"We all agree that uncertainty remains high. In this context, it is important that the fiscal stance remains supportive until 2022. In the future, it is important that Member States seriously consider further fiscal measures to guarantee a solid national and global recovery ": said the US Treasury Secretary, Janet Yellen, attending the Eurogroup meeting.
According to Yellen, it is necessary to create "an EU budgetary framework with sufficient flexibility to allow countries to respond strongly to crises and invest", and which does not lead to "pro-cyclical economic results".
Yellen then praised the Next Generation EU, a "historic step towards the deepening of the Economic and Monetary Union, which will reduce the likelihood that this crisis will lead to dangerous divergences in the economic results of the various countries of the Union". For Yellen, the Next Generation EU "can facilitate growth and investments that drive productivity in green and digital transitions". "Providing ongoing budget support to bail out our economies and investing in an inclusive recovery doesn't mean giving up caution," Yellen explained. "Long-term fiscal sustainability is of paramount importance, and it is one of the reasons why we must continue to work together to implement an overall minimum tax of at least 15%, in line with thecommitment made by the G20 a few days ago. We hope that all EU member states will join the consensus and that the European Union will advance on this issue ", he added." We need sustainable sources of income that are not based on further taxation of workers' wages and on the exacerbation of the economic disparities that we all strive to reduce. We need to put an end to companies that shift income to low-tax jurisdictions and the accounting gimmicks that allow them to avoid paying their fair share. We must ensure that the globalized economy does not continue to cheat our middle class so that it can remain open and free, thus encouraging economic growth and business certainty.This race to the bottom must stop and by working together we can make sure it happens, "he concluded.