Italy: two questionable commonplaces. Just as Mario Monti makes contact with the Community institutions in Brussels and Strasbourg in his role as Italian prime minister, a few considerations could prove useful because Italy's economic and financial recovery is essential if the eurozone crisis is to be overcome. Certain commonplaces should disappear: it is wrong that the current situation is blocking the functioning of democracy in Italy and that the banks and financial powers hold sway. In actual fact, firstly the Monti government obtained overwhelming majorities at Parliament (both in the Chamber of Deputies and the Senate) and it will only be overturned if a parliamentary vote withdraws the confidence it has shown in this government. Secondly, Mr Monti does not in the least represent what is described, with regard to the financial world, as Strong Powers. In the past, his role as the European commissioner for competition went in the opposite direction. His task was to fight the abuses committed by these Powers and he did so with gusto, to the point that the European Court of Justice tended to reduce the fines that he imposed.
Excessive austerity? Mario Monti is criticised for being too austere. Having followed him (from afar) during the different parliamentary debates, I have observed other aspects as well. Embarrassed to be called President before being appointed, he stated: “I'd prefer you to call me Professor. Presidents come and go, professors are more permanent”. In connection with his future political goals, he explained: “One can see from my past that there was no particular frequency with which I presented my candidacy. In fact I never put forward my candidacy at all.” Asked about his intentions with regard to the “sacrifices” that he will be calling on Italians to make, he indicated that they will particularly be required of those who have not made any until now, and said: “Everyone wants sacrifices to be made, except when it comes to himself. The first objective must be to get people used to not calling on sacrifices from their neighbours so easily”. I could continue. That said, it is undoubtedly true that Mr Monti is austere, which is indeed necessary because his task demands it. The more the efforts that he is going to demand affect abuses and private interests, the more the opposition will bear its claws. The political class must understand that the first sacrifices will be asked of itself because there are more Italian parliamentarians than in any other European country (in proportion to the population). They are better paid and receive the highest number of perks. These perks, in my opinion, are sometimes abusive, such as the possibility of being able to practise as a lawyer at the same time as being a parliamentarian (this means introducing laws that will govern their activity).
Banks and political authorities: shared responsibilities. Let's return to the general question of powers enjoyed by the banking community. This community is increasingly considered as the real protagonist (and cause) of the crisis. People generally perceive that it is not the political class that is guiding events and it is not the elections that determine whether a country is led by the right or left - it is the banks that decide. When it is a question of Strong Powers, reference is always made to the banks.
There is definitely some truth in this but let's not forget that if the banks are responsible for the good and bad times it is because the political class throughout the world has allowed this to happen. It should be recognised that in the EU, efforts to change this situation have been manifold and the results, despite what is said, are beginning to take effect. Nonetheless, most initiatives have not yet become operational. Often strict rules have been defined, or are being defined, thanks to the work undertaken by the three institutions that hold the legislative power, but implementation of the new rules is obviously on a more gradual basis. We are currently experiencing the most difficult period, where rules have been defined and approved but are only partially applied, whilst the crisis deepens and stretches further afield. Progress made, in both legislation and in the projects undertaken, should be acknowledged. Mr Barroso has reaffirmed his support for eurobonds and recognises that they will be possible “when there is an appropriate level of budgetary discipline and economic convergence” (see this publication yesterday).
Putting what Jacques Delors originally said into practice. The EU is currently developing instruments that have for too long been ignored or not applied, despite the farsighted warnings made by Jacques Delors and his strong protests. The permanent bleating and hand-wringing now need to cease and the projects that he called for at the very outset need to be put into practice. This column will be returning to the subject. (FR/transl.fl)