A priori, there is nothing that links the tragic events that we are experiencing in Europe (since the massive and uncontrolled arrival of migrants in Italy fleeing terrorist madness in the Middle East, to find quite a similar terrorist lunacy in the streets of Paris and Brussels, after Toulouse), with the European Central Bank’s decision on the afternoon of Thursday, January 22, to start for the first time, on the markets, purchases of sovereign debt of Eurozone members.
On the surface of it, this purely technical decision that aims at creating a movement favorable to European growth and inflation is very welcome; it gives Europe a genuine lifeline. But it will have no enduring effect if the European states do not take the lead in reforming their economies, to adapt to modernity in a way that is socially just, and in funding joint large-scale projects through jointly issued sovereign bonds, euro bonds.
However, there is no structure for this: Unlike in the United States, for example, where they have the Treasury and Treasury bills, there is neither a eurozone budget, nor a joint treasury for eurozone members, and thus no eurobills.
It’s a good idea to remember how US treasuries were actually created: Indeed, the actual creation of the United States as a nation did not happen with the signing of the American declaration of Independence on July 4, 1776, or even with the adoption of the Constitution on September 17, 1787, but when, after a memorable dinner party in New York, on June 20, 1790 between Hamilton, Madison and Jefferson, President Washington launched the first issuance of Treasury bills, in order to fund urgently the purchase of weapons and the equipment of troops faced with the return of British troops, encouraged by the departure of French troops, mobilized by the French Revolution.
It is threat that created the United States of America. It is also threat that can lead to completion of the political Europe.
Today, in Europe, governments are unable to agree on joint projects to be funded jointly or to find the necessary funding, as the Juncker’s plan demonstrates. And yet they exist: The most urgent, those most needed today, have to do with security, surveillance and defense capabilities. As is the case in the U.S., their funding is urgent and will be popular: As always, it is defense that creates a sense of urgency.
Moreover, at a time when the Internet of Things will enable us to know everyone’s behavior, find our way, maintain our health, get entertained, help us choose a restaurant or store, it would be perfectly possible to have the technological means to monitor suspicious behavior of persons without having to deploy extreme measures of surveillance, and while respecting public freedoms and the right to privacy of good people. In order to do this, it would be necessary to deploy networks, softwares and tools that our police and armed forces do not yet have, though they are found in other countries threatened by terrorism.
It is together that Europeans must coordinate their defense and organize their security, with the most modern means. And particularly countries in the front line: France, Germany, Italy, Belgium, Netherlands. These countries are precisely the first signatories of the Treaty of Rome.
For this to be possible it would suffice, without waiting for other such incidents to force them into action, for leaders of these countries to have the same courage, the same lucidity, the same ability to anticipate, that Jefferson, Madison, Hamilton, and Washington had when faced with a threat.
And if these leaders, particularly in France and Germany do not have this courage, imagination or boldness, they will need to be replaced.
j@attali.com
