{"id":429547,"date":"2025-06-12T15:53:33","date_gmt":"2025-06-12T13:53:33","guid":{"rendered":"https:\/\/www.eunews.it\/2025\/06\/12\/de-guindos-urge-integrazione-finanziaria\/"},"modified":"2025-06-12T16:47:12","modified_gmt":"2025-06-12T14:47:12","slug":"de-guindos-unpredictability-will-last-for-years-financial-integration-urgent","status":"publish","type":"post","link":"https:\/\/www.eunews.it\/en\/2025\/06\/12\/de-guindos-unpredictability-will-last-for-years-financial-integration-urgent\/","title":{"rendered":"De Guindos: &#8220;Unpredictability will last for years, financial integration urgent&#8221;"},"content":{"rendered":"<p>Brussels &#8211; Looking ahead, &#8220;<strong>it is likely that unreliability and unpredictability will persist for years to come, making uncertainty a defining characteristic that will not be overcome any time soon<\/strong>&#8220;. The Vice-President of the European Central Bank, <strong>Luis De Guindos<\/strong>, doesn&#8217;t beat around the bush: the EU is facing epochal challenges, and the answer lies in &#8220;more Europe and financial integration&#8217;.&#8221; He picks<br \/>\n<a href=\"https:\/\/finance.ec.europa.eu\/events\/european-financial-integration-advancing-savings-and-investments-union-2025-06-12_en\" target=\"_blank\" rel=\"noopener\">Annual Joint Conference <\/a>of the European Commission and the European Central Bank on European financial integration to once again relaunch a <strong>reform agenda loaded with actions that have never been completed<\/strong>.<\/p>\n<p>&#8220;We must <strong>make progress on all fronts<\/strong>,&#8221; the ECB number two pressed. &#8220;<span class=\"HwtZe\" lang=\"en\"><span class=\"jCAhz ChMk0b\"><span class=\"ryNqvb\">The recent radical change in US economic policy and the multilateral rules-based system,&#8221; he says in reference to the <a href=\"https:\/\/www.eunews.it\/en\/2025\/04\/03\/first-effect-of-trumps-tariffs-on-the-rest-of-the-world-plummeting-stock-markets-on-both-sides-of-the-atlantic\/\" target=\"_blank\" rel=\"noopener\">politics of US President Donald Trump<\/a>, must be &#8220;the<\/span><\/span><\/span> opportunity to <strong>strengthen the European project<\/strong> as its future depends on us and us alone.&#8221; It is here that the project of more Europe comes to translate into financial integration.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"YUsHChdz8y\"><p><a href=\"https:\/\/www.eunews.it\/en\/2025\/06\/11\/calvino-a-new-world-order-is-forming-dont-look-to-the-past\/\">Calvi\u00f1o: &#8216;A new world order is forming, don&#8217;t look to the past&#8217;<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Calvi\u00f1o: &#8216;A new world order is forming, don&#8217;t look to the past&#8217;&#8221; &#8212; Eunews\" src=\"https:\/\/www.eunews.it\/en\/2025\/06\/11\/calvino-a-new-world-order-is-forming-dont-look-to-the-past\/embed\/#?secret=qnCJXHCqd8#?secret=YUsHChdz8y\" data-secret=\"YUsHChdz8y\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>First, De Guindos notes, &#8220;a true <strong>single market<\/strong> for goods and services within the EU remains elusive, hampered by persistent barriers and divergent national rules.&#8221; Then, &#8220;the <strong>banking union<\/strong> remains incomplete,&#8221; and finally, &#8220;the EU&#8217;s <strong>capital markets<\/strong> remain fragmented.&#8221; That said, &#8220;we must seize the moment and <strong>make progress on these three fronts<\/strong> to strengthen the Economic and Monetary Union and promote growth.&#8221; The moment is now: &#8220;With the inflation around our 2 per cent target, structural reforms and growth-oriented fiscal policy become crucial to promote productivity and competitiveness in the EU.&#8221;<\/p>\n<p><span class=\"HwtZe\" lang=\"en\"><span class=\"jCAhz ChMk0b\"><span class=\"ryNqvb\">In the process of completing the banking union, at least two factors weigh heavily. Firstly, De Guindos continues, &#8220;deposit insurance remains at the national level.