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01:09começou em fevereiro
01:11com a retratação
01:14em Aldenbiesen
01:15mas eu tenho que dizer
01:17que a razão política
01:19da aceleração, para mim
01:21é relacionada à crise da Greenland.
01:23A crise da Greenland foi
01:25uma grande pressão para os líderes
01:27de dizer que agora temos que ser
01:29seriosos em aplicar os dois reportes,
01:31em implementar os dois reportes
01:32e em tentar fortalecer o mercado
01:35de single-market.
01:36How would you overall
01:37describe how the EU's
01:39responded to a more aggressive
01:41Donald Trump, a more erratic, some would
01:43say Donald Trump? I think some responses
01:46were absolutely
01:47I would say more than I expected.
01:50Trade, for instance.
01:52In five months, we
01:53closed India, Indonesia,
01:56Australia, Mexico, Mercosur.
01:58I have to say more than in the last ten
01:59years and it is because of
02:01this very complicated
02:04geopolitical scenario
02:05and the need to react.
02:07So,
02:07on some of them,
02:09the reaction was
02:10absolutely at the level
02:11of the threat.
02:13On others,
02:13and I mentioned,
02:15first of all,
02:15this topic of strengthening
02:16the single market
02:17is crucial.
02:19We are
02:20junior partners
02:21of the US.
02:21We are not
02:22at the same level.
02:23They are
02:24bigger than us.
02:25On real economy,
02:26we play the same
02:27championship
02:28with the US.
02:29We are 17%
02:30of world GDP.
02:32They are
02:3325%.
02:33It is the same
02:34championship.
02:35But when it comes
02:36to finance,
02:36our 17
02:37becomes
02:3811%
02:40of market cap.
02:42There,
02:4325%
02:44becomes
02:4560,
02:466-0%
02:47and 60%
02:48and 11%
02:49is not the same
02:50championship.
02:51That brings me to the
02:52savings and investment
02:53union,
02:54which is one of the
02:55things that this feels
02:56like there was a real
02:57political push behind it
02:58and one of the things
02:59you advocated for as well
03:00in your report.
03:02How urgent is this now,
03:04given the situation
03:05of imbalance
03:06that you've just
03:07described?
03:07The key point is
03:08related to the fact
03:10that we need
03:13to integrate
03:14and to have
03:15one financial
03:17market in Europe.
03:18It's the only way
03:19to scale.
03:19The key point is
03:20scaling on finance
03:22because we are
03:23too small compared
03:24to the US
03:24and that has
03:25consequence on
03:26the investments.
03:26They are bigger
03:27than us in terms
03:28of investments.
03:29So it's clear
03:30that for emerging
03:31companies and
03:32strategic sectors,
03:32this is very
03:33important.
03:34But when it comes
03:35to European citizens,
03:37how would you
03:38describe to a
03:39normal citizen
03:40why the savings
03:42and investment union,
03:43which means
03:43integrating the
03:44US financial market,
03:45would be beneficial
03:46for them as well?
03:47First, because we
03:49are the continent
03:50of savings
03:51and the savers.
03:52We are top in that,
03:54but we use
03:55very badly
03:56our savings.
03:57Our savings
03:58are not giving us
03:59the good returns
04:00that they could do
04:02and should do
04:03if, in the case
04:05of savings
04:05and investments,
04:06putting savings
04:06in the savings
04:07and investments
04:08accounts,
04:08or this European
04:10label of savings,
04:12will give them
04:13better return
04:14than what they
04:14have today.
04:15And the second
04:16one is this bridge
04:17between savings
04:19and investment
04:20in real economy.
04:21We are so bad
04:23in creating
04:24this bridge today.
04:25The reference
04:26of where the US
04:27won the race today,
04:29AI, clearly.
04:30Why?
04:31With public money?
04:32No, with private money,
04:34private investments,
04:35because of their
04:35financial market.
04:36So we need to
04:37recuperate in that
04:39and we have to use
04:40the possibility
04:41to raise our investments
04:43with the needs
04:45we have.
