Now that the euro has been created, an economic government is needed

An economic government for the EU is needed. The debate on the reform of the government is characterized by two approaches. The first, the community approach, aims at giving more power to the Commission. The second, the one among governments, suggests strengthening the Council. For this reason Olli Rehn, super economic minister designate, Jean-Claude Juncker, president of the Eurogroup, Herman Rompuy, president of the Council and José Manuel Barroso president of the Commission as well as the role of president of the ECB in monetary policy are fighting to be Mr. Euro. But market needs do not coincide with the slow pace of these debates: it is time to decide, we have to come up with a "single phone number" for Mr. Euro.

Outgoing ECB president Jean-Claude Trichet proposed the creation of an EU Finance Minister. This was the same direction of some of the people who took part in the appeal published on il Sole 24 Ore on October 11, 2011. Following the teachings of the founding fathers of the euro, like Carlo Azeglio Ciampi, President Emeritus of the Italian Republic, having done the euro now we need an economic Government. This Government should be the "guardian of fiscal discipline" and should ensure that budgetary objectives and reforms are implemented. This in fact has been taking place with the strengthened Stability Pact. The objective therefore has to be that of accelerating a path that has already been undertaken and that has already come some way.

Over the past months, the lack of clarity on the European government has made the ECB take over the role of guide of economic policy, as shown in the letter that was sent to the Italian government to suggest reforms. This should instead be up to the Commission or a Mr. Euro with real powers.

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