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Drake: Political commitment to march towards the United States

Today’s video, as promised, is a continuation of what was published yesterday, so Tracy’s response to a question from a German economist at his press conference was that he was not only in Germany, but in many countries in northern Europe, and the idea of ​​Eurobonds and the goal of a financial union between different countries of the European Union Are viewed with suspicion.

After talking about the euro and the difference with the dollar, Tracy concludes by talking about the differences between the United States and the European Union in terms of economic policy.

Here are Drake’s words:

We do not have a capital association, we have a united capital market, we have a banking union, which was started a few years ago with great efforts, but still faces various obstacles, they have a banking association.

We will stop immediately. So, you know I am against the banking union, but here Draghi uses a discourse when he says that the banking union “still faces various obstacles” and above all avoids saying that these restrictions are placed by Germany and others. European countries.

The oversight of the Banking Union goes from the National Central Bank, here to the Italian Central Bank to the European Central Bank.

So, in practice, the banking union is nothing more than a change of capabilities, and it is very costly for Italy !!!

Renzi’s resolution of the four banks took place even before the introduction of the Banking Union, but in fact it was so zealous on Pompeo de Rignano that he wanted to show that our government had firmly intervened independently from the ECP.

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Had it not been for the banking union, today Veneto would not be in a state of complete bankruptcy for both its banks, but would have been in crisis, affecting not only the national level but the entire banking system. And internationally.

But, let’s listen to Drake.

So in the absence of a banking union (Slip here just says we have a banking union, which started a few years ago with great effort but now what does it say?

He says, “In the absence of a banking union, a classic Freudian ace, because precisely all eurozone countries adhere to the banking union, the strongest nations do not care, and the oversight of their banking system is not abandoned by the ECP, as evidenced by the fact that many German banks, in general Have been repeatedly bailed out by the intervention) however we can go on

So in the absence of a banking union, a capital market association and such a shared stock, where does this stock come from?

Apparently Tracy here refers to treasuries or U.S. government securities when talking about “security”. Where does this topic come from? We said

The United States has a federal budget, which we do not have,

Sure, dear Tracy, but what you say disarms the ordinary, of course the United States is a state, while the EU is not a state, so we have bunds in Germany, oats in France. PDP in Italy Coming soon. But let’s continue:

The United States has a federal budget, which we do not have,

We have a small budget that, for the sake of paradise, is now growing with epidemics, but in short it has not been used to address the situation of the weakness of the strengths of individual European countries, as economists say anti-cyclical activity, i.e. stabilizing the economy.

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But of course, dear Tracy, what do you think Germany is taking to help Italy overcome the economic crisis affecting our country.

Look at Tracy, I don’t know if he noticed, but Germany is not a partner to us, mainly it is a competitor, so it will have all the facilities to bury us without saving us.

Still Tracy continues

So all of this suggests that it is very good to talk about the context in which the debate took place and the international value of the euro, but we should not have too many illusions as long as these issues exist. Resolved.

Ah, these essential issues for Drake are simply “problems”, except problems !!!

But now ask how he ended up answering the German journalist.

And then I had to reach a financial union and say that the journey was too long, and that too … and that it was very difficult, because different countries think differently, so I don’t know how it will be, how to say, what a political commitment is, tomorrow, how many generations it will take , The political commitment that Europe is moving in that direction will become firmer.

So, let’s clarify perhaps for the benefit of those who are not proficient in economic issues. Coming to a financial union, having already had a currency and banking union, actually means coming to a single federal state, which we can call the United States.

Thanks to the benefit of Draki recognizing that what he achieves is a desirable goal “the journey is too long … and it is too difficult, because different countries think differently”

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Supermarrio, different countries do not think differently … they simply do not like the financial union … they will never like it.

Thank you for realizing it, you know, I always use your words: “Political commitment is not going to be fulfilled tomorrow”, of course when will it work in 5, 10 years?

“I don’t know how many generations this will take,” says Tracy himself.

How many generations ???

In the meantime, what will happen to Italy?

Giancarlo Marcotti He holds a degree in Statistics and Economics from the University of Padua. In his professional career he has collaborated with leading financial institutions covering various financial roles. Giancarlo Marcotti He is the Managing Director Clear funding, As well as the editor of The Markets section and the editor of the portfolio section, in which, on a daily basis, he announces the investment choices he has made.