A Europe for specialists? The EU is in the midst of making considerable steps forward in implementing arrangements which will enable (or which should enable) the difficulties and imbalances of its economic and monetary system to be overcome. But these arrangements are becoming increasingly technical and complex - only experts and specialists are able to understand what they mean and what impact they will have.
This is a commonly shared view. A recent leading article in Le Monde, while saluting the evolution that is currently under way and slowly transforming the eurozone into a real monetary union, tried to translate into everyday language the meaning of the texts that have been adopted or that are under discussion. The French newspaper explains for example that the budget treaty is the instrument which requires public finances to move towards balance and describes the ESM (European Stability Mechanism) as a sort of European IMF.
At the same time, Jean-Claude Juncker, the head of the Eurogroup, explained that the launch of the ESM means that “the eurozone now has a permanent and effective fire-wall”. I could give many more similar quotations.
Yet the problem remains. The terminology, and particularly the repercussions, of what is decided or envisaged often go beyond the understanding of non-specialist journalists - I count myself among them when I lean on the explanations of specialists - and there is always the risk that the specialists' clarifications support the interests of one category or another (and this is sometimes hidden).
With the European elections coming up in 2014, the average voter can only trust the political force to which he feels allegiance. But this is not always simple - in France it can be seen that part of the parliamentary majority, which obviously voted for the government in power when it was set up, is opposed to a European treaty supported by this same government.
The reality is that a large part of the population is not able to express an opinion on everything in full knowledge of the facts. The idea of two separate European budgets - one for financing all the Community activities, and the other for the eurozone (see the following point) - is indirectly tied into this problem involving the exercise of parliamentary powers.
The idea of a specific budget for the eurozone confirms the “two speeds”. The idea of a specific budget is not the invention of a madman or an anti-European. It is has been envisaged by the president of the European Council, Herman Van Rompuy, and will feature in the interim report on the future of EMU (economic and monetary union) which he will submit to the heads of state and government at the 18-19 October European summit in a few days' time. Part of the European Parliament obviously opposes this, fearing that the double budget anticipates the separation within it between the MEPs elected in the eurozone and the others. Only the former would be competent to decide on EMU.
These uncertainties and misgivings confirm the extent to which two-speed Europe is already a reality.
Financial transaction tax - significance and uncertainties. Eleven member states have, as we well know, decided to introduce this tax under enhanced cooperation. The treaty allows this formula if at least nine member states participate in it - so the crucial minimum has been more than reached. We are here confronted with an even more obvious case of two speeds - which in this case are not only useful but crucial. If the whole project had to wait for unanimity or a clear majority, European construction would be blocked.
In this specific case, several member states, which have now definitely decided to participate in the project, hesitated. The British put pressure on several capitals to abandon the project - but in vain. Mr Cameron will doubtless keep up his pressure, but he would need to persuade at least three member states that have decided to participate - which all seems highly unlikely.
This tax will therefore materialise. Useful information about it, as well as the difficulties, feature in EUROPE 10706 - including a list of the participating countries, the double rate of the tax, the possible destination for the revenue, the procedure to follow, problems that remain open and the possibilities for future membership.
Let me add that the new tax could be up and running early next year, if the European Parliament is quick to reach a decision. The four big eurozone countries are among the participants - Germany, France, Italy and Spain. Other EU countries could be added to the list, whether they are members of the euro or not.
All this goes to show that the two speeds of European construction are alive and well.
(FR/transl.fl)