The Governor of the Bank of France wants a European Finance Minister

The Governor of the Bank of France, François Villeroy de Galhau, wants a European minister of Finance

The Governor of the Bank of France, François Villeroy de Galhau …

The Governor of the Bank of France, François Villeroy de Galhau, claiming the appointment of a European finance minister for policy in his essential work of the European Central Bank (ECB), in an interview Saturday with the Italian newspaper La Repubblica.

“The monetary pillar exists and is strong, the ECB did its job. What is desperately missing the second pillar, better coordination of economic policies, “he said in response to a question about the strength of the eurozone.

“This is why I propose the appointment of a European finance minister” who could be appointed in the same manner as was the head of European diplomacy, Federica Mogherini, said the French governor.

“Since 2011, the lack of governance has cost 2 to 5 percentage points of GDP in the eurozone and thus millions of jobs,” he argued while ensuring: “We are not now proposing over Brussels but more growth and jobs. ”

Asked if France was ready to give up some sovereignty over economic policy, Mr. Villeroy Galhau preferred to talk about “sharing sovereignty”.

“The fiscal union should be a course achieved in stages,” he has added in supporting the proposal of the Italian Finance Minister Pier Carlo Padoan of “integration on the basis of voluntary and gradual.”

The new European Minister would “commission member (European), Eurogroup President and head of a European Treasury made economic services of the Commission and the European Stability Mechanism,” said the French official.

It would be responsible for developing the collective strategy of the Eurogroup and to ensure its implementation, “via incentives and sanctions.”

Asked about the labor reform bill in France, he noted that in 2015, growth was strongest in France and Italy (1.2% against 0.6%), but parallel, Italy had created 270,000 jobs against only 82,000 in France.

“One explanation is the approval of the Jobs Act,” the Italian reform of the labor market came into force beginning 2015. “France can not remain one of the only European countries where unemployment still not down. The status quo is not a solution, “he insisted.

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