The contours of the project for the common budget for the euro area must be defined and a timetable for its realization drawn up. The report of the European Commission last November and the one drafted by the presidents of the European Council, the Commission, the Eurogroup and the ECB move in this direction.
The institution of common mechanisms of financial support for structural reforms in single member countries can constitute the occasion for the launch of the project and the issue, on a trial basis, of joint debt securities. The Italian economy Italy’s weak recovery following the global financial crisis ended in the second half of 2011, when our government securities market came under pressure.