Mario on the referendum
Draghi, not Rosenstock. Here’s the President of the European Central Bank in an interview with the Wall Street Journal discussing the fiscal compact:
Many things have happened in Europe in the last year and a half. You have different countries that have different initial conditions–high debt, low growth countries and countries with low debt and high growth–and they pose the fundamental question of how do we go on without being a fiscal union. We can’t have a system where you spend as you want, and then you ask to issue (debt) together. You can’t have a system where you spend and I pay for that. Before we move to a fiscal union we have to have in place a system where countries can show that they can stand on their own. And this is the prerequisite for countries to trust each other. This so-called fiscal compact treaty is actually a major political achievement because it’s the first step towards a fiscal union. It’s a treaty whereby countries release national sovereignty in order to accept common fiscal rules that are especially binding, and accept monitoring and accept to have these rules in their primary legislation so they are not easy to change. So that’s the beginning.
Release of sovereignty, rules that are especially binding, rules in their primary legislation. Mario Draghi says that we need a referendum on the fiscal compact.