&#8221; An underlining that sounds like frustration over\u00a0<a href=\"https:\/\/www.eunews.it\/en\/2024\/09\/02\/ecb-now-presses-all-the-conditions-are-in-place-for-the-deposit-guarantee-scheme\/\" target=\"_blank\" rel=\"noopener\">an agreement never found on EDIS<\/a>, the European deposit guarantee scheme. This makes the separation between banking risks and sovereign debt &#8216;impossible&#8217;. Not a trivial problem, for the ECB vice-president, since &#8220;<\/span><\/span><span class=\"HwtZe\" lang=\"en\"><span class=\"jCAhz ChMk0b\"><span class=\"ryNqvb\">the geographical location of a bank influences the outcome of a resolution process, as there is no common protection mechanism&#8221;, he adds, referring to the backstop (a common protection instrument, precisely) that should have been created with the reform of the European Stability Mechanism blocked by the Italian\u00a0<a href=\"https:\/\/www.eunews.it\/en\/2023\/12\/21\/esm-house-rejects-ratification-league-rejoices-but-italy-risks-paying-dearly\/\" target=\"_blank\" rel=\"_blank noopener\">non-ratification of the &#8216;new Mes&#8217;<\/a> treaty.<\/span><\/span><\/span><\/span><\/p>\n<p><span class=\"HwtZe\" lang=\"en\">\u00a0<img decoding=\"async\" class=\"alignleft size-medium wp-image-426118\" src=\"https:\/\/www.eunews.it\/wp-content\/uploads\/2025\/05\/giorgetti-mes-300x162.png\" width=\"300\" height=\"162\" srcset=\"https:\/\/www.eunews.it\/wp-content\/uploads\/2025\/05\/giorgetti-mes-300x162.png 300w, https:\/\/www.eunews.it\/wp-content\/uploads\/2025\/05\/giorgetti-mes-1024x551.png 1024w, https:\/\/www.eunews.it\/wp-content\/uploads\/2025\/05\/giorgetti-mes-768x414.png 768w, https:\/\/www.eunews.it\/wp-content\/uploads\/2025\/05\/giorgetti-mes-750x404.png 750w, https:\/\/www.eunews.it\/wp-content\/uploads\/2025\/05\/giorgetti-mes.png 1038w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/span><span class=\"HwtZe\" lang=\"en\">This is, for the Meloni government, yet another new invitation to implement\u00a0the political agreement reached at the\u00a0end of January 2021,\u00a0also with the Italian\u00a0blessing\u00a0(secondo governo Conte, ed.). &#8220;<strong>Completing the banking union and deepening Europe&#8217;s financial markets are essential<\/strong> to promote and retain innovative companies, as well as to attract talent and investment,&#8221; De Guindos stressed, reiterating: &#8220;The call for &#8216;more Europe&#8217; resonates louder than ever. This stems from the <strong>increasing risk of over-reliance on non-European powers and the diminishing importance of a single country on the global stage<\/strong>&#8220;. Translated: no more reliance on the United States. &#8220;We need to prioritise the European project over national interests. We need decisive progress on all three fronts.&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ECB Vice-President: &#8220;Now is the time for structural reforms. Complete single market, banking union, and capital markets.&#8221; For Italy, again, a call to ratify the MES reform<\/p>\n","protected":false},"author":494,"featured_media":429538,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"episode_type":"","audio_file":"","podmotor_file_id":"","podmotor_episode_id":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"1","show_author_box":"0","show_post_related":"1","show_inline_post_related":"0"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","subtitle":""},"jnews_primary_category":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[25705],"tags":[26146,27316,26279,26598,28794,25827,26151,26311,25885,25788,30237],"class_list":["post-429547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-union-banking-en","tag-market-capital-en","tag-trade-en","tag-dazi-en","tag-ecb-en-2","tag-esm-en-2","tag-bank-central-en-en","tag-luis-de-guindos-en","tag-riforme-en","tag-market-unique-en","tag-tariffs-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts\/429547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/users\/494"}],"replies":[{"embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/comments?post=429547"}],"version-history":[{"count":6,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts\/429547\/revisions"}],"predecessor-version":[{"id":429561,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/posts\/429547\/revisions\/429561"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/media\/429538"}],"wp:attachment":[{"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/media?parent=429547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/categories?post=429547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.eunews.it\/en\/wp-json\/wp\/v2\/tags?post=429547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}