Draghi and Macron again. And as such, they continue, "it offers a useful model for the future."

Again: "The next French presidency of the EU Council will have the objective of developing a shared global strategy for the future of the Union, the EU must rekindle the spirit that guided the action undertaken at the beginning of the pandemic".

(Unioneonline / L)

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