I believe the euro area has already gone a long way towards closer integration. Before the crisis there was no question about bailing out a country and today we have three countries receiving financial assistance and a permanent mechanism to deal with future problems.Although it also faces difficulties and high financing costs, Italy is providing a fifth of that assistance and of the contributions to the European Stability Mechanism, not so different from the contribution of France o r even Germany. All partners in the eurozone need to show collective responsibility and a sense of common interest to pull us out of this crisis together.We all have a part to play and we all need to play it, putting aside any prejudices o r misunderstandings because what we have built together is worth much more than the sum of any selfish and illusory national interests.
Would it be better if countries li ke Greece adopt a parallel currency until they manage to stabilize their economy?
I strongly believe Greece's interest lies in the euro area.
You have invited three other European leaders Angela Merkel, Francois Hollande and Mariano Rajoy to a mini-summit next month in Rome, to discuss growth plans. Do you think that the initial programme for Greece has failed in that area? Is there a need for a European Marshall plan to spur growth?
I am a strong believer in the Community method, according to which all EU member states decide together as equal partners. The EU institutions also each have a clear and important role to play. But I also believe it is good for individual members to see each other and discuss positions and options, particularly at this difficult juncture. The EU meeting of 23 May showed that a growth agenda is gaining momentum, with measures now being put together by a high-level group ahead of the Summit at the end of June.
You are a supporter of Eurobonds. After how long do you believe that Eurobonds will yield profits for the week countries of Europe?
I believe we will have Eurobonds in one form o r another because our u nion is becoming more integrated. However we must be absolutely clear in our minds that this is not a license to spend at the expense of others, but rather to re-build the Economic and Monetary U nion on a stronger and more credible basis.
There is concern about the banking system and deposit flight. Are you in favor of a European system that would guarantee the deposits?
The euro area has been clear in stating that it will do whatever is necessary to ensure the stability of the euro area and the future of the euro itself.
In your opinion is the sacrifice of the welfare system and the changes in labour legislation inevitable in order the countries to achieve fiscal discipline and competitiveness?
I believe that the welfare system must be reformed so that future generations can also enjoy its benefits.I also believe that labour legislation can be made more flexible whilst providing an adequate replacement revenue for people who lose their jobs, and help them find another rapidly. This is what Italy has done with the reform of its pension system and what it is doing with the labour market reform.The alternative is to pay more taxes when taxation levels are already excessively high in Europe o r to condemn ourselves to a slow decline with no welfare system in the future.
Youth unemployment has become an epidemic in the eurozone. Do you agree with those who say that there might be a very well educated but lost generation?
The rise in unemployment, particularly youth unemployment, in some countries is the most acute and painful problem in this crisis. As a number of countries have plunged again into recession, it is important to agree rapidly measures to sustain economic activity and encourage job creation at the EU and at national level w hile not losing sight of the budgetary consolidation and reform process.
In your opinion is the strengthening of the radical parties, both left and right, in Europe an alarming situation?
People are clearly signaling that they need hope. They know and accept that efforts are needed to correct the mistakes of the past in terms of public debts that were allowed to increase beyond sustainable levels o r reforms that kept on being postponed. They know this is an uphill struggle. But they need to have hope there is an end in sight. They cannot find themselves rolling back down and havin g to start again. Right now we need to listen and take care of the economy in the knowledge this will also help fiscal consolidation.
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