“We consider critical Europe’s urgent, incisive and concerted effort to generate growth”, and are in full harmony with Paris on the matter. This was Minister Terzi’s comment during a joint press conference with his French colleague Laurent Fabius. “Recovery must go hand-in-hand with growth”, the minister underscored, stressing that “negotiations are under way at this moment not only on growth, but on the soundness of the financial system. The topic [of the banking union, editor’s note]”, he said, “is on the table and under urgent discussion”.
The design of a European banking union
French Minister for Foreign Affairs Fabius arrived in Rome on a low-cost flight, in keeping with the rigour called for by President Hollande, who met with President of the Republic Giorgio Napolitano and Premier Mario Monti. The minister stated that France was in favour of the creation of a European banking union. “The European system as a whole must find a solution; it is essential to define mechanisms by which countries that do make the necessary efforts are not stifled”, the French foreign minister continued, explaining that with regard to Spain “it is going to be necessary to come up with a practical method for injecting the funds needed to make the banking system work without further burdening the Spanish deficit”.
“Essential” relations with Italy
Fabius – who spoke of his “great pleasure” of meeting Giorgio Napolitano, “a wise man of great stature” saying that “ Italy has the good fortune to be able to rely on such a statesman” – underscored France’s “essential relations” with Italy. “If there have been some shadows in the past”, they have by now dissipated. Italy”, he said, “is France’s second largest trade partner in the world, and this is proof of the importance of our relations”.
