Eurozone crisis: Everything is possible, even a burst of energy
3 October 2011
On the eve of two key meetings, the European Summit of October 18 and the G20 summit in November, the founding principles of Europe are shifting. The crisis has the merit of advancing the union – but time is running out, warns the managing editor of the Tribune.
Europe is changing. The current financial crisis has had the merit of revealing weaknesses in the software, and through it the integration of Europe has moved ahead at least as fast in these recent months as it did in the 1980s and early 1990s under the leadership of the troika of the time, Mitterrand, Kohl and Delors.
One by one, the tenets of the founding Maastricht Treaty have burst asunder. The euro is no longer sacrosanct. Today it is permitted to contemplate leaving the union, temporarily or permanently. The European Central Bank has certainly kept the union afloat while keeping inflation under control. But Jean-Claude Trichet never hesitated to toss orthodoxy overboard in buying up sovereign debts of states in distress by the billion.
Worse, tomorrow his independence could be questioned. For several months now there has been talk of creating an economic governance for Europe. Our president, Herman Van Rompuy, is at work on it, pushed by the French side, and should put forward proposals at the next EU summit two weeks from now.
Sometimes communicators, sometimes accountants
Meanwhile, the Commission of José Manuel Barroso, once the emblem of the federalist ideal, has been conspicuous by its absence in this crisis. Decisions are being made without it, even if Barroso is trying to reassert control by appropriating the eurobonds issue or the transformation of the EFSF into a European Monetary Fund. The hypothesis of a new treaty, of a federation of nation-states, or of a Europe running at two or three speeds are being discussed seriously even by those who are most “Europeanist”.
“Intergovernmentalism” is back. The heads of state are directly in control of the European ship, with the Franco-German tandem of founders at the bridge. Alas, they steer badly, as we have witnessed in recent months. They see themselves as sometimes communicators, sometimes accountants, rarely historical. But the opportunity to reinvent Europe is still there. And it’s a burning obligation if we are to prevent the G20 meeting in November from presiding over a disaster.
Translated from the French by Anton Baer