Top Aide to Italy’s Conte Wants ECB to Cancel Pandemic Debt
- Prime minister’s adviser says ECB must help economies recover
- Fraccaro also wants green spending exempt from deficit rules
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The European Central Bank should consider wiping out or holding forever the government debt it buys during the current crisis to help nations recover and restructure, a top Italian government official said.
“Monetary policy must support member states’ expansionary fiscal policies in every possible way,” cabinet undersecretary Riccardo Fraccaro, Prime Minister Giuseppe Conte’s closest aide, said in an interview in Rome on Wednesday. That could include “canceling sovereign bonds bought during the pandemic or perpetually extending their maturity.”