TNBiz (TNBiz)
Markets  |  May 10, 2012 18:35:05

Nowotny: Countries which receive aid from the EU, should give up sovereignty in the development budget


VIENNA (MEDIAFAX) - Countries that receive assistance from emergency lending programs of the European Union, the Governing Council by a member of the European Central Bank (ECB) Ewald Nowotnyho had to give up some degree of sovereignty in creating their budgets for the EU. Informed the agency on Thursday said.

Nowotny, who heads Austria's central bank also said in his speech at the conference central bank that consolidation programs should be combined with measures to boost economic growth.

"Political Union needs more than just a set of rules and restrictions, the central decision-making in fiscal policy, or at least a strong word authorities in the adoption of state budgets," said Nowotny.

Rakouský governor also noted that Greece, Ireland and Portugal, the countries which receive assistance must remain on the path chosen by.

"I see no credible alternative to other processes within the special assistance programs," said Nowotny.

At the same time warned against overly ambitious austerity programs because of their revised downwards, according to him, could negatively affect investor confidence.

Tomáš Králíček, kralicek@mediafax.cz

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