While the main heads of State and Government of the world are going to waste four days of their precious time trying to convince their public opinions that they can solve by vague press releases the problems of the world economy in Mexico, and those of the environment in Brazil, European leaders have really one last chance to decide of their destiny.
Last chance because if they do nothing, the survival of the euro will depend, once again, next summer, on a massive intervention by the central banks. And each of our countries will soon be swept away in a huge depression, corks bobbing in the ocean of markets.
Last chance because they can still understand that separated, they have a high risk of declining; and that together, they will be for a very long time the world’s leading power, with the highest standard of living in the world.
In order for this to happen, everyone should take a step towards rapprochement with others.
To the Germans to understand that their current power is an illusion if Europe falls apart. And that they have a vested interest in giving time to others, to themselves as well, to put their public accounts in order, create demographic regeneration and save their banks. And to recognize that French growth proposals are reasonable.
To the French to understand that the German proposals, to entrust to a common authority the task of auditing the public deficit of each does not limit our sovereignty: we will keep indeed the right to choose the amount and nature of our expenses and our taxes.
To all the countries to understand that there is no alternative other than a compromise, which requires more austerity, more daring and more solidarity. To all to understand that what is needed is more cuts in public spending rather than an increase in taxes, that work and effort must be praised, that competitiveness is necessary for social wellbeing, that there is a need to harmonize social benefits, unemployment benefits and pension levels. To all to understand that we must not yield to the siren’s call of sovereignists and to the illusions of an outdated national diplomacy.
Especially, now that the election is over, the President of the French Republic is in a rare position of strength. He explained rightly, that growth should be part of the recovery plan of Europe. He proposed the creation of a series of useful instruments for this growth, and to give our financial system the means of controlling its future.
It remains now for France to take a position for or against the federal leap, recently proposed by the Chancellor of Germany; decide wether an audit by a European minister of finance of the implementation of budgetary commitments made by each European is consistent with its conception of national sovereignty.
If Europeans, and particularly the French and the Germans, do not make this federal leap, they will all have, one day, sooner than they think, one after the other, to subject themselves in a most humiliating way to the diktats of the market; that is to say to the orders of the new world powers, holders of annuities, and under the orders of the United States, which no doubt, will know, especially with new oil discovered on the ground, how to remain a great power. We shall understand then what the loss of sovereignty really means.