(Finance) – Europe moves in “a context of great uncertainty. We feared one very, very serious and profound crisis in terms of energy and economy. However, we have experienced a more limited level of contraction of our economy at the European level”. This was stated by the European Commissioner for Economic Affairs, Paolo Gentiloni, speaking at the Luiss meeting between Italy and France, recalling that Italy and France have been able to maintain “a positive sign”, a growth that was 0.2% in France and 0.6% in Italy in the first quarter.
“The inflation situation in the euro area is improving – he added – the situation of the labor market continues to be rather positive with unemployment at its lowest in recent years and employment levels at historic highs. The context of uncertainty, aggravated by the geopolitical situation and by the very present consequences of the Russian invasion of Ukraine. But a context in which we can work together to give confidence and impetus to the economic recovery, which we expect at rather limited levels for this year”
As for the implementation of the recovery plans of the EU states, it is one of the “immediate priorities”, underlined the Eurocommissioner, urging “respect of the times, the roadmap” in order “not to waste the opportunity. TheThe EU commission is alongside the governments for this commitment”
One of the EU’s “challenges” in recent months is “the reform of the rules of the stability pact“, he specified. “The commission presented a proposal in April – he said – the objective is to ensure on the one hand the gradual sustainable and realistic reduction of the public debt, on the other to support the investments that are indispensable today. There is room for improvement on this proposal, but it is essential to find an agreement before the end of the year. From next year we know that we will no longer have the suspension clause of the stability pact in force”.
Another immediate challenge concerns “industrial competitiveness, particularly in the clean energy sector in which a real global race is underway with very substantial interventions by both the United States and China and other players in the world economy”.