Here are a few comments on the sidelines of the results of this Monday's summit.
The curse. I am not referring to Rigoletto, or to any other famous operas, but to the explicit way in which two leading figures, one a recent protagonist of European political activity and the other someone who may become one in the future, formally designated the world of finance as the enemy. At his first major election meeting, François Hollande said that his real adversary is a faceless one: the world of finance.
The second case is that of Giulio Tremonti, who spent several years as Minister for the Economy in Italy, and brought out a book with astonishing speed (Uscita di sicurezza, or Emergency Exit in English), in which he speaks out against the “new form of fascism, financial fascism” (our translation). He is referring to finance which is separate from productive activity and has “become autonomous and more powerful than the states”. Mr Tremonti calls for a “return to the ancient and glorious banking laws of the same kind as the 1933 Glass-Steagall law, which was brought in to separate the productive economy from the speculative economy”, adding that “finance should be totally subject to the needs of industry and of the countries”. When asked where to go from here, he replied: “it is the duty of democracy to fight abuse”. He added that the Tobin tax would be a start. We must reduce financial yield, he said, adding that in his view, this was “very easy”.
One might wonder whether Mr Tremonti himself acted in this way over the long period during which he was part of the Ecofin Council of the EU. But that is another discussion.
An essential element of Italy's return to the European stage. Another comment on Italy, as a lot has been said about its return to the group of countries which play an active and highly appreciated role in Europe. Its comeback comes at a time when the national leadership of European politics has been taken on by two figures who have direct and personal experience of Community affairs. And both of them gained this experience not as representatives of their home country in Brussels, but on the inside: Mr Napolitano , who was a long-standing member of the European Parliament with leading responsibilities, and Mr Monti played a priority role in two vital aspects of Community integration: the consolidation and improvement of the European single market and the affirmation of the competition policy, including (and with what vigour!) relations with third countries, the United States in particular.
Then, as President of the Republic, Mr Napolitano made possible the renewal of the Italians in the EU, by selecting Mario Monti to overcome the national governmental crisis; without this initiative, initially unscheduled, nothing would have been possible. The mutual esteem and unity of the objectives was born in Brussels: giving Italy back an active part to play in European integration, which has once again become a priority national objective.
The Federalist objective is growing stronger. Could the positive developments observed in Italy spread elsewhere? For the time being, a certain “Europe fatigue” exists in a number of member states, as opinion polls confirm. At the same time, we are seeing a rebirth of the opposite tendency, in favour of reinforcing European unity and even in favour of a federal Europe; initiatives to this end are multiplying, and merit at least as much attention. The Federalist movements are growing stronger and figures such as Angela Merkel consult them. This section will return to the subject. (FR/transl.fl)