Gaining awareness. We're not talking about a return of European enthusiasm, it's out of season. What is progressing, however, and in proportions that exceed all forecasts, is the gaining of awareness that only the EU as a whole is able to take effective action to tackle the crisis at a Community level and get its voice heard on the world stage. There are many different signs being sent out that range from certain conversions in the United Kingdom (sometimes surprising, given how unexpected and radical they are) to increasingly insistent pressure from many countries knocking at the door. The knocking comes from those at both the door of the euro and the EU itself for those who are still outside. We can read the explicit positions taken in the most well known British press publications on the continent: the Economist, after having listed the reasons why the EU is now indispensable, admits that this will not make Brussels any more popular among voters but will, however, help them to recognise that the EU exists. One editorial writer in the Financial Times announced: “I am ready to retire as a Eurosceptic” as he now recognises that the EU is the best example of international governance that exists.
Eurosceptic mystification. Understanding the indispensable character of common European action is therefore making headway as a way of tackling the economic and financial crisis. At the same time, however, Eurosceptic forces are doing their best to have us believe that positive results can be achieved by getting their formulas applied through intergovernmental cooperation, rejection of the Lisbon Treaty, gnawing away at and reducing the powers of the Community institutions, and by opposing supranational procedures. This is mystification. It will never be possible to achieve the degree of solidarity that countries more or less all call for, by intergovernmental cooperation. European rules and institutions that are able to get them adhered to in accordance with Community procedures are crucial. This is not an opinion, it is a fact. Let's take the example of Eurobonds.
Intergovernmental EU cannot get into debt. There is talk of launching Community loans, an initiative that Jacques Delors had already proposed in his White Paper of 1993. This initiative presupposes a European disciplinary framework and common management. The same goes for the euro; fortunately, the European Central Bank (ECB) and Eurogroup exist. They are not stateless or technical bodies, as some parties would like us to believe (with their vicious demagogic claims) because they are made up of presidents of the central banks from eurozone countries and finance ministers from the same zone. But this totality is only limping along because the monetary limb (the ECB) is solid while its economic counterpart (the Eurogroup) is bereft of sufficient decision-making powers. Is another examination of the shortcomings and risks Jacques Delors has always denounced, still necessary?
The result is that although there is a single currency, eurozone countries must, in order to finance their debts, borrow on the markets at very different rates, due to the lack of harmonised budgetary policies. The European institutions prevent the danger of a eurozone country defaulting on its debts but at the same time can provide assistance if this proves necessary. One informed commentator wrote: “Without the euro, Greece and Ireland would already be bankrupt; Italy, Spain and France would have suffered three devaluations over a two year period”. Thanks to common management of the euro, this is not happening. But as long as budgetary policies are not managed according to common rules and authorised national debt ceilings are not respected, affirming that the EU could get into debt as it stands, is a populist assertion. Some experts even consider economic governance of the eurozone as essential. The EU is not ready for this but binding coordination is indispensable if risk exposure is to be shared.
Community solidarity exists. While waiting, let's take a positive look at what Europe has already accomplished, such as its preparation of financial governance and putting solidarity into practice, based on more generous funding for certain Community instruments and the speeding up of regional funds disbursements. This solidarity will be further strengthened and improved between member states that seek to deepen integration (countries that choose Eurosceptic ideas will have the right to remain on the sidelines). Common responsibility, however, of national budgetary deficits cannot be envisaged as long as budgetary policies do not exist and are also managed in common within the framework of the EMU. This is something that will not be happening tomorrow but a lot is already possible. (F.R./transl.rh)