European countries must not rely only on policies of the central bank to foster growth, but also must do their part, French President Francois Hollande said Saturday.
‘’The impulse can’t come only from the European Central Bank,” Hollande said in a speech at a EuropaNova think-tank conference in Paris. The ECB ‘’is doing as much as it can, it’s doing what it has to do, it floods with liquidity, but if the states and Europe don’t also take their responsibilities, growth can’t restart,” he said.
The French president said that European Union member states with a budget surplus must use it to help fuel economic growth while those running a deficit still need to address their competitiveness issues as well as their debts.
For Hollande, Europe needs a common governance, a common budget for the Euro zone as well as a common investment and borrowing capacity.