Milan, May 25 (LaPresse) – "The creation of an efficient single capital market would be essential for our prosperity. It is the very essence of Europe, but we have lost a lot of time." This is what Jean-Claude Trichet, former president of the European Central Bank, said in an interview with Repubblica.
"We created the common market in 1957 with the Treaty of Rome, strengthened this will in 1986 with the Single European Act, introduced a single currency in January 1999, and theoretically launched the banking union in 2014. But we still do not have a true single market for banks and capital, nor for telecommunications, digital platforms, defense industries, or energy," Trichet added. Regarding the banking union, he said, "We finally need to create a true deposit guarantee scheme and a framework to jointly manage banking crises."
"The more I reflect on Europe’s prospects, the more I feel like a federalist: the absence of a true political federation is the glass ceiling preventing us from achieving our goals, not only economically and financially but also politically and diplomatically. The reason the euro is not yet equivalent to the dollar — which is currently going through a period of great weakness — is all here: having to obtain 20 signatures from different finance ministers means that the liquidity and reliability of our securities are ten times lower than those of the U.S. And that is unforgivable," Trichet concluded.
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