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Lucas Guttenberg Profile picture
@lucasguttenberg
Mar 16, 2020 • 5 tweets • 2 min read • Read on X
The #Eurogroup has adopted its statement. It is not in crisis mode, the text is still very much normal-times lingo.

It ends on a vague commitment to do "whatever further coordinated and decisive policy action is necessary",
but the text is very timid:
consilium.europa.eu/en/press/press…
1/ Upside: Clear agreement that flexibility in the application of the fiscal rules is needed. EG also welcomes Commission's willingness to activate the general escape clause in the SGP. Same for state aid.
2/ Downside: Nothing concrete on safeguarding fiscal measures. There is a vague reference to the ESM being there and a commitment to further work on EMU deepening. The message here clearly is not "We are ready, bring it on."
3/ The rest is a lenghty statement about all the good things the Commission and the EIB and national authorities have already done and might still do. This is all nice but it is not a way to signal determination.
4/ Let's see how markets react, maybe it is the right tone not to spook anyone - but I somehow doubt that. Otherwise leaders will have to ramp up communication by a lot tomorrow.

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More from @lucasguttenberg

Lucas Guttenberg Profile picture
Sep 9
Draghi hat seinen Bericht zur Wettbewerbsfähigkeit Europas vorgelegt - und natürlich konzentriert sich die Diskussion in 🇩🇪 sofort auf die Frage neue EU-Schulden ja/nein/vielleicht.

Warum das ein Fehler und dieser Bericht eine große Chance auch aus Berliner Perspektive ist:
Image
Image
Der Bericht ist zunächst eine ziemlich schonungslose Standortbestimmung der europäischen Wirtschaft im globalen Vergleich. Und Draghi sagt: Es sieht nicht gut aus. Als zentrale Gründe macht er fehlende Produktivität und mangelnde Innovation aus.
Außerdem nennt er die Herausforderungen durch Fachkräftemangel, hohe Energiepreise und notwendige Dekarbonisierung. Und eben die globale, teilweise unfaire, Konkurrenz. Klingt alles bekannt aus der deutschen Debatte? Eben.
Read 15 tweets
Lucas Guttenberg Profile picture
Sep 9
The Draghi report has just dropped - and it is surprisingly good and low-bullshit.
My initial takeaways: Image
Such reports tend to be boring to read: Because the authors are mincing their words, because of too many cooks in the kitchen, because the "outside expert" is not really allowed to say what they want or do not know what they want to say.
The Letta report suffered from several of these ailments. The Draghi report suffers from none thereof. The man obviously knows what he wants to say and doesn't mince his words. The report is refreshingly low-bullshit, puts fingers in obvious wounds and largely avoids euphemisms.
Read 14 tweets
Lucas Guttenberg Profile picture
Nov 24, 2021
The 🚦 agreement is actually pretty good news for a number of Eurozone files, including the fiscal rules and EDIS.

Here are the main bits:
1/ Most importantly, the text says that the fiscal rules can be "developed further" to reach three goals: Secure growth, safeguard debt sustainability and foster green investment. They should also become "simpler and more transparent, also to strengthen implementation".
2/ This is pretty big. No red lines here, but an open and constructive opening position for negotiations that can very well include a change to the rules themselves. It will be now up to the Commission and other member states to take up the offer that is in that text.
Read 9 tweets
Lucas Guttenberg Profile picture
Sep 13, 2021
Das @_FriedrichMerz-Interview im @handelsblatt ist beeindruckendes Anschauungsmaterial, wie sich ein Teil der Konservativen im europapolitischen Wald verirrt hat und jetzt nicht mehr herausfindet.

Warum das ein Problem ist:
1/ Es geht mit dem klassischen Motiv los, dass man höllisch aufpassen muss, den faulen Südeuropäern (hier stv 🇮🇹🇪🇸) nicht ihr Hallodritum zu finanzieren. Dass gerade diese Länder die ambitioniertesten Pläne zur Verwendung der EU-Gelder vorgelegt haben, bleibt natürlich unerwähnt.
2/ Es geht dann weiter zu den Schuldenregeln. Hier räumt auch Merz ein, dass die Einhaltung für viele Länder schwierig wird. Und dann wird es spannend: Er drückt sich extrem wortreich um eine Antwort herum, ob man die Regeln denn nun wirklich so einhalten sollte.
Read 13 tweets
Lucas Guttenberg Profile picture
Sep 6, 2021
Commissioner @PaoloGentiloni announces in @SZ that the Commission will only present its proposal for fiscal rules reform once there is a consensus among eurozone countries. Here's why this is a wise approach and why we are still far away from that point:
sueddeutsche.de/wirtschaft/eu-…
1/ A weird feeling has grown in recent months that an expenditure rule is the way to go to reform the SGP and that what we basically need now is a Commission proposal that the technocrats then can tweak so that everyone is happy. Everyone is now waiting for that proposal.
2/ In my view, this feeling is a trap and the Commission is now trying to avoid falling into this trap by basically asking member states to come to a consensus what they want before puttting out a proposal.
Read 14 tweets
Lucas Guttenberg Profile picture
Jun 21, 2021
CDU and CSU are about to publish their election manifesto. On EU economic governance/fiscal policy, it is in perfect continuity with the Merkel line: No openings, no thick red lines.

Quick overview:
1/ CDU and CSU say they want a "stability and growth union". Who doesn't. They say they want to return swiftly to the fiscal rules but to "develop them further without watering them down." The also want sanctions to be applied and less room for judgment. No surprise here.
2/ On the Recovery Instrument, they insist that it is temporary and a one-off - which is true. They also say it cannot lead to a "debt union" and there cannot be a mutualisation of sovereign debt - both of which are not bound to happen. So no surprises here.
Read 7 tweets

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