04:46We used to sell
04:48our mobile phone
04:49to American consumers.
04:51It seems today
04:52something very,
04:53very,
04:53I would say,
04:55old.
04:57but we have to come back
04:58to this period
04:59in terms of being,
05:01as Europeans,
05:02good in innovation
05:03and tech,
05:04but we need this
05:05capacity of having
05:07investments
05:07and private investments.
05:09And for this capacity,
05:10money is needed,
05:12the possibility,
05:13the liquidity
05:13to invest.
05:15And there is a new
05:15proposal on the table
05:17made by the Spanish
05:18government
05:20in order to really
05:21boost
05:22joint borrowing,
05:24that the EU
05:24now needs to realise
05:25that it needs to turn
05:26to common debt
05:28in order to finance
05:29these priorities.
05:30We had Christine Lagarde,
05:31the ECB president,
05:32in that seat last week
05:33saying that this is
05:34a serious proposal
05:35that needs to be debated.
05:37Would you agree with her?
05:38I like very much
05:39Carlos Cuerpo's proposal.
05:41I think it goes
05:43in the direction
05:43that is absolutely needed.
05:46The main point
05:47is to be good
05:49in having
05:50the two tracks
05:51together,
05:52public money
05:53and private money.
05:54Because what we didn't do,
05:57we focused only
05:59on public money
06:00and focusing only
06:01on public money,
06:02we were always
06:03in this derby
06:05between frugals
06:07on the one hand
06:08and southern
06:09we have to stop
06:11this totally crazy war
06:13and I think
06:14Carlos Cuerpo's proposal
06:15goes exactly
06:17in that direction.
06:18You mentioned
06:18this derby
06:19you said
06:19between the frugals
06:20the typically
06:22northern states
06:23that don't want
06:24to embrace
06:24joint borrowing
06:25in the same way
06:25as countries
06:26like Spain
06:27and France.
06:27Do you think
06:28this inevitably
06:28means that
06:30the European Union
06:31will essentially
06:32change the way
06:33it works
06:34and will have
06:34groups of countries
06:36that are willing
06:37to take
06:37these bold steps
06:38doing so together
06:39without the 27
06:40moving as one?
06:42There's a problem
06:43of inertia.
06:44I like very much
06:45the E6
06:46so this group
06:47of six
06:48member states
06:49the biggest
06:50economies
06:50trying to push
06:51on these topics
06:52at financial level.
06:55I like it
06:56because it's the way
06:57to break
06:58the inertia.
07:00In these two years
07:02in the presentation
07:03of the report
07:04and in the implementation
07:05of the report
07:06I saw many
07:07I would say
07:08a big consensus
07:10applauses
07:11and so on
07:12but inertia
07:13is the big enemy.
07:14But when you say
07:15break the inertia
07:16does that mean
07:18that in your view
07:19we are moving
07:19towards an European Union
07:21which will work
07:22in blocks
07:23so we will have
07:24groups
07:24that move together
07:26to implement
07:26certain policies?
