Other aspects not to ignore. European affairs are currently dominated by the new phase of Economic and Monetary Union, the phase in which the adjective “economic” has finally obtained as much weight as the adjective “monetary”, and the Commission has just presented operational proposals in this connection (see the following pages). There are, however, other aspects to Europe. It is logical that recently, the financial crisis has monopolised the European news, press and other sources of information. The whole world's attention has been focusing on meetings in Brussels and the decisions and orientations emanating from them. Nonetheless, at the same time, other events have been occurring in the Community context and in certain cases, these have been decisive with regard to the practical implementation of what was decided by the eurozone summit, the Economy-Finance Council and the European Central Bank (ECB).
Our publication has remained loyal to its mission of covering all European affairs and has provided reports about them. Obviously, our Tuesday edition covered the creation of the European monetary stability instrument and this was preceded on Sunday, by a special edition regarding discussions at the eurozone summit (with, as an annex, the draft “declaration by heads of state and governments” from this zone, many people talked about but few had read). At the same time, however, this publication has provided other information about developments and important texts regarding European life, about which newspaper readers and radio and television enthusiasts have not been informed. Among these documents, I would look like to highlight the eagerly awaited report from Mario Monti, “a new strategy for the single market”, which this column will be returning to (the writer himself underlined the link between current eurozone problems) and the report by the reflection group presided over by Felipe Gonzalez. Yesterday's publication reported on the approval given by the competent parliamentary committee for seven reports on European financial supervision; the negotiation between the Parliament and the Council (legislators on an equal footing) has just begun to tackle this essential aspect of financial discipline. In other areas, this column yesterday looked at the project for a European Energy Community, an example of the determination to push forward with integration by way of new large-scale projects. We are aware of how many other current issues there are, which range from making the European diplomatic service operational, to the gradual setting up of a common security, freedom and justice area. Despite the misunderstandings and criticism, Europe is moving forward.
With regard to a few of the comments made by Mr Barroso. This systematic reminder does not in any way diminish the importance of the European somersault with regard to the euro and the way in which it functions. Putting the decisions taken and the orientations decided upon into practice has only just begun, with, finally, the introduction of the concept of economic governance for the eurozone - the need for which has been underlined for years. The parallel that exists between the monetary and economic aspects can finally be put into practice because events have made this both obligatory and urgent. The European Commission's proposals, summarised in the following pages, cover the essential aspects of this issue. According to the president of the European Commission, José Manuel Barroso, participation in the euro had given birth to “the illusion of prosperity” in certain countries and they were able to build up debts in favourable conditions, did not go short of anything and were unconcerned about the real economic situation. From now on, the economic parameters are being taken into consideration and supervised; this is an indispensable condition for the stability of the euro. The Commission would have preferred the monetary instrument for intervening in difficult situations to have genuinely been Community-based (the European credit line managed in Europe, with the guarantee of member states) but Mr Barroso considers that the mixed formula decided on is satisfactory, with a Community credit line (€60 billion) and the remainder provided by member states. In his opinion, the refusal of the more ambitious formula was not decided by a wish to provide the instrument with an intergovernmental character but by constitutional objections (particularly from Germany), which needed to be taken into account. He highlighted to what extent Europe really does sometimes need a crisis in order for it to be able to move forward; member states have to feel the pressure of events if they are to act efficiently and with courage. For example, he has for a long time requested that Eurostat's powers be reinforced (at the time of the previous Commission) and now everyone is calling for it.
We have also noticed that although the European response to the crisis is regarded as being positive overall, it has also provoked criticism and misgivings, with sometimes strange arguments against it, which warrant a number of comments. This will be done next week. (F.R./transl.fl)