07:27Europe is at 27
07:29today
07:30tomorrow
07:31it will be
07:31at 35
07:3236
07:33the enlargement
07:34is a great perspective
07:35I'm a great
07:36fan of the enlargement
07:38so I consider
07:40that we have
07:40to move
07:41together
07:41the point is
07:42the avant-garde
07:44as necessary
07:45and I think
07:46the entire story
07:47of the European Union
07:49is a story
07:50of avant-garde
07:51take the euro
07:52I remember
07:53in my country
07:54Italy
07:54or in France
07:55or in Germany
07:55half of the population
07:57was with
07:58a political
07:59environment
08:00very sceptical
08:02because they
08:03they were afraid
08:05to lose identity
08:06losing the
08:07national currency
08:08then today
08:09we have the euro
08:10the euro is
08:10an enormous success
08:12and we
08:13thanks to the euro
08:15we are stronger
08:15in the world
08:16and 80%
08:17of European citizens
08:19they are
08:19they are happy
08:21because of the euro
08:22and the most important
08:23point
08:24we didn't
08:25lose our identities
08:27we are still
08:28Italians
08:29French
08:30Spanish
08:30German
08:31with the euro
08:32so we can do
08:34the same
08:34on energy
08:35on connectivity
08:36on financial markets
08:37being more competitive
08:39without losing
08:40our identities
08:41you mentioned
08:42that scepticism
08:43towards the euro
08:44particularly in France
08:45and Italy
08:45which are two
08:46of the countries
08:47facing crucial elections
08:49next year
08:50among others
08:51as well
08:51do you fear
08:53that this
08:54narrative
08:54of a return
08:55to national
08:56sovereignty
08:57and a
08:58sentiment
08:59of
08:59anti-european
09:01sentiment
09:01if you like
09:02is about to
09:03return
09:03to the political
09:04mainstream
09:06national sovereignty
09:07today
09:08against european
09:09sovereignty
09:10is a fake
09:11it's a fake
09:12it doesn't exist
09:13national sovereignty
09:14means
09:15sending gifts
09:16to the americans
09:17and the chinese
09:18we have to be
09:19very clear on that
09:20because national
09:21sovereignty
09:22doesn't address
09:23the right scale
09:24the right scale
09:26to be competitive
09:27with american
09:27and chinese
09:28is the european
09:30one
09:30we can do it
09:32preserving
09:33national identities
09:34so this is why
09:35the true battle
09:36is for
09:37european
09:38sovereignty
09:39of course
09:41as
09:41everyone
09:43following
09:44the next year
09:45elections
09:46in europe
09:47not only france
09:47and italy
09:48we have
09:49we have
09:51poland
09:52we have greece
09:53we have spain
09:55so it would be
09:56a very important
09:56here
09:57but i am confident
09:58that at the end
10:00of the day
10:01this idea
10:02of doing things
10:03together
10:04because of
10:05our competitors
10:06our competitors
10:07are giants
10:08finally i want to
10:10come back to the
10:11enlargement
10:11question
10:12you said
10:13you support it
10:14but we do know
10:15that several
10:16big european
10:17countries
10:18previously considered
10:19economic powerhouses
10:20are facing stagnation
10:22do you fear
10:22that this could
10:23perhaps
10:24um
10:24dampen
10:26the political
10:26will
10:27to accept
10:27countries
10:28like ukraine
10:29like moldova
10:30like albania
10:32whose gdp is inevitably
10:34much lower
10:34than european
10:36states
10:36and that the question
10:37of the economic
10:38consequences
10:39of enlargement
10:40could come back
10:41to bite
10:42i think that
10:44we have to
10:45to separate
10:46there's
10:47there are some
10:48countries
10:48that are for me
10:50absolutely ready
10:51to be in
10:51the western
10:52balkans
10:53i don't see
10:53frankly speaking
10:54any
10:54problem
10:55they are not
10:56big economies
10:56so it's not
10:57complicated for europe
10:58to accept them
11:00very fast
11:01the key point
11:02is to consider
11:03that
11:04of course
11:05we need to have
11:05some institutional
11:06changes
11:06to have the
11:07enlargement
11:08what we didn't
11:09do
11:0920 years ago
11:11that was the
11:11mistake
11:12eliminating
11:13the
11:13veto right
11:16in
11:17foreign affairs
11:18and in defense
11:19but
11:20i see
11:21frankly speaking
11:22what
11:23the hungarians
11:24did
11:25was a great
11:26signal
11:27they did it
11:28with democratic
11:29rules
11:30but they clearly
11:31said
11:31we need
11:33each country
11:34protagonist in europe
11:35not against europe
11:36because the destiny
11:37of all
11:38our citizens
11:38is a destiny
11:40of
11:41with a prosperity
11:42only with a strong europe
11:44the u.s. and china
11:45are not a joke
11:47they are competitors
11:48and they are competitors
11:50against us
11:51and we have to know it
11:53okay
11:53enrico letta
11:54thank you so much
11:54for your time
11:55thank